Alianza Compañía de Seguros y Reaseguros S.A.

What it is

Alianza writes insurance across all general lines — property, motor, health, aviation, and surety bonds. In terms of net premiums written, it ranks first among Bolivia’s general insurers and second across the entire Bolivian insurance market.

For more than 18 years it has held the status of Andean Multinational Enterprise (E.M.A.) — a rare cross-border designation that gives it commercial rights across the Andean Community nations. Its leading lines include motor, group life, property, and medical assistance.

Who owns it

The company was born as a partnership between Peruvian and Bolivian investors; its principal shareholders on the Bolivian side are Grupo Económico CITSA, and on the Peruvian side, Corporación Cervesur and Transacciones Financieras S.A., the latter an entity of Grupo La Positiva — one of Peru’s largest insurance groups.

In March 2021, shareholder Carlos Manuel Lazarte transferred his entire 2.31% stake to FID Perú, further concentrating ownership in the Peruvian group’s hands. The exact percentage held by each shareholder bloc is not published in the BBV or ASFI filings accessible; the BBV equity ficha (ALG_CAR.pdf) references the ownership structure but the precise split was not reproduced in the retrieved documents.

The company also operates in Bolivia, Peru, and Paraguay through a regional insurance group, and its subsidiary Alianza Vida covers personal-lines risks.

Who runs it

Alejandro Ybarra Carrasco serves as Director Ejecutivo (chief executive), based at the company’s principal office in Santa Cruz. The CFO and full board composition are not disclosed in the publicly accessible BBV or ASFI filings retrieved; the ASFI resolution ASFI/740/2023 of 20 June 2023 references board changes but the full text was not accessible in the regulator’s online portal at the time of research.

The money, in plain words

In 2024, Alianza collected more than Bs 657 million (~US$66.7 million) in net premiums — money paid by policyholders after accounting for policies cancelled. The latest two-year trend shows net premiums growing at roughly 25.9% and net profit up 60%, while total assets expanded 9.5%.

The company carries no financial debt, which keeps its balance sheet unusually clean for an insurer of its size. The return on shareholders’ equity — how many bolivianos the business earns for every boliviano owners have put in — ran at an annualised 13.24% through September 2025, with assets returning 5.53% (ROAA).

The loss ratio — the share of premiums paid out in claims — improved to 57.6% by September 2025, down from 59.6% at end-2024, which is a move in the right direction for profitability.

The investment portfolio — reserves parked in bonds, equities, and deposits while the company waits to pay future claims — reached Bs 554.4 million (~US$56.3 million) by September 2025, up 11.7% since year-end 2024. Its capital-adequacy ratio — the cushion of owner funds measured against the minimum the regulator requires — stood at 2.30 times the legal minimum, comfortably above the sector average of 2.23 times.

What it is doing now

Through September 2025, net premiums written grew 11.7% year-on-year, driven by health, fire, and motor lines. Net profit for the first half of 2025 reached Bs 33.6 million (~US$3.4 million), a 92.9% jump on the same period a year earlier.

For 2025, the company is launching modular products aimed at entrepreneurs, independent professionals, and small businesses — coverages that can be mixed and matched rather than bought as fixed packages. It has also opened a new operation in Paraguay under the Alianza Garantía brand, extending the group’s regional footprint.

What to watch

• Bolivia’s hard-currency squeeze. The economy faces structural headwinds — restricted access to foreign exchange, inflationary pressure, and weakness in the hydrocarbon sector — all of which compress purchasing power and can slow premium growth or inflate claims costs.
• Loss ratio trajectory. Claims are rising in step with premiums, chiefly in health and motor; the loss ratio is falling only slowly. Keeping it below 60% is the margin-protecting task.
• Portfolio concentration risk. The investment portfolio carries exposure to Bolivian sovereign and public-sector fixed income, which concentrates risk at a moment of fiscal stress.
• Regional expansion cost. The new Paraguay venture (Alianza Garantía) will consume capital before it earns; watch for any update on its loss record in future rating reports.
• Ownership transparency. The exact shareholding split between CITSA and Grupo La Positiva remains undisclosed in exchange filings — a gap worth monitoring as Bolivia’s ASFI tightens listed-company governance rules.

This is news, not investment advice.