Resolution SBS No. 1124-2006: Approves the Regulation on Capital Requirements for Insurance and Reinsurance Companies

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 1 Lima, August 29, 2006 Resolution S.B.S.
No. 1124-2006

The Superintendent of Banks, Insurance, and Private Pension Fund Administrators

CONSIDERING:

That, the General Law of the Financial System and of the Insurance System and the Organic Law of the Superintendence of Banks and Insurance, Law No. 26702 and amendments, hereinafter General Law, states in its articles 298th and following the minimum capital requirements that insurance and reinsurance companies must comply with;

That, this Superintendence approved the Regulation on Capital Requirements for Insurance and Reinsurance Companies, through Resolution SBS No. 764-2001 of October 15, 2001;

That, said regulation established the criteria for determining the components of total effective equity, the methodology for calculating the solvency margin, and the procedure for determining the debt limit in relation to insurance and/or reinsurance operations;

That, it is necessary to modify the procedure for calculating the solvency margin, due to the validity of the Additional Contribution Regime of the Private Pension System (PPS), for adequacy to the accounting treatment of insurance associated with the PPS and the Complementary Insurance for Work Risk, and due to the modifications made in the Chart of Accounts for Companies of the Insurance System;

That, it is convenient to distinguish the solvency margin of accident and health insurance, which may be marketed both by general insurance companies and by life insurance companies, in accordance with what is provided by Resolution SBS No. 937-2001;

That, it is required to regulate the presentation of the Adaptation Plan in case the solvency margin exceeds effective equity, in accordance with what is provided by article 303rd of the General Law;

That, it is necessary to adapt the components of Effective Equity to what is established in article 299th numeral 2 of the General Law, as well as the capital requirements for credit risk and for debt due to premium financing and reserve matching, respectively;

Being in accordance with the opinion of the Adjunct Superintendencies of Insurance, Risks, and Legal Advice and the Economic Studies Management;

and,

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In exercise of the powers conferred by numerals 7 and 13 of article 349th of the General Law;

RESOLVES:

First Article.- Approve the Regulation on Capital Requirements for Insurance and Reinsurance Companies, which forms an integral part of this Resolution.

Second Article.- This Resolution is effective from the information corresponding to January 2007 1, on which date Resolution SBS No. 764-2001 of October 15, 2001, articles 2nd and 3rd of Resolution 79-2006 of January 27, 2006, and Circular No. S-563-96 of May 22, 1996, will cease to be in effect.

JUAN JOSÉ MARTHANS LEÓN
Superintendent of Banks, Insurance, and Private Pension Fund Administrators

1 Validity period modified by Resolution SBS No. 1687-2006 of 12-21-2006

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REGULATION ON CAPITAL REQUIREMENTS
FOR INSURANCE AND REINSURANCE COMPANIES

CHAPTER I
ON EFFECTIVE EQUITY

Purpose

Article 1st.- The effective equity of insurance and reinsurance companies, hereinafter companies, whose constitution is established by the General Law, is oriented to maintain a minimum capital destined to support technical risks and other risks affecting the companies.

Determination

Article 2nd.- The effective equity, also called total effective equity, which companies must demonstrate is obtained from the accounting equity based on the information contained in the corresponding financial statements, according to the following procedure:

2.1 The paid-in capital, supplementary capital premium, legal reserve, and discretionary reserves, if any, are added;
2.2 The computable portion of subordinated debt, net of treasury instruments, is added, in accordance with what is provided in letter b) of numeral 1 of article 299th and in article 301st of the General Law, as well as in the regulations issued by the Superintendence;
2
2.3 The profits from previous years and the current year that have an agreement for capitalization of profits or agreement for capitalization of future profits, as applicable, are added;
3
2.4 The amount of any investment made, directly or indirectly, in instruments representing subordinated debt and capital issued by any insurance company in the country or abroad is subtracted;
4
2.5 The amount of any investment made, directly or indirectly, in instruments representing subordinated debt and capital issued by its subsidiaries and other companies with which it is required to consolidate financial statements, including holding companies and subsidiaries, is subtracted;
5
2.6 The amount of commercial goodwill or commercial credit (goodwill) resulting from the reorganization of the company, as well as from the acquisition of investments, is subtracted;
2.7 The losses from previous years and the current year are subtracted; and
2.8 Any deficit of provisions resulting from asset valuation is deducted.

Delegation of powers to increase capital 6

Article 2-A.- The general meeting of shareholders or another equivalent body may delegate to the board of directors or another equivalent body the power to commit the capitalization of future profits for the purposes of its calculation in effective equity.

Computable profits in effective equity 7

2 Numeral modified by Resolution SBS Resolution SBS No. 855-2024, published on 03-07-2024.
3 Numeral modified by Resolution SBS No. 603-2016 of 02-06-2016.
4 Numeral modified by Resolution SBS No. 3930-2017 of 10-04-2017.
5 Numeral modified by Resolution SBS No. 3930-2017 of 10-04-2017. Subsequently modified by Resolution SBS No. 855-2024, published on 03-07-2024. 6 Article incorporated by Resolution SBS No. 603-2016 of 02-06-2016. 7 Article incorporated by Resolution SBS No. 603-2016 of 02-06-2016 and modified by Resolution SBS No. 681-2018 of 02-21-2018.

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Article 2-B.- The agreement for capitalization of profits is the agreement of the competent body to capitalize the entirety or part of the profits obtained in the last year or in previous years.

The profits (from the last year or from previous years) are determined based on audited Financial Statements (with favorable opinion or without qualifications) and approved by the General Meeting of Shareholders or another equivalent body.

On the other hand, the agreement for capitalization of future profits is an agreement of the competent body, by which it commits that the entirety or part of the profits of the current year generated once said current year ends will be capitalized. The aforementioned agreement can only be modified when it implies an increase in the amount of profits to be capitalized or when authorization from the Superintendence is obtained. At the end of the current year and after the audited Financial Statements (with favorable opinion or without qualifications) are approved, the aforementioned agreement, due to its irrevocable nature, must be ratified by an agreement for capitalization of the promised amount of profits obtained, adopted by the competent body. The maximum deadline for ratification is March 31 of the year following the current year, unless the Superintendence grants an extension.

For the profits from previous years and the current year to be included in the calculation of effective equity, the following must be met:

a. There must be an agreement for capitalization of profits or agreement for capitalization of future profits, as applicable. b. The agreement must be submitted to the Superintendence within a maximum period of ten (10) business days, counted from the date of adoption of the agreement.
c. In the case of profits from previous years, the agreement for capitalization of profits must indicate the amount of profits and the timing in which it must be implemented, taking into account the maximum permitted deadlines.
d. In the case of profits from the current year, the agreement for capitalization of future profits must indicate the amount or percentage of profits and the timing in which it must be implemented, taking into account the maximum permitted deadlines. e. The agreement for capitalization of profits must be adopted based on audited Financial Statements with a favorable opinion or without qualifications. Agreements for capitalization of profits cannot be taken based on unaudited Financial Statements or Financial Statements audited without a favorable opinion or with qualifications.

Deadlines for implementing the agreement for capitalization of profits or agreement for capitalization of future profits 8

Article 2-C.- The agreement for capitalization of profits must be implemented within a maximum period of sixty (60) calendar days, counted from the date of adoption of the agreement. Implementation of the agreement is understood as compliance with all formalities required by current regulations to register the capital increase in the corresponding records.

The agreement for capitalization of future profits, after its ratification, must be implemented within a maximum period of sixty (60) calendar days.

The Superintendence may extend the deadline for implementation at the request of the company, provided it submits supporting documentation.

Prudential measures applicable for failing to implement agreements for capitalization of profits 9

8 Article incorporated by Resolution SBS No. 603-2016 of 02-06-2016.
9 Article incorporated by Resolution SBS No. 603-2016 of 02-06-2016.

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Article 2-D.- When the company fails to implement an agreement for capitalization of profits or agreement for capitalization of future profits, within the deadline provided in article 2-C of this regulation, said agreement ceases to be considered for the purposes of calculating effective equity, and the company cannot distribute dividends until it is implemented or until the Superintendence authorizes it. Likewise, the Superintendence has the power to prohibit said company from including any agreement for capitalization of profits until it has been implemented, or any agreement for capitalization of future profits in the calculation of its effective equity for a period of two (2) years, counted from the expiration of the deadline in which the agreement should have been implemented.

If within five (5) years following the non-implementation of an agreement for capitalization of profits or agreement for capitalization of future profits, within the provided deadline, the company reoffends in that conduct, the Superintendence has the power to prohibit said company from including any agreement for capitalization of profits for a period of five (5) years, counted from the expiration of the deadline to implement the last agreement.

The prudential measures indicated in this article do not apply when the company that has an agreement for capitalization of future profits ultimately obtains losses or profits lower than those it had committed to capitalize. If there are profits lower than those indicated in the agreement for capitalization of future profits, only the committed profits that have actually been obtained can be computed in effective equity.

Likewise, the prudential measures do not apply when the non-implementation of the agreements has been due to events beyond the control of the company, to the satisfaction of the Superintendence.

Computable legal reserves in effective equity 10

Article 2-E.- Legal reserves constituted by agreement of the General Meeting of Shareholders or equivalent body based on audited Financial Statements (with favorable opinion or without qualifications) and approved are computable in effective equity. Such legal reserves must be determined in accordance with current provisions.

Computable discretionary reserves in effective equity 11

Article 2-F.- Discretionary reserves constituted by agreement of the General Meeting of Shareholders or equivalent body based on audited Financial Statements (with favorable opinion or without qualifications) and approved are computable in effective equity. Discretionary reserves cannot be reduced if such reduction generates non-compliance with capital requirements.

Computable capital in process in effective equity 12

Article 2-G.- Capital in process is computed in effective equity. Capital in process corresponds to increases in social capital approved by the competent body, which has been paid and whose shares have been issued, but the capital increase is pending registration in the Public Registry. The deadline for registration in the Public Registry is sixty (60) calendar days counted from the approval of the capital increase by the aforementioned competent body. If the deadline expires without registration in the public records having been made, said capital in process will not be computable in effective equity.

