Context: How Bolsa Boliviana de Valores works, and what it makes issuers disclose · Bolivia on the LatAm Power Map
Bolivia’s dollar shortage tested every business in the country in 2024 — and a small but sharply profitable insurer backed by Peru’s biggest financial group kept growing anyway.
| Full name | Crediseguro S.A. Seguros Generales |
|---|---|
| Ticker / exchange | CSG.BO / Bolsa Boliviana de Valores (BBV) |
| Headquarters | La Paz, Bolivia |
| Sector | General (non-life) insurance |
| Employees | Not published: the 2024 Memoria Anual and ASFI filings do not report a headcount for this entity; Bolivian insurance-sector regulation (Ley de Seguros N° 1883) does not mandate disclosure of employee numbers in the annual memory. |
| Total assets | US$5 million (BOB 49.3 million at 1 USD = 9.85 BOB) — year-end 2024 |
| Net profit | US$465,000 (BOB 4.6 million) — full year 2024 |
| Return on equity | ~23.3% (our calculation: US$465K profit ÷ US$2M equity) |
| Equity (patrimonio) | US$2 million (BOB 19.7 million) — year-end 2024 |
| Market value (market cap) | Not published: CSG.BO shares are listed on the BBV but no market-price data is disseminated publicly; the BBV and ASFI filings reviewed do not carry a quoted share price or capitalisation figure. |
| Net margin / Price-to-earnings / Dividend yield | Not published: gross premium revenue is reported in the detailed financial-statements section not publicly extracted; P/E and yield require a market price not available. See note above. |
| Website | crediseguro.com.bo |
What it is
Crediseguro S.A. Seguros Generales was founded in 2017 in La Paz, Bolivia. It sells non-life insurance — think property cover, card-protection policies, and all-risk plans for individuals and businesses — operating under Bolivia’s insurance law, Ley de Seguros N° 1883.
It is a registered issuer on the Bolsa Boliviana de Valores, meaning it files annual audited accounts publicly, even though its shares are not actively traded on an open market with a quoted price.
Who owns it
Inversiones Credicorp Bolivia S.A. holds 51.87% and Pacífico Compañía de Seguros y Reaseguros S.A. holds 48.04% — together accounting for virtually the entire share capital, with a negligible free float. Both parents flow up through Credicorp Ltd., the Lima-listed financial group that is Peru’s largest financial institution.
Credicorp, the holding company that ultimately controls Crediseguro Generales, holds more than US$40 billion in assets and more than 32,000 employees across banking, insurance and investment businesses. Credicorp itself is controlled by the Romero family of Peru.
Who runs it
César Rivera Wilson serves as Presidente del Directorio (chairman of the board), signing the shareholder letter in the 2024 Memoria Anual of Crediseguro S.A. Seguros Generales. An ASFI regulatory filing for 2024 records that the board delegated to the Directora Ejecutiva (executive director/CEO) the authority to contract Ernst & Young as external auditor for the 2024 financial year; the name of that executive is not disclosed in the public filings reviewed.
Not published: the identity of the Directora Ejecutiva was not found in the Memoria Anual or ASFI filings accessed; Bolivian insurance regulation requires disclosure of the board and síndico but does not mandate publication of the chief executive’s full name in the annual memory filed to ASFI.
The money, in plain words
At the end of 2024, the