Aseguradora Paraguaya S.A.E.C.A. (Asepasa)

What it is

Asepasa was founded on 27 September 1975 and began operations on 1 July 1976, making it one of Paraguay’s longest-running property-and-casualty insurers. It sells auto, surety-bond, fire, miscellaneous-risk, engineering, and transport policies — auto being by far the largest book.

Its product mix at June 2025 is led by car insurance (57.6% of premiums), followed by surety bonds (11.8%), fire (8.6%), and assorted other risks. The company operates from a main office in Asunción and branches in Coronel Oviedo, Santa Rita, Encarnación, and other cities.

Who owns it

Asepasa is controlled by Distribuidora La Policlínica S.A., the holding vehicle of the Grupo Harrison Bogado, which now holds 99.67% of the share capital. The free float is therefore negligible — under 0.33% — which explains the absence of a meaningful traded market price.

In October 2024 an extraordinary shareholders’ meeting resolved to reduce the paid-in capital and cancelled Gs. 6,400 million of Class B preference shares, leaving paid-in capital at Gs.

11,603 million (~USD 1.91 million). Separately, a 2025 regulatory resolution removed the company’s S.A.E.C.A.

(open-capital) legal status, and it now operates as a plain S.A.

Who runs it

Francisco José Ignacio Aguilera Santamans is listed as board president (Presidente) by the Superintendencia de Valores of the Banco Central del Paraguay. Ricardo David Ortiz is registered as legal representative (Representante Legal) in the national procurement registry (DNCP).

Not published: the names of a current CEO or CFO in a distinct executive capacity are not disclosed in the company’s own website, the BVA issuer page, or the 2025 rating report, beyond the board president and legal representative named above. The Superintendencia de Valores filing (Expediente EM 3333, 2021) lists Paola Pedrozo as the company’s designated compliance contact.

The money, in plain words

Total assets have been falling steadily — from Gs. 123,930 million in June 2022 — as the company deliberately winds down ahead of its merger.

Total liabilities fell 43.5%, from Gs. 80,578 million in June 2024 to Gs.

45,551 million in June 2025 (~USD 7.51 million), driven by lower claims provisions.

Even as revenue contracts, the company is earning more per guaraní of equity than ever: a return on equity — owners’ profit as a share of their own money in the business — of 53.81%, against the industry average of 29.16%. Net profit of Gs.

7,779 million (~USD 1.28 million) converts to a net margin of roughly 13.9% of gross premiums (our calculation), creditable for a shrinking book.

On the regulatory solvency test, Asepasa holds representative assets of Gs. 22,952 million against investable liabilities of Gs.

20,909 million — a surplus of Gs. 2,043 million, meeting the minimum 2.06 times required.

Its independent solvency rating was upgraded in September 2025 from pyBBB to pyA–, Stable.

What it is doing now

Asepasa is in an active merger-by-absorption with Aseguradora Yacyreta S.A., another insurer linked to the same controlling shareholder, Distribuidora La Policlínica S.A. of the Grupo Harrison Bogado. The two companies will combine into a single entity; Asepasa’s standalone market share has consequently been declining as policies are reviewed and consolidated — it fell from 1.99% of total industry premiums in June 2024 to 1.31% in June 2025, ranking it 20th of 35 active Paraguayan insurers.

The 2025 CNV resolution that stripped Asepasa of its S.A.E.C.A. status reflects the legal restructuring that accompanies the merger.

Once complete, the combined insurer would be a considerably larger player in the Paraguayan property-casualty market.

What to watch

• Merger timeline: no binding deadline has been published; delays would extend the period of deliberate shrinkage and elevated operating costs.
• Premium run-off: gross premiums fell 27.6% in FY 2025 — the pace of that decline is the clearest sign of how fast the merger is moving.
• Solvency cushion: the liquidity ratio (cash and short-term investments to liabilities) stands at 0.52 times — adequate but not generous; policyholders and creditors should watch it as the book shrinks further.
• Industry backdrop: Paraguay’s GDP grew 6.6% in 2025, giving the merged insurer a healthy economy to grow into once the restructuring is complete.
• Listed status: the near-total concentration of ownership (99.67%) and the loss of S.A.E.C.A. status raise the question of whether the company will remain listed on the BVA at all post-merger.

This is news, not investment advice.