10 Article incorporated by Resolution SBS No. 603-2016 of 02-06-2016.
11 Article incorporated by Resolution SBS No. 603-2016 of 02-06-2016.
12 Article incorporated by Resolution SBS No. 603-2016 of 02-06-2016 and modified by Resolution SBS No. 681-2018 of 02-21-2018.

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The deadline referred to in the preceding paragraph may be extended by the Superintendence at the request of the company.

Computable donations in effective equity 13

Article 2-H.- Donations in cash, and exceptionally in other assets, that are authorized by the Superintendence, that cannot be reduced without their prior authorization, that serve to absorb losses, and that have a commitment to be transferred to discretionary reserves in the General Meeting of Shareholders or equivalent body in which the corresponding financial statements for the economic year in which the donation was made are approved, are computed in effective equity.

Donations that do not meet the aforementioned conditions do not compute in effective equity.

Composition

Article 3rd.- Effective equity must cover the following requirements:

3.1 Solvency Capital

Corresponds to the capital requirement destined to support the technical risks affecting insurance companies, resulting, among others, from inadequate risk underwriting policies, inappropriate use of technical or actuarial bases in premium calculation, insufficient technical reserves constituted, and inadequate reinsurance coverage.

This requirement is established based on the highest figure resulting from the application of the following criteria:
a) The minimum capital according to what is established in article 16th of the General Law, and b) The solvency margin.

3.2 Guarantee Fund

Represents the additional capital backing that companies must possess to face other risks that may affect them and that are not covered by solvency capital, such as financial risks, operational risks, and/or other risks not contemplated in the previous numeral. The monthly requirement of said fund must be equivalent to 35% of solvency capital, plus 10% of the value of investments in real estate that are valued under the fair value model. Additionally, for the case of insurance with separable savings or investment components according to the Regulation on Mathematical Reserves, the calculation of solvency capital does not apply to said components, and the monthly requirement of the guarantee fund must be equivalent to 1% of the obligations arising from investment components where the financial risk is fully assumed by the insured, and to 6.75% of the obligations arising from savings or investment components where the company assumes the financial risk completely or partially.

14 15 16

3.3 Effective equity requirement for credit risk 17

Represents the capital portion that must back operations subject to credit risk described in article 304th of the General Law.

13 Article incorporated by Resolution SBS No. 681-2018 of 02-21-2018.
14 Numeral modified by Resolution SBS No. 2388-2021, published on 08-17-2021.
15 Numeral modified by Resolution SBS No. 3872-2021, published on 12-22-2021.
16 Numeral modified by Resolution SBS No. 3299-2022, published on 11-02-2022, effective from 01-01-2023.
17 Numeral modified by Resolution SBS No. 2904-2014 of 05-15-2014. Through Multiple Office No. 47144-2014-SBS, dated 12-29-2014, the adaptation deadline for Resolution SBS No. 2904-2014 was extended until 05-31-2015. Likewise, through Multiple Office No. 19376-2015-SBS, dated 05-29-2015, the adaptation deadline for determining the effective equity requirement corresponding to bonds was extended until December 2015.

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The effective equity requirement destined to cover credit risk is determined by multiplying the assets and contingencies weighted by credit risk by ten percent (10%), in accordance with what is provided in the standard method regulated in the Regulation on Effective Equity Requirement for Credit Risk, approved by Resolution SBS No. 14354-2009 and its modifying norms.

The assets and contingencies subject to credit risk refer to:
a) Mortgage loans to workers for the acquisition of their only home; b) Negotiable Mortgage Credit Titles (TCHN); c) Real estate credits for the acquisition of future goods initially instrumented in promissory notes and subsequently in a TCHN; and, d) Bonds issued by companies, referring to those guarantees on credit obligations. For this purpose, a credit obligation is understood as that which consists solely of the payment of a sum of money. 18 e) Disbursed credit and undispursed portion of reverse mortgage operations. Accrued interest is included and provisions are subtracted. 19

3.4 Additional effective equity requirement for economic cycle 20

Insurance and reinsurance companies must comply with the additional effective equity requirement for economic cycle for assets and contingencies subject to credit risk, in accordance with the provisions indicated in the “Regulation for Additional Effective Equity Requirement,” approved by Resolution SBS No. 8425-2011 and modifying norms. The aforementioned requirement will be calculated in accordance with what is indicated in Annex No. ES-7B Table No. 4 “Additional Effective Equity Requirement for Economic Cycle.” The activation and deactivation rule for the additional effective equity requirement for economic cycle is communicated via Circular and is the same that activates and deactivates the procyclical component of provisions, in accordance with the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions currently in force.

Equity surplus or deficit 21

Article 4th.- Corresponds to the excess or deficit generated by subtracting from effective equity the sum of solvency capital, the guarantee fund, the effective equity requirement for credit risk, and the additional effective equity requirement for economic cycle.

In case of effective equity deficit, it must be applied first to the additional effective equity requirement for economic cycle, secondly to the effective equity requirement for credit risk, thirdly to the guarantee fund, and fourthly to solvency capital.

Use of reinsurance as a mitigant of credit risk 22

18 Letter modified by Resolution SBS No. 4025-2016 of 07-20-2016.
19 Letter incorporated by Resolution SBS No. 4838-2019 of 10-17-2019.
20 Numeral incorporated by Resolution SBS No. 2904-2014 of 05-15-2014. Through Multiple Office No. 47144-2014-SBS, dated 12-29-2014, the adaptation deadline for Resolution SBS No. 2904-2014 was extended until 05-31-2015. Likewise, through Multiple Office No. 19376-2015-SBS, dated 05-29-2015, the adaptation deadline for determining the effective equity requirement corresponding to bonds was extended until December 2015. 21 Article modified by Resolution SBS No. 2904-2014 of 05-15-2014. Through Multiple Office No. 47144-2014-SBS, dated 12-29-2014, the adaptation deadline for Resolution SBS No. 2904-2014 was extended until 05-31-2015. Likewise, through Multiple Office No. 19376-2015-SBS, dated 05-29-2015, the adaptation deadline for determining the effective equity requirement corresponding to bonds was extended until December 2015.

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Article 4°-A.- In the case of sureties considered as guarantees on credit obligations that are backed by a reinsurance contract, said contract may be considered as an eligible personal guarantee, provided that its conditions establish that it is unconditional, irrevocable, automatically payable upon first demand, and without benefit of discussion. Likewise, the contract must be signed, at least, by the lead reinsurer, and in the case of other participating reinsurers, the company must have their respective confirmations of acceptance. 23

When an insurance company uses reinsurance as a credit risk mitigant, the covered portion is subject to a requirement for effective capital for credit risk based on the risk of the reinsurer, considering for this purpose its financial strength classification.

Financial Strength Classification

Exposure Risk	Risk I	Risk II	Risk III	Risk IV	Risk V
Standard & Poor’s, Fitch and Moody’s	AAA to AA-	A+ to A	BBB+ to B	BBB to B-	CCC+ to C
A.M. Best	A++ to A+	A to A-	B++ to B+	B to C+	C to D

The age of the classification cannot exceed eighteen (18) months. Likewise, if the reinsurer has two financial strength classifications, the company must consider the one that represents the greater risk to determine the effective capital requirement for credit risk.

Based on the financial strength classification of the reinsurer, weighting factors are assigned to the covered portion of exposures, as indicated below:

Risk Classification	Risk I	Risk II	Risk III	Risk IV	Risk V	Unclassified
Weighting Factor for the Covered Portion of Exposures Backed by Reinsurance	20%	20%	50%	100%	150%	100%

When reinsurance is used to back the granting of sureties, for the purpose of determining the effective capital requirement for credit risk, the portion covered by reinsurance and the portion not covered must be separated. The covered portion is subject to the corresponding weighting factor based on the risk of the reinsurer and the credit conversion factor (CCF) based on the nature of the surety. The uncovered portion is subject to the corresponding weighting factor based on the risk of the principal and the credit conversion factor (CCF) based on the nature of the surety.

Likewise, for the purpose of determining provisions for exposures subject to credit risk, reinsurance, provided it meets the previously stated requirements, may be considered as an eligible guarantee for the purpose of counterparty substitution, in accordance with the provisions of the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions, approved by Resolution SBS No. 11356-2008 and its modifying norms.

22 Article incorporated by Resolution SBS No. 1601-2015 of 06-03-2015. Through Multiple Office No. 19376-2015-SBS, dated 29-05-2015, the adaptation deadline for the determination of the effective capital requirement corresponding to sureties was extended until December 2015. 23 First paragraph modified by Resolution SBS No. 4025-2016 of 20-07-2016

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CHAPTER II
OF THE SOLVENCY MARGIN

Definition

Article 5º.- The solvency margin is the complementary backing that companies must possess to face possible situations of excess claims not foreseen in the constitution of technical reserves, and which is determined based on parameters established by the Superintendence.

Calculation Procedure

Article 6º.- The solvency margin is obtained according to the procedure detailed in numeral 6.1 to 6.6, considering the information from Annex ES-7C 24 that forms part of this Regulation, based on the following general provision:

The risk classification contained in the second column - Gains and Losses - of the "Concordant Risk Table" of Chapter II of the Chart of Accounts for Companies of the Insurance System, Resolution SBS No. 348-95 and its modifications, must be considered.

6.1 General Insurance 25

6.1.1 General Insurance other than Surety Insurance and Sureties for Other Obligations (GOO)

The solvency margin for general insurance operations, other than surety insurance and sureties guaranteeing other obligations (GOO), is equal to the highest amount obtained from the application of the following two procedures and based on the information contained in the financial statements:

a) Based on premiums of the last twelve (12) months (Table No. 1):

a.1) The amount of premiums for accepted insurance and reinsurance of the last twelve (12) months, net of cancellations, is calculated. a.2) 23.5% of a.1) is obtained. 26 a.3) The amount obtained in a.2) is multiplied by the retention ratio calculated in a.4). a.4) The retention ratio results from dividing the amount of net claims after reinsurance of the last twelve (12) months by the gross amount of said claims. This retention ratio cannot be less than 0.50.

b) Based on claims of the last forty-eight (48) months (Table No. 2):

b.1) The amount of claims for accepted insurance and reinsurance of the last forty-eight (48) months, net of cancellations and recoveries, is calculated. b.2) The information corresponding to the six (6) months of highest claims and the six (6) months of lowest claims is eliminated, so that the calculation base is formed by thirty-six (36) months. b.3) The annual average is obtained by dividing the sum resulting in b.2) by three (3).

24 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012.
25 Numeral modified by Resolution SBS No. 332-2023, effective from 01-01-2025.
26 Literal modified by Resolution SBS No. 6394-2016 of 07-12-2016, effective from 01-01-2018.

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b.4) 46% of b.3) is obtained. b.5) The amount obtained in b.4) is multiplied by the retention ratio calculated in a.4) of this numeral.

6.1.2 Surety Insurance and GOO Sureties

The solvency margin is equal to the highest amount obtained from the application of the following three procedures and based on the information contained in the financial statements:

a) Based on premiums of the last twelve (12) months (Table No. 1):

a.1) The amount of premiums for accepted insurance and reinsurance of the last twelve (12) months, net of cancellations, is calculated. a.2) 23.5% of a.1) is obtained. a.3) The amount obtained in a.2) is multiplied by the retention ratio calculated in a.4). a.4) The retention ratio results from dividing the amount of net claims after reinsurance of the last twelve (12) months by the gross amount of said claims. This retention ratio cannot be less than 0.50.

b) Based on claims of the last forty-eight (48) months (Table No. 2):

c) Based on a claims scenario for current contracts of surety and GOO sureties:

c.1) Identify the policyholder that represents the highest retained insured sum, considering for this purpose all current contracts of surety insurance and GOO sureties that said policyholder maintains with the insurer, after deducting cash counter-guarantees or deposits in the financial system, amounts ceded to proportional reinsurance contracts, and amounts ceded by excess of loss per risk contracts.

In the case of excess of loss per risk contracts, retention amounts or priorities must be considered according to the conditions on risk aggregation and maximum retention limits established in said contracts.

c.2) The solvency margin based on the claims scenario is calculated as follows:

When the policyholder that represents the highest retained insured sum is not a Consortium, the solvency margin based on the claims scenario is equal to the retained insured sum calculated in clause c.1 plus the retained amounts that would result from the execution of all other current insurance and GOO surety contracts that the Policyholder maintains; that is, those contracts that it might maintain individually and as part of a consortium. These retained amounts must be calculated after deducting cash counter-guarantees or deposits in the financial system.

When the policyholder that represents the highest retained insured sum is a Consortium, the solvency margin based on the claims scenario is equal to the retained insured sum calculated in clause c.1 plus the retained amounts that would result from the execution of all other current insurance and GOO surety contracts that the members of the Consortium maintain; that is, those contracts that the members might maintain individually or with other consortia. These retained amounts must be calculated after deducting cash counter-guarantees or deposits in the financial system.

6.2 Accident and Health Insurance

The solvency margin for accident and health insurance operations will be equal to the highest amount obtained from the application of the following two procedures and based on the information contained in the financial statements:

a) Based on premiums of the last twelve (12) months (Table No. 3):

a.1) The amount of premiums for accepted insurance and reinsurance of the last twelve (12) months, net of cancellations, will be calculated. a.2) 23.5% of a.1) will be obtained. 27 a.3) The amount obtained in a.2) will be multiplied by the retention ratio calculated in a.4). a.4) The retention ratio results from dividing the amount of net claims after reinsurance of the last twelve (12) months by the gross amount of said claims. This retention ratio cannot be less than 0.50.

b) Based on claims of the last thirty-six (36) months (Table No. 4):

b.1) The amount of claims for accepted insurance and reinsurance of the last thirty-six (36) months, net of cancellations and recoveries, will be calculated. b.2) The annual average will be obtained by dividing the sum resulting in b.1) by three (3). b.3) 46% of b.2) will be obtained. b.4) The amount obtained in b.3) will be multiplied by the retention ratio calculated in a.4) of this numeral.

6.3 Group Life Insurance

The solvency margin for group life insurance operations will be equal to the highest amount obtained from the application of the following two procedures and based on the information contained in the financial statements:

a) Based on premiums of the last twelve (12) months (Table No. 5):

a.1) The amount of premiums for accepted insurance and reinsurance of the last twelve (12) months, net of cancellations, will be calculated. a.2) 23.5% of a.1) will be obtained. 28 a.3) The amount obtained in a.2) will be multiplied by the retention ratio calculated in a.4). a.4) The retention ratio results from dividing the amount of net claims after reinsurance of the last twelve (12) months by the gross amount of said claims. This retention ratio cannot be less than 0.50.

b) Based on claims of the last thirty-six (36) months (Table No. 6): 29

27 Literal modified by Resolution SBS No. 6394-2016 of 07-12-2016, effective from 01-01-2018.
28 Literal modified by Resolution SBS No. 6394-2016 of 07-12-2016, effective from 01-01-2018.
29 Literal modified by Resolution SBS No. 1761-2021, published on 18.06.2021. Subsequently modified by Resolution SBS No. 397-2024 published on 05.02.2024, effective from 01.04.2024.

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b.1) The amount of claims for accepted insurance and reinsurance of the last thirty-six (36) months, net of cancellations and recoveries, will be calculated. b.2) The annual average will be obtained by dividing the sum resulting in b.1) by three (3). b.4) 46% of b.2) will be obtained. b.5) The amount obtained in b.3) will be multiplied by the retention ratio calculated in a.4) of this numeral.

6.4. Pension Insurance and Complementary Insurance for Work of Risk (SCTR) 30

6.4.1 Pension Insurance 31 32 33

The solvency margin for pension insurance operations - disability, survival, and funeral expenses - of the Private Pension System (Law No. 25897 and modifications), is determined as follows:

Current Portfolio

Corresponds to the current SISCO contract.

The solvency margin is equal to the highest amount obtained from the application of the following two procedures and based on the information contained in the financial statements:

a) Based on premiums of the last twelve (12) months (Table No. 7.1):

a.1) The amount of premiums for accepted insurance and reinsurance of the last twelve (12) months, net of cancellations, is calculated. a.2) 20% of a.1) is obtained. a.3) The amount obtained in a.2) is multiplied by the retention ratio indicated in a.4). a.4) The retention ratio is obtained from the corresponding reinsurance contract. This retention ratio cannot be less than 0.30.

Likewise, the winning companies must consider the following provisions:

For the calculation of the solvency margin based on premiums, described in literal a.1), the value of the SISCO premiums will be considered as part of the amount of insurance premiums.
On the value of the SISCO premiums, the following adjustment must be applied, in accordance with what is established in Article 270° of Title VII of the Compendium of Norms of the PPS:

i) The value of the SISCO premiums will be divided by the premium rate charged by the respective winning company; ii) Then, the value obtained in i) will be multiplied by the weighted average of the premium rates, truncated to two (02) decimals, obtained according to Article 264°-A of Title VII of the Compendium of Norms of the PPS.

Monthly own information of accepted net insurance and reinsurance premiums must be used. In case it is necessary to complete the twelve (12) months required in literal a.1), market monthly information for accepted net insurance and reinsurance premiums for pension insurance, which will be sent by this Superintendence by office, must be added.
Market monthly information must be divided by the total number of fractions of the bid and multiplied by the number of fractions awarded to the company.
34

30 Literal modified by Resolution SBS No. 925-2016 published on 24.02.2016.
31 Numeral modified by Resolution SBS No. 1761-2021, published on 18.06.2021.
32 Numeral modified by Resolution SBS No. 00297-2022, published on 27.01.2022.
33 Numeral modified by Resolution SBS No. 2571-2022, published on 18.08.2022, effective from 01.01.2023.
34 Provision eliminated by Resolution SBS No. 111-2026, published on 19.01.2026 and effective from 01.03.2026.

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b) Based on claims of the last thirty-six (36) months (Table No. 8.1): 35

b.1) The amount of claims for accepted insurance and reinsurance of the last thirty-six (36) months, net of cancellations and recoveries, will be calculated. b.2) The annual average will be obtained by dividing the sum resulting in b.1) by three (3). b.3) 29% of b.2) will be obtained. b.4) The amount obtained in b.3) will be multiplied by the retention ratio calculated in a.4) of this numeral.

Likewise, the following provisions must be considered:

Monthly own information of accepted net insurance and reinsurance claims must be used. In case it is necessary to complete the thirty-six (36) months required in literal b.1), market monthly information for accepted net insurance and reinsurance claims for pension insurance, which will be sent by this Superintendence by office, must be added. 36
Market monthly information must be divided by the total number of fractions of the bid and multiplied by the number of fractions awarded to the company.
37

Run-off Portfolio 38 39

Includes previous risk management contracts and previous collective contracts (SISCO) prior to the current SISCO.

The solvency margin calculation must be performed separately for each SISCO contract and for the entire previous run-off portfolio prior to the SISCO.

The solvency margin is calculated based on the information contained in the financial statements and is equal to the result of applying the following procedure:

a) Based on claims of the last twelve (12) months (Table No. 8.1):

a.1) The amount of claims for accepted insurance and reinsurance of the last twelve (12) months, net of cancellations, will be calculated. a.2) 14.5% of a.1) will be obtained. a.3) The amount obtained in a.2) will be multiplied by the retention ratio, which will be obtained from the corresponding reinsurance contract. This retention ratio cannot be less than 0.30.

The solvency margin for pension insurance is equal to the sum of the result obtained in the current portfolio and in the run-off portfolios, neither of these values being less than zero.”

6.4.2 SCTR

The solvency margin for the complementary insurance for work of risk - SCTR (Article 19° of Law No. 26790), will be equal to the highest amount obtained from the application of the following two procedures and based on the information contained in the financial statements:

a) Based on premiums of the last twelve (12) months (Table No. 7.2):

35 Literal b) modified by Resolution SBS No. 111-2026, published on 19.01.2026 and effective from 01.03.2026 36 Provision modified by Resolution SBS No. 111-2026, published on 19.01.2026 and effective from 01.03.2026. 37 Provision eliminated by Resolution SBS No. 111-2026, published on 19.01.2026 and effective from 01.03.2026. 38 Modified by Resolution SBS No. 00297-2022, published on 27.01.2022. 39 Modified by Resolution SBS No. 2571-2022, published on 18.08.2022, effective from 01.01.2023.

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a.1) The amount of premiums for accepted insurance and reinsurance of the last twelve (12) months, net of cancellations, will be calculated. a.2) 26.5% of a.1) will be obtained. 40 a.3) The amount obtained in a.2) will be multiplied by the retention ratio calculated in a.4). a.4) The retention ratio results from dividing the amount of net claims after reinsurance of the last twelve (12) months by the gross amount of said claims. This retention ratio cannot be less than 0.50.

b) Based on claims of the last thirty-six (36) months (Table No. 8.2):

b.1) The amount of claims for accepted insurance and reinsurance of the last thirty-six (36) months, net of cancellations, will be calculated. b.2) The annual average will be obtained by dividing the sum resulting in b.1) by three (3). b.3) 35% of b.2) will be obtained. b.4) The amount obtained in b.3) will be multiplied by the retention ratio calculated in a.4) of this numeral.

6.5 Individual Life Insurance and Annuities

The solvency margin for individual life insurance and annuity operations will be equal to the amount obtained from the application of the following procedure and based on the information contained in the financial statements (Table No. 9):

a) The amount of mathematical reserves for individual life and annuities will be calculated, excluding the margin on the best estimate of the mathematical reserve (MOCE) in the corresponding cases. To this amount, the value of liabilities arising from separable savings and/or investment components according to the Mathematical Reserves Regulation must not be added. 41 42

b) 5% of a) will be obtained.

c) The amount obtained in b) will be multiplied by the retention ratio calculated in d) of this numeral.

d) The retention ratio results from dividing the amount of retained mathematical reserve by the total mathematical reserve. This retention ratio cannot be less than 0.85.

6.6 Total Solvency Margin

The total solvency margin (Table No. 10) is the sum of the solvency margins corresponding to general insurance operations, accident and health insurance, group life insurance, pension insurance of the Private Pension System and the complementary insurance for work of risk, and individual life insurance and annuities.

Capital Deficit by Required Capital

Article 7º.- When the solvency margin exceeds the Total Effective Capital, and as long as what is provided for in numeral 5 of Article 104° of the General Law is not configured, the relevant companies must inform this Superintendence within two (2) business days following taking knowledge of the verification and present within fifteen (15) business days thereafter an adaptation program, in which the measures adopted to eliminate the excess within a period not greater than three (3) months are specified.

CHAPTER III

40 Literal modified by Resolution SBS No. 6394-2016 of 07-12-2016, effective from 01-01-2018.
41 Literal modified by Resolution SBS No. 1143-2021 of 16.04.2021, effective from 20.04.2021.
42 Literal modified by Resolution SBS No. 2388-2021, published on 17-08-2021. Errata of Resolution SBS No. 2388-2021, published in the newspaper El Peruano on 20.08.2021.

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ON INDEBTEDNESS

Definition 43

Article 8º.- Indebtedness corresponds to the credits that companies obtain from third parties, in the country or abroad, from operations that are not related to obligations with insured parties.

Indebtedness is calculated from the company's total liabilities, determined based on the Statement of Financial Position of the month of the corresponding period, deducting: i) technical reserves from liabilities, ii) obligations with insured parties arising from insurance contracts, iii) claims with reinsurers and co-insurers when they are not due, iv) accounts payable to auxiliaries, intermediaries, and marketers that are not due; and v) those other concepts that by their nature are not considered part of indebtedness; and adding those contingent credits that, without implying credit risk, had not been registered as liabilities by the companies.

Indebtedness Limit

Article 9º.- The limit for total indebtedness that companies may assume according to what is stated in the preceding article, is the effective equity, according to what is established in article 302º numeral 1 of the General Law.

CHAPTER IV

ON INFORMATION TO THE SUPERINTENDENCY

Submission of Information

Article 10º.- Insurance companies must submit monthly, together with their financial statements, the information indicated below and whose annexes form part of this Regulation:

Annex ES-7
45 Effective Equity
Annex ES-7A 5 Surplus or deficit of effective equity
Annex ES-7B 5 Effective equity allocated to cover credit risk
Table No. 1 Assets weighted by credit risk
Table No. 2 Contingent credits weighted by credit risk
Table No. 3 Summary of assets and contingent credits weighted by credit risk
Annex ES-7C 46 Information on solvency margin
Table No. 1 General branch insurance – based on premiums
Table No. 2 General branch insurance – based on claims
Table No. 3 Accident and health insurance – based on premiums
Table No. 4 Accident and health insurance – based on claims
Table No. 5 Group life insurance – based on premiums
Table No. 6 Group life insurance – based on claims
43 Article modified by Resolution No. 2574-2008 of 26-06-2008 44 Paragraph modified by SBS Resolution No.603-2016 published on 06.02.2016. Subsequently modified by SBS Resolution No.2388-2021, published on 17.08.2021. Subsequently modified by SBS Resolution No.3299-2022, published on 02.11.2022, effective from 01.01.2023. Subsequently modified by SBS Resolution No.397-2024 published on 05.02.2024, effective from 01.04.2024. 45 Annex numbering modified by SBS Resolution No. 2842-2012 of 11-05-2012 46 Annex numbering modified by SBS Resolution No. 2842-2012 of 11-05-2012

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Table No. 7 Pension insurance and SCTR – based on premiums
Table No. 8 Pension insurance and SCTR – based on claims
Table No. 9 Individual life insurance and annuities
Table No. 10 Total solvency margin
Annex ES-7D 47 Details of the effective equity calculation
Annex ES-8
6 Indebtedness Limit

FINAL AND COMPLEMENTARY PROVISIONS

First- Adaptation period to meet the additional effective equity requirement by economic cycle. 48

Companies must comply with the additional effective equity requirement by economic cycle at the level requested in this Regulation, according to the following schedule:

47 Annex incorporated by SBS Resolution No. 603-2016 of 06-02-2016.
48 Final and complementary provision incorporated by SBS Resolution No. 2904-2014 of 15-05-2014. Through Multiple Office No. 47144-2014-SBS, dated 29-12-2014, the adaptation deadline for SBS Resolution No. 2904-2014 was extended until 31-05-2015. Likewise, through Multiple Office No. 19376-2015-SBS, dated 29-05-2015, the adaptation deadline for determining the effective equity requirement corresponding to guarantees was extended until December 2015.

YEAR OF
ADAPTATION
PERCENTAGE OF
REQUIRED
DECEMBER 2014 40%
DECEMBER 2015 60%
DECEMBER 2016 80%
DECEMBER 2017 100%

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 17

ANNEX ES-7
49

EFFECTIVE EQUITY 50
(Article 299º - Law No. 26702)

INSURANCE COMPANY: .................................................................
At ..... of ............................. of ...........

ACCOUNTING CODES
CONCEPTS BRANCHES
GENERAL
ES S/.
LIFE
BRANCHES
S/.
TOTAL
CONSOLIDATED
S/.
COMMENTS
OBSERVATIONS

A. 3001 + 3002 +
3008 +
Paid-in Capital
31 + Additional Capital Cash donations, and exceptionally in other assets, that are authorized by the Superintendence, that cannot be reduced without prior authorization, that serve to absorb losses, and that have a commitment to be transferred to discretionary reserves in the General Shareholders' Meeting or equivalent body in which the financial statements corresponding to the economic year in which the donation was made are approved. Donations that do not meet the above do not count towards effective equity. 51 3301 + Legal Reserves 3302 + Discretionary Reserves Provided that their reduction does not generate non-compliance with capital requirements. 52 3303 Released Shares

B. 2101.00.02 +
2102.00.02 +
2103.00.02 +
2104.00.02 +
2105.02.01 +
2108.01.02 +
2108.05.01 +
2109.03.02 53+
2109.04.02 54
Subordinated Debt - computable portion
According to articles 233° and 299º of the General Law and the Subordinated Debt Regulation applicable to insurance companies. Record the amount registered in row F of Annex No. ES-23B "Subordinated debt assigned to effective equity.. 55

C. 56 3801.01 + Accumulated profits with capitalization agreement
For accumulated profits to be considered, a capitalization agreement must exist.
3801.04 + Gain by the equity method of investments that are deducted from effective equity.
49 Annex numbering modified by SBS Resolution No. 2842-2012 of 11-05-2012 50 Annex modified by SBS Resolution No. 2742-2011 of 28-02-2011 51 Comment/Observation incorporated by SBS Resolution No. 681-2018 of 21-02-2016 52 Comment/Observation incorporated by SBS Resolution No. 603-2016 of 06-02-2016 53 Incorporated by SBS Resolution No. 00410-2025 of 06.02.2025 54 Incorporated by SBS Resolution No. 00410-2025 of 06.02.2025 55 Comment/Observation modified by SBS Resolution No. 603-2016 of 06-02-2016. Subsequently modified by SBS Resolution No. 855-2024, published on 07-03-2024. 56 Literal modified by SBS Resolution No. 603-2016 of 06-02-2016

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3801.03(p) + Unrealized gain from investments available for sale (part corresponding to investments that are deducted from effective equity) Applicable only in cases where the company has net unrealized gain obtained from the total of its investments available for sale.
3803.01 + Profit of the year with capitalization agreement
For the profits of the year to be considered, a capitalization agreement of future profits must exist.
5608.09.07(p) Valuation of investments by equity method (part corresponding to investments that are deducted from effective equity). Applicable only in cases where the company has profits but does not have a capitalization agreement of future profits.

SUB – TOTAL

Less:
D. 57 The amount of any investment made, directly or indirectly, in instruments representing subordinated debt and capital issued by any insurance company in the country or abroad is subtracted. E. 58 The amount of any investment made, directly or indirectly, in instruments representing subordinated debt and capital issued by its subsidiaries and other companies with which it is required to consolidate financial statements, including holding companies and subsidiaries, is subtracted. F 1901.02 +
1708.03.04 -
1909.02 -
1709.03
Amount of commercial credit (goodwill) from company reorganization, as well as from the acquisition of investments.
Art. 299° numeral 2 inciso e) of Law No. 26702.
G. 59 3802.01 Accumulated Losses
3802.04 Loss by equity method of investments that are deducted from effective equity
3802.02(p) Unrealized loss from investments available for sale (part corresponding to investments that are deducted from effective equity) Applicable only in cases where the company has net unrealized gain obtained from the total of its investments available for sale.
3802.02. o
3802.02(p)
Unrealized loss from investments available for sale
Part corresponding to the excess of unrealized losses from investments available for sale over accumulated profits and profit of the year, without capitalization agreement of profits or capitalization agreement of future profits.
In case there are no accumulated profits nor net profit of the year, without capitalization agreement of profits or capitalization agreement of future profits, the total of unrealized losses from investments available for sale will be deducted from effective equity.
3802.06. o
3802.06(p)
60
Unrealized losses from variation of the mathematical reserve due to interest rate movements
Part corresponding to the excess of unrealized losses over unrealized gains from variation of the mathematical reserve due to interest rate movements.
57 Literal modified by SBS Resolution No. 3930-2017 of 04-10-2017.
58 Literal modified by SBS Resolution No. 3930-2017 of 04-10-2017.
59 Literal modified by SBS Resolution No. 603-2016 of 06-02-2016

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3803.02 Loss of the year In case the year-end result, to date, is negative.
4608.05.06(p) Valuation of investments by equity method (part corresponding to investments that are deducted from effective equity) Applicable only in cases where the company has profits but does not have a capitalization agreement of future profits. H. Deficit of provisions due to asset valuation
I. 61 34 Treasury Shares
J. 62 Agreements that the SBS has required not to consider in Effective Equity Prudential measures indicated in current regulations apply when the company does not implement a capitalization agreement of profits or capitalization agreement of future profits.

EFFECTIVE EQUITY 63
A + B + C - D - E - F - G - H - I - J
...........................................
GENERAL MANAGER
.............................................
CHIEF ACCOUNTANT

60 Incorporated by SBS Resolution No. 1143-2021 of 16.04.2021, effective from 20.04.2021 61 Row incorporated by SBS Resolution No. 603-2016 of 06-02-2016 62 Row incorporated by SBS Resolution No. 603-2016 of 06-02-2016 63 Row modified by SBS Resolution No. 603-2016 of 06-02-2016

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ANNEX ES-7A 64 65

SURPLUS OR DEFICIT OF
EFFECTIVE EQUITY

INSURANCE COMPANY: .................................................................
AT.....OF............................. OF...........

CONCEPTS BRANCHES
GENERAL
S/.
LIFE BRANCHES
S/.
TOTAL
CONSOLIDATED
S/.
COMMENTS/OBSERVATIONS

A. Total Effective Equity

Less:
B. Solvency Equity Amount established based on the highest figure of the criteria indicated in article 298° of Law No. 26702 B.1 Solvency Margin B.2 Minimum Capital
C. Guarantee Fund 35% of Solvency Equity +
10% of the value of investments in real estate that are valued under the fair value model + 1% of obligations for separable investment components according to the Mathematical Reserves Regulation where the financial risk is fully assumed by the insured + 6.75% of obligations for savings or separable investment components according to the Mathematical Reserves Regulation where the company fully or partially assumes the financial risk. 66 67 68 D. Effective equity requirement for credit risk Total of Annex ES-7B (Tables 1 to 3) E. Additional effective equity requirement by economic cycle Total of Annex ES-7B (Table 4) 64 Annex numbering modified by SBS Resolution No. 2842-2012 of 11-05-2012 65 Annex modified by SBS Resolution No. 2904-2014 of 15-05-2014. With Multiple Office No. 47144-2014-SBS of 29-12-2014 the adaptation deadline was extended until 31-05-2015. Through Multiple Office No. 19376-2015-SBS of 29-05-2015 the adaptation deadline for determining the effective equity requirement for guarantees was extended until December 2015. 66 Comments/observations modified by SBS Resolution No. 2388-2021, published on 17-08-2021. 67 Comments/observations modified by SBS Resolution No. 3872-2021, published on 22-12-2021. 68 Comments/observations modified by SBS Resolution No. 3299-2022, published on 02-11-2022, effective from 01-01-2023.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 21

SURPLUS OR DEFICIT OF
EFFECTIVE EQUITY A - B - C - D - E
...........................................
GENERAL MANAGER
.............................................
CHIEF ACCOUNTANT

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 22

ANNEX ES-7B 69 70
(TABLE 1)
EFFECTIVE EQUITY REQUIREMENT TO COVER CREDIT RISK AND ADDITIONAL EFFECTIVE EQUITY REQUIREMENT BY ECONOMIC CYCLE (ARTICLE 300º LAW No. 26702)

INSURANCE COMPANY: .................................................................
AT.....OF............................. OF...........

TABLE No. 1: CREDITS WEIGHTED BY CREDIT RISK

GENERAL MANAGER CHIEF ACCOUNTANT
69 Annex numbering modified by SBS Resolution No. 2842-2012 of 11-05-2012 70 Annex modified by SBS Res. No. 2904-2014 of 15-05-2014. With Multiple Office No. 47144-2014-SBS of 29-12-2014 the adaptation deadline was extended until 31-05-2015. Through Multiple Office No. 19376-2015-SBS of 29-05-2015 the adaptation deadline for determining the effective equity requirement for guarantees was extended until December 2015. 71 Incorporated by SBS Resolution No. 4838-2019 of 17-10-2019.

ACCOUNTING CODE AND NAME
WEIGHTING
FACTOR 1)
(A)
GENERAL
BRANCHES 2)
(New Soles)
(B)
LIFE
BRANCHES
(New Soles) 2)
(C)
CREDITS
WEIGHTED BY
CREDIT RISK
CONSOLIDATED
(D)=(A)(B)+(A)(C)

REAL ESTATE CREDITS WITH MORTGAGE GUARANTEE ON HOUSING (MORTGAGE CREDITS)

Mortgage credits to workers
Negotiable Mortgage Credit Titles (TCHN)
Mortgage credits for the acquisition of future goods
Reverse mortgage operation credits 71
0%
20%
50%
75%
100%
150%
200%
250%

REAL ESTATE CREDITS WITH MORTGAGE GUARANTEE ON PROPERTIES OTHER THAN HOUSING.

Negotiable Mortgage Credit Titles (TCHN)
Real estate credits for the acquisition of future goods
0%
20%
50%
100%
150%

OTHER CREDITS UNDER ANY MODALITY

1304.02 Credits from executed guarantees
1304.03 Commissions
1304.04 Accounts receivable from trusts
1306 Overdue accounts
1307 Accounts in judicial collection
1308.05 Credits from executed guarantees
1309 Provision for uncollectibles
0%
20%
50%
100%
150%

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Notes:

Determined in accordance with the provisions of the Regulation for the Effective Equity Requirement for Credit Risk approved by SBS Resolution No. 14354-2009 and its modifying norms.
The value to consider is the net nominal value of provisions (includes accrued interest) and of any eligible movable real guarantee. When credit counterparty substitution applies, the part covered by personal guarantee must be separated and presented in the row of the weighting factor corresponding to the protection provider.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 24

ANNEX ES-7B 72 73

TABLE 2 74

TABLE No. 2: CONTINGENCIES WEIGHTED BY CREDIT RISK

Notes:
3) Determined in accordance with the provisions of the Regulation for the Effective Equity Requirement for Credit Risk approved by SBS Resolution No. 14354-2009 and its modifying norms.
4) The value to consider is the net nominal value of provisions and of any eligible movable real guarantee, multiplied by the corresponding credit conversion factor. When credit counterparty substitution applies, the part covered by personal guarantee must be separated and presented in the row of the weighting factor corresponding to the protection provider.
72 Annex numbering modified by SBS Resolution No. 2842-2012 of 11-05-2012 73 Annex modified by SBS Resolution No. 2904-2014 of 15-05-2014. With Multiple Office No. 47144-2014-SBS of 29-12-2014 the adaptation deadline was extended until 31-05-2015. Through Multiple Office No. 19376-2015-SBS of 29-05-2015 the adaptation deadline for determining the effective equity requirement for guarantees was extended until December 2015. 74 Table 2 modified by SBS Resolution No. 332-2023, effective from 01-01-2025. 75 Incorporated by SBS Resolution No. 4838-2019 of 17-10-2019.

ACCOUNTING CODE AND NAME
WEIGHTING
FACTOR
3) (A)
GENERAL
BRANCHES
4) (New Soles)
(B)
LIFE
BRANCHES
(New Soles) 4)
(C)
CONTINGENCIES
WEIGHTED BY
CREDIT RISK
CONSOLIDATED
(D)=(A)(B)+(A)(C)

CREDIT CONVERSION FACTOR (CCF): 100%
7203 GOC guarantees granted 0%
20%
50%
100%
150%

CREDIT CONVERSION FACTOR (CCF): 10% 75
7204 Undisbursed Reverse Mortgage Credits granted 0% 20% 50% 100% 150%

GENERAL MANAGER CHIEF ACCOUNTANT

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 25

ANNEX ES-7B 76 77

TABLE 3 78

TABLE No. 3: SUMMARY OF CREDITS AND CONTINGENCIES WEIGHTED BY CREDIT RISK AND OF THE CAPITAL REQUIREMENT FOR CREDIT RISK

CONCEPTS
TOTAL CREDITS AND CONTINGENT EXPOSURES
WEIGHTED BY CREDIT RISK
ADJUSTED
GENERAL
BRANCHES
(New Soles)
LIFE
BRANCHES
(New Soles)
TOTAL
CONSOLIDATED
(New Soles)

TOTAL TABLE No.1: Credits Weighted by Credit Risk Mortgage real estate credits with mortgage guarantee on housing (mortgage credits). Mortgage real estate credits with mortgage guarantee on properties other than housing. Other credits registered in the balance sheet under any modality.

TOTAL TABLE No. 2: Contingencies Weighted by Credit Risk Contingent exposures with CCF of 100% Contingent exposures with CCF of 10% 79

TOTAL
EFFECTIVE EQUITY REQUIREMENT FOR CREDIT RISK 5)

GENERAL MANAGER CHIEF ACCOUNTANT

Notes:
5) The effective equity requirement to cover credit risk is determined by multiplying assets and contingencies weighted by credit risk by ten percent (10%), according to what is established in the standard method regulated in the Regulation for the Effective Equity Requirement for Credit Risk approved by SBS Resolution No. 14354-2009 and its modifying norms.
76 Annex numbering modified by SBS Resolution No. 2842-2012 of 11-05-2012 77 Annex modified by SBS Resolution No. 2904-2014 of 15-05-2014. With Multiple Office No. 47144-2014-SBS of 29-12-2014 the adaptation deadline was extended until 31-05-2015. Through Multiple Office No. 19376-2015-SBS of 29-05-2015 the adaptation deadline for determining the effective equity requirement for guarantees was extended until December 2015. 78 Table 3 modified by SBS Resolution No. 332-2023, effective from 01-01-2025. 79 Incorporated by SBS Resolution No. 4838-2019 of 17-10-2019.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 26

ANNEX ES-7B 80

TABLE 4

TABLE No. 4: ADDITIONAL EFFECTIVE EQUITY REQUIREMENT BY ECONOMIC CYCLE
80 Annex incorporated by SBS Resolution No. 2904-2014 of 15-05-2014. With Multiple Office No. 47144-2014-SBS of 29-12-2014 the adaptation deadline was extended until 31-05-2015. Through Multiple Office No. 19376-2015-SBS of 29-05-2015 the adaptation deadline for determining the effective equity requirement for guarantees was extended until December 2015. 81 Incorporated by SBS Resolution No. 4838-2019 of 17-10-2019.

ACCOUNTING CODE AND NAME
WEIGHTING
FACTOR 6)
(A)
GENERAL
BRANCHES 7)
(New Soles)
(B)
LIFE
BRANCHES
(New Soles) 7)
(C)
CREDITS
WEIGHTED BY
MARGINAL RISK
CONSOLIDATED
(D)=(A)(B)+(A)(C)

REAL ESTATE CREDITS WITH MORTGAGE GUARANTEE ON HOUSING (MORTGAGE CREDITS)

Mortgage credits to workers
Negotiable Mortgage Credit Titles (TCHN)
Mortgage credits for the acquisition of future goods
Reverse mortgage operation credits 81
0%
12%
15%
25%

REAL ESTATE CREDITS WITH MORTGAGE GUARANTEE ON PROPERTIES OTHER THAN HOUSING.

Negotiable Mortgage Credit Titles (TCHN)
Real estate credits for the acquisition of future goods
0%
12%
15%
25%
30%
35%
40%

OTHER CREDITS NOT INCLUDED IN THE ACCOUNTS INDICATED ABOVE

1304.02 Credits from executed guarantees
1304.03 Commissions
1304.04 Accounts receivable from trusts
1306 Overdue accounts
1307 Accounts in judicial collection
1308.05 Credits from executed guarantees
1309 Provision for uncollectibles
0%
12%
15%
25%
30%

ADDITIONAL EFFECTIVE EQUITY REQUIREMENT BY
ECONOMIC CYCLE 8)

GENERAL MANAGER CHIEF ACCOUNTANT

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Notes:
6) The weighting factor is determined based on what is stated in the Regulation for the Additional Effective Equity Requirement, approved by SBS Resolution No. 8425-2011, as well as in Report No. 4A-1 approved by the cited Regulation.
7) The value to consider is the net nominal value of provisions (includes accrued interest) and of any eligible movable real guarantee. When credit counterparty substitution applies, the part covered by personal guarantee must be separated and presented in the row of the weighting factor corresponding to the protection provider.
8) The additional effective equity requirement by economic cycle is determined by multiplying assets and contingencies weighted by marginal risk by ten percent (10%), according to what is established in the Regulation for the Additional Effective Equity Requirement, approved by SBS Resolution No. 8425-2011.

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ANNEX ES-7C 82

TABLES 1 and 2 83

TABLES 1.1, 1.2, 2.1, 2.2 AND 2.3

SOLVENCY MARGIN FOR GENERAL INSURANCE 1/

INSURANCE COMPANY : .................................................................

AS OF ..... OF ............................. OF ...........

Table No. 1.1

General Insurance, other than surety and guarantee insurance GOO – based on premiums

OPERATION
LAST TWELVE MONTHS
Months Months TOTAL
Current Year
(a) (b) (c) = (a+b)

Net Insurance Premiums
Net Accepted Reinsurance
Total Net Premiums = (1c + 2c)
Basic calculation amount = 0.235 * (3c)
Net Insurance Claims
Net Accepted Reinsurance Claims
Total Net Claims = (5c + 6c)
Net Claims on Ceded Premiums
Retained Claims = (7c - 8c)
Retention Ratio (not less than 0.50) = (9c / 7c)
SOLVENCY MARGIN = (4c * 10c)

Table No. 1.2

Surety and Guarantee Insurance GOO – based on premiums

OPERATION
LAST TWELVE MONTHS months months
TOTAL
Current Year
(a) (b) (c) = (a+b)

Net Insurance Premiums
Net Accepted Reinsurance
Total Net Premiums = (1c + 2c)
Basic calculation amount = 0.235 * (3c)
Net Insurance Claims
Net Accepted Reinsurance Claims
Total Net Claims = (5c + 6c)
Net Claims on Ceded Premiums
Retained Claims = (7c - 8c)
Retention Ratio (not less than 0.50) = (9c / 7c)
SOLVENCY MARGIN = (4c * 10c)

82 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012 83 Tables 1 and 2 repealed by Resolution SBS No. 332-2023 of 02-02-2023, effective from 01-01-2025.

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Table No. 2.1

General Insurance, other than surety and guarantee insurance GOO – based on claims

OPERATION
THIRTY-SIX VALID LAST MONTHS months TOTAL
Current Year
(a) (b) (c) (d) (e) (f) =
(a+b+c+d+e)

Net Insurance Claims
Net Accepted Reinsurance Claims
Net Claim Recoveries
Total Net Claims = (1f + 2f – 3f) 2/
Annual average claims = (4f) / 3
Basic calculation amount = 0.46 * (5f)
Retention Ratio = (10c of Table No.
1.1)
SOLVENCY MARGIN = (6f * 7f)

Table No. 2.2

Surety and Guarantee Insurance GOO – based on claims

OPERATION
THIRTY-SIX VALID LAST MONTHS months TOTAL
Current Year
(a) (b) (c) (d) (e) (f) =
(a+b+c+d+e)

Net Insurance Claims
Net Accepted Reinsurance Claims
Net Claim Recoveries
Total Net Claims = (1f + 2f – 3f) 2/
Annual average claims = (4f) / 3
Basic calculation amount = 0.46 * (5f)
Retention Ratio = (10c of Table No. 1.2)
SOLVENCY MARGIN = (6f * 7f)

1/ Risk codes included from 01 to 59 of the Chart of Accounts are considered.
2/ Initially, the last 48 months are considered, eliminating information corresponding to the 6 months of highest and the 6 months of lowest claim frequency, so that the base is formed by 36 valid months, indicating the number of months considered in each exercise.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 30

Table No. 2.3

Surety and Guarantee Insurance GOO – based on claim scenarios

General Manager Chief Accountant

OPERATION SBS Code Amount

Individual Contractor or Consortium with the highest retained sum insured.
In case 1. is an individual contractor, then 2. corresponds to the retained sum insured of the other contracts maintained by the contractor = (3+4+5+6+7+8+9). In case 1. is a consortium, then 2. corresponds to the retained sum insured of the other contracts maintained by the consortium members, including individual contracts or in other consortia = (3+4+5+6+7+8+9)
Individual Contractor or Consortium 1
Individual Contractor or Consortium 2
Individual Contractor or Consortium 3
Individual Contractor or Consortium 4
Individual Contractor or Consortium 5
Individual Contractor or Consortium 6
Individual Contractor or Consortium 7
SOLVENCY MARGIN = (1 + 2)

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 31

ANNEX ES-7C 84

TABLES 3 and 4

SOLVENCY MARGIN FOR ACCIDENT AND HEALTH INSURANCE 1/

INSURANCE COMPANY : .................................................................

AS OF ..... OF ............................. OF ...........

Table No. 3 85

ACCIDENT AND HEALTH INSURANCE - BASED ON PREMIUMS LAST TWELVE MONTHS OPERATION ____ months _____ months TOTAL Year___ Current (a) (b) (c) = (a+b)

Net Insurance Premiums
Net Accepted Reinsurance
Total Net Premiums = (1c + 2c)
Basic calculation amount = 0.235 * (3c)
Net Insurance Claims
Net Accepted Reinsurance Claims
Total Net Claims = (5c + 6c)
Net Claims on Ceded Premiums
Retained Claims = (7c - 8c)
Retention Ratio (not less than 0.50) = (9c / 7c)
SOLVENCY MARGIN = (4c * 10c)

Table No. 4

ACCIDENT AND HEALTH INSURANCE - BASED ON CLAIMS LAST THIRTY-SIX MONTHS OPERATION ____ months 12 months 12 months ____ months TOTAL Year__ Current (a) (b) (c) (d) (e) = (a+b+c+d)

Net Insurance Claims
Net Accepted Reinsurance Claims
Total Net Claims = (1e + 2e)
Annual average claims = ( 3e) / 3
Basic calculation amount = 0.46 * ( 4e)
Retention Ratio = (10c of Table No. 3)
SOLVENCY MARGIN = ( 5e * 6e)

1/
Risk codes included from 61 to 66 of the Chart of Accounts are considered.
...........................................
GENERAL MANAGER
.............................................
CHIEF ACCOUNTANT

84 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012 85 Table modified by Resolution SBS No. 6394-2016 of 07-12-2016, effective from 01-01-2018

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 32

ANNEX ES-7C 86

TABLES 5 and 6

SOLVENCY MARGIN FOR GROUP LIFE INSURANCE 1/ 87

INSURANCE COMPANY : .................................................................

AS OF ..... OF ............................. OF ...........

Table No. 5 88

GROUP LIFE INSURANCE - BASED ON PREMIUMS
LAST TWELVE MONTHS
OPERATION ____ months _____ months TOTAL
Year___ Current
(a) (b) (c) = (a+b)

Net Insurance Premiums
Net Accepted Reinsurance
Total Net Premiums = (1c + 2c)
Basic calculation amount = 0.235 * (3c)
Net Insurance Claims
Net Accepted Reinsurance Claims
Total Net Claims = (5c + 6c)
Net Claims on Ceded Premiums
Retained Claims = (7c - 8c)
Retention Ratio (not less than 0.50) = (9c / 7c)
SOLVENCY MARGIN = (4c * 10c)

Table No. 6 89

GROUP LIFE INSURANCE - BASED ON CLAIMS
LAST THIRTY-SIX VALID MONTHS
OPERATION ____ months
12 months
12 months
____ months
TOTAL
Year__ (e) = (a+b+c+d)
(a) (b) (c) (d)

Net Insurance Claims
Net Accepted Reinsurance Claims
Total Net Claims = (1e + 2e)
Annual average claims = (3e) / 3
Basic calculation amount = 0.46 * (4e)
Retention Ratio = (10c of Table No. 5)
SOLVENCY MARGIN = (5e * 6e)

...........................................
GENERAL MANAGER
.............................................
CHIEF ACCOUNTANT

86 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012 87 Tables modified by Resolution SBS No. 8243-2008 of 04-09-232008, effective from 01-01-2009 88 Table modified by Resolution SBS No. 6394-2016 of 07-12-2016, effective from 01-01-2018 89 Table modified by Resolution SBS No. 1761-2021, published on 18.06.2021. Subsequently, modified by Resolution SBS No.397-2024 published on 05.02.2024, effective from 01.04.2024.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 33

ANNEX ES-7C 90

TABLES 7.1 91 and 7.2 92

SOLVENCY MARGIN FOR PENSION INSURANCE AND SCTR

INSURANCE COMPANY :
AS OF ..... OF ............................. OF ...........

TABLE NO. 7.1: PENSION INSURANCE – BASED ON PREMIUMS
LAST TWELVE MONTHS
OPERATION Months Months TOTAL previous year current year c = (a) (b) (a+b)

CURRENT PORTFOLIO

Net Insurance Premiums
Net Accepted Reinsurance
Total Net Premiums = (1c + 2c)
Basic calculation amount = 0.20 * (3c)
Retention ratio (not less than 0.30) (1)
SOLVENCY MARGIN = (4c * 5c)

(1) The retention ratio will be obtained from the corresponding reinsurance contract

90 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012 91 Table modified by Resolution SBS No. 00297-2022, published on 27.01.2022. 92 Table modified by Resolution SBS No. 925-2016 of 18-02-2016

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 34

93 Table modified by Resolution SBS No. 6394-2016 of 07-12-2016, effective from 01-01-2018.

TABLE NO. 7.2: SCTR – BASED ON PREMIUMS 93
LAST TWELVE MONTHS
OPERATION Months Months TOTAL previous year current year c = (a) (b) (a+b)

Net Insurance Premiums
Net Accepted Reinsurance
Total Net Premiums = (1c + 2c)
Basic calculation amount = 0.265 * (3c)
Net Insurance Claims
Net Accepted Reinsurance Claims
Total Net Claims=(5c+6c)
Net Claims on Ceded Premiums
Retained Claims = (7c - 8c)
Retention Ratio (not less than 0.50) = (9c/7c)
SOLVENCY MARGIN = (4c * 10c)

........................................... .............................................
GENERAL MANAGER CHIEF ACCOUNTANT

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 35

ANNEX ES-7C

TABLES 8.1 AND 8.2 94

SOLVENCY MARGIN FOR PENSION INSURANCE AND SCTR

INSURANCE COMPANY: .................................................................
AS OF.....OF............................. OF...........

TABLE 8.1

PENSION INSURANCE – BASED ON CLAIMS
HISTORICAL MONTHS
OPERATION ____ months
12 months
12 months
____ months
TOTAL
Year__
(a) (b) (c) (d) (e) = (a+b+c+d)

CURRENT PORTFOLIO - LAST THIRTY-SIX MONTHS

Net Insurance Claims
Net Accepted Reinsurance Claims
Total Net Claims = (1e + 2e)
Annual average claims = (3e) / 3
Basic calculation amount = 0.29 * (4e)
Retention Ratio = (5c of Table
No. 7.1)
SOLVENCY MARGIN CURRENT PORTFOLIO = MAX(0, (5e) * (6e))

RUN OFF PORTFOLIO - LAST TWELVE VALID MONTHS 1/ Run Off Portfolio No. 1
8. Total Net Claims
9. Basic calculation amount = 0.145 * (8f)
10. Retention ratio (not less than 0.30) 2/
11. Solvency Margin of Run Off Portfolio No. 1 = Max (0,
(9f)*(10f))

Run Off Portfolio No. 2
12. Total Net Claims
13. Basic calculation amount = 0.145 * (12f)
14. Retention ratio (not less than 0.30) 2/
15. Solvency Margin of Run Off Portfolio No. 2 = Max (0,
(13f)*(14f))

Run Off Portfolio No. 3
16. Total Net Claims
17. Basic calculation amount = 0.145 * (16f)
18. Retention ratio (not less than 0.30) 2/
19. Solvency Margin of Run Off Portfolio No. 3 = Max (0,
94 Table modified by the following regulations: Resolution SBS No. 297-2022 (published on 27.01.2022), Resolution SBS No.2571- 2022 (published on 18.08.2022 and effective from 01.01.2023), Resolution No. 1028-2024 (published on 22.03.2024), Resolution No. 4380-2024 (published on 28.12.2024 and effective from 01.01.2025) and Resolution SBS No. 111-2026 (published on 19.01.2026 and effective from 01.03.2026).

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 36

(17f)*(18f))

Run Off Portfolio No. 4
20. Total Net Claims
21. Basic calculation amount = 0.145 * (20f)
22. Retention ratio (not less than 0.30) 2/
23. Solvency Margin of Run Off Portfolio No. 4 = Max (0,
(21f)*(22f))

Run Off Portfolio No. 5
24. Total Net Claims
25. Basic calculation amount = 0.145 * (24f)
26. Retention ratio (not less than 0.30) 2/
27. Solvency Margin of Run Off Portfolio No. 5 = Max (0,
(25f)*(26f))

Run Off Portfolio No. 6
28. Total Net Claims
29. Basic calculation amount = 0.145 * (28f)
30. Retention ratio (not less than 0.30) 2/
31. Solvency Margin of Run Off Portfolio No. 6 = Max (0,
(29f)*(30f))

Run Off Portfolio No. 7
32. Total Net Claims
33. Basic calculation amount = 0.145 * (32f)
34. Retention ratio (not less than 0.30) 2/
35. Solvency Margin of Run Off Portfolio No. 7 = Max (0,
(33f)*(34f))

Run Off Portfolio No. 8
36. Total Net Claims
37. Basic calculation amount = 0.145 * (36f)
38. Retention ratio (not less than 0.30) 2/
39. Solvency Margin of Run Off Portfolio No. 8 = Max (0,
(37f)*(38f))

SOLVENCY MARGIN RUN OFF PORTFOLIO = (11f

15f + 19f + 23f + 27f + 31f + 35f + 39f)

Notes:
(1) As stated in item 6.4.1 of the Regulation, the solvency margin must be calculated separately for the entire run off portfolio prior to SISCO and for each collective contract (SISCO) prior to SISCO in force. Therefore, for this report, the following must be considered: Run Off Portfolio No. 1 = entire run off portfolio prior to SISCO (individual contracts with the AFP); Run Off Portfolio No. 2 = SISCO I in Run Off; Run Off Portfolio No. 3 = SISCO II in Run Off; Run Off Portfolio No. 4 = SISCO III in Run Off; Run Off Portfolio No. 5 = SISCO IV in Run Off; Run Off Portfolio No. 6 = SISCO V in Run Off; Run Off Portfolio No. 7 = SISCO VI in Run Off; Run Off Portfolio No. 8 = SISCO VII in Run Off. (2) The retention ratio is obtained from the corresponding reinsurance contract.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 37

TABLE NO. 8.2

SCTR – BASED ON CLAIMS
LAST THIRTY-SIX MONTHS

OPERATION
Months TOTAL
3 years ago 2 years ago previous year current year (e) = (a) (b) (c) (d) (a+b+c+d)

Net Insurance Claims
Net Accepted Reinsurance Claims
Total Net Claims = (1e + 2e)
4 Annual average claims = (3e) / 3
Basic calculation amount = 0.35 * ( 4e)
Retention Ratio = (10c of Table
No. 7.2)
SOLVENCY MARGIN = (5e) * (6e)

...........................................
GENERAL MANAGER
.............................................
CHIEF ACCOUNTANT

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 38

ANNEX ES-7C 95

TABLE 9

Table No. 9 96

SOLVENCY MARGIN FOR INDIVIDUAL LIFE INSURANCE AND ANNUITIES

INSURANCE COMPANY: ………………………………………………
AS OF …… OF ………………………… OF ………….

OPERATION TOTAL

Individual Life Mathematical Reserve 1/
Mathematical Reserve for pensions and annuities not belonging to the SPP 2/
Mathematical Reserve for pensions and annuities of the SPP 3/
Total Mathematical Reserve = (1 + 2 + 3)
Basic calculation amount = 0.05 * (4)
Mathematical Reserve for Ceded Premiums Individual Life
Mathematical Reserve for Ceded Premiums pensions and annuities not belonging to the SPP
Mathematical Reserve for Ceded Premiums pensions and annuities of the SPP
Mathematical Reserve for Ceded Premiums = (6 + 7 + 8)
Retained Mathematical Reserve = (4 - 9)
Retention Ratio (not less than 0.85) = (10 / 4)
SOLVENCY MARGIN = (5) * (11)

1/ Risk codes 71, 79 and 82 of the Chart of Accounts are considered. The value of liabilities arising from separable savings and/or investment components of individual life insurance is not added, according to the Mathematical Reserves Regulation. 97 2/ Risk codes 75 and 78 of the Chart of Accounts are considered. Regarding risk code 75, the value of liabilities arising from separable savings and/or investment components of individual life insurance is not added, according to the Mathematical Reserves Regulation. 98 3/ Risk codes 76, 94, 95, 96 and 97 of the Chart of Accounts are considered.

………………………….. ………..………………………
GENERAL MANAGER CHIEF ACCOUNTANT

95 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012 96 Modified by Resolution SBS No. 8243-2008 of 04-09-2008, effective from 01-01-2009 97 Note modified by Resolution SBS No. 2388-2021, published on 17-08-2021. 98 Note modified by Resolution SBS No. 2388-2021, published on 17-08-2021.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 39

ANNEX ES-7C 99

TABLE 10 100

TOTAL SOLVENCY MARGIN
(ARTICLE 303º - LAW NO. 26702)

INSURANCE COMPANY : .................................................................
AS OF ..... OF ............................. OF ...........

CONCEPTS TOTAL

GENERAL INSURANCE, OTHER THAN SURETY AND GUARANTEE INSURANCE GOO: Maximum between (1a) and (1b)
1a) Based on Premiums: (11 c) of Table No. 1.1 1b) Based on Claims: (8 f) of Table No. 2.1
SURETY AND GUARANTEE INSURANCE GOO: Maximum between (2a), (2b) and (2c)
2a) Based on Premiums: (11 c) of Table No. 1.2 2b) Based on Claims: (8 f) of Table No. 2.2 2c) Based on Claim Scenario: (10) of Table No. 2.3
ACCIDENT AND HEALTH INSURANCE: Maximum between (3a) and (3b)
3a) Based on Premiums: (11 c) of Table No. 3
3b) Based on Claims: (7 e) of Table No. 4
GROUP LIFE INSURANCE: Maximum between (4a) and (4b)
4a) Based on Premiums: (11 c) of Table No. 5
4b) Based on Claims: (7 e) of Table No. 6
PENSION INSURANCE: Sum of: i) (5c) and ii) Maximum between (5a) and (5b)
5a) Current Portfolio - Based on Premiums: (6 c) of Table No. 7.1 5b) Current Portfolio - Based on Claims: (7 f) of Table No. 8.1 5c) Run off Portfolio - Based on Claims: (40 f) of Table No. 8.1
SCTR: Maximum between (6a) and (6b)
6a) Based on Premiums: (11 c) of Table No. 7.2 6b) Based on Claims: (7 e) of Table No. 8.2
INDIVIDUAL LIFE INSURANCE AND ANNUITIES: (12) of Table No. 9
TOTAL SOLVENCY MARGIN FOR GENERAL INSURANCE: (1 + 2)
TOTAL SOLVENCY MARGIN FOR ACCIDENT AND HEALTH INSURANCE: ( 3 )
TOTAL SOLVENCY MARGIN FOR LIFE INSURANCE: (4 + 5 + 6 + 7)
CONSOLIDATED TOTAL SOLVENCY MARGIN: (1 + 2 + 3 + 4 + 5 + 6 + 7)

...........................................
GENERAL MANAGER
.............................................
CHIEF ACCOUNTANT

99 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012 100 Table modified by Resolution SBS No. 925-2016 of 18-02-2016. Subsequently, modified by Resolution SBS No. 1761-2021, published on 18.06.2021. Subsequently, modified by Resolution SBS No. 2571-2022, published on 18.08.2022, effective from 01.01.2023. Subsequently, modified by Resolution No. 1028-2024, published on
22.03.2024. Subsequently, modified by Resolution No. 332-2023, published on 02.02.2023, effective from 01.01.2025. Subsequently, modified by Resolution No. 4380-2024, published on 28.12.2024, effective from 01.01.2025.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 40

ANNEX ES-7D 101

DETAILS OF EFFECTIVE CAPITAL CALCULATION

INSURANCE COMPANY:
AS OF ..... OF ............................. OF ...........

DETAIL OF COMPONENTS OF EFFECTIVE CAPITAL

COMPUTABLE SUBORDINATED DEBT

No. Subordinated Creditor ISIN Code /
Type of Debt Currency Redemption Date
Computable Amount -
General Lines
Computable Amount -
Life Lines
(1) (2) (3) (4) (5) (5)

SUBORDINATED DEBT

DETAIL OF DEDUCTIONS

SHARES AND SUBORDINATED DEBT ISSUED BY INSURANCE SYSTEM COMPANIES DEDICATED TO OTHER LINES
(6)

No. Issuing Company Type of
Instrument Currency
Amount -
General Lines
Amount - Life Lines
(7) (8) (3) (9) (9)

DEDUCTED INVESTMENTS

COMMERCIAL GOODWILL RESULTING FROM THE REORGANIZATION OF COMPANIES, AS WELL AS
FROM THE ACQUISITION OF INVESTMENTS (10)

No. Issuing Company Amount - General
Lines
Amount - Life Lines
(7) (11) (11)

DEDUCTED INVESTMENTS

ADJUSTMENTS TO INVESTMENTS THAT ARE DEDUCTED FROM EFFECTIVE CAPITAL

No. Issuing Company
Type of
Instrument Currency
Adjustment -
General Lines Adjustment - Life Lines

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 41

(7) (8) (3) (12) (12)

Gain (recognized in equity accounts) by the equity method corresponding to investments that are deducted from effective capital Gain by equity method of investments in subsidiaries and associates (portion corresponding to investments that are deducted from effective capital) Loss (recognized in equity accounts) by the equity method corresponding to investments that are deducted from effective capital Loss by equity method of investments in subsidiaries and associates (portion corresponding to investments that are deducted from effective capital) Unrealized gain on investments available for sale (portion corresponding to investments that are deducted from effective capital) Unrealized loss on investments available for sale (portion corresponding to investments that are deducted from effective capital)

TOTAL DEDUCTIONS FOR ADJUSTMENTS

General Manager
Chief Accountant

GENERAL PROVISIONS

The detail of the components of effective capital, as well as the deductions, will be reported, in accordance with what is reported in
Annex No. 1.
Add the necessary rows in each table.

NOTES

(1) In the case of subordinated loans received, identify the lender.
(2) In the case of issuance of Subordinated Debt Bonds, record the ISIN Code. In the case of other types of Subordinated Debt Instruments, record the type (e.g. Subordinated Loan) (3) Record the currency of the original debt issuance (e.g. PEN, USD, EUR, etc.) (4) Record the maturity date of the principal of the Subordinated Debt. (5) Record the computable amount of the Subordinated Debt as part of Effective Capital - General Lines. Expressed in new soles with two decimals. (6) In accordance with what is stated in item 2c) of article 299° of the General Law (7) Record the Name of the issuing company of the instruments to be deducted. (8) Record the type of instrument to be deducted: 1 Shares 2 Subordinated Debt 3 Other instruments (9) Record the total amount of the investment to be deducted by type of instrument. Expressed in new soles with two decimals. (10) In accordance with what is stated in item 2e) of article 299° of the General Law (11) Amount of Goodwill net of accumulated impairment. Expressed in new soles with two decimals. (12) Record the total amount corresponding to the adjustment for gains/losses from equity participation and investments in subsidiaries that have been deducted from EC, as well as adjustments for unrealized gains/losses on AFS investments that are deducted from effective capital. Expressed in new soles with two decimals.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 42

ANEXO ES-8
102

DEBT LIMIT 103
(ARTICLE 302, ITEM 1 - LAW Nº 26702)

INSURANCE COMPANY : .................................................................
AS OF ..... OF ............................. OF ...........

ACCOUNTING CODES	CONCEPTS	COMMENTS/OBSERVATIONS
A.	CLASS 2 Total of liabilities Reported in the Monthly Balance Sheet generated through the SUCAVE software
	Less:
B.	Item 20 Deposits received as Guarantee (accounts 2008.03 and 2009.03)
C.	Item 23 Accounts payable to insured parties
D.	Item 26 Technical reserves for claims
	Item 27 Technical reserves for premiums
E.	Item 29 Deferred Gains
F.	Item 24 Accounts payable to reinsurers and co-insurers	Se deduct debts payable to reinsurers and co-insurers that have an active term for payment.
	SUB – TOTAL
	Plus:
G.	-.- Other obligations not registered as liabilities
H.	-.- TOTAL INDEBTEDNESS A - B - C - D - E - F + G
I.	-.- EFFECTIVE EQUITY Total Annex 1
	EXCESS OF INDEBTEDNESS Only if H is greater than I

...........................................
GENERAL MANAGER

.............................................
GENERAL ACCOUNTANT

102 Annex numbering modified by SBS Resolution Nº 2842-2012 of 11-05-2012.
103 Annex modified by Resolution Nº 2574-2008 of 26-06-2008. Subsequently, modified by SBS Resolution Nº397-2024 published on 05.02.2024, effective from 01.04.2024. Subsequently, modified by Resolution Nº 332-2023, published on 02.02.2023, effective from 01.01.2025.

Resolution SBS No. 1124-2006: Approves the Regulation on Capital Requirements for Insurance and Reinsurance Companies

Lineage: Amended

Timeline

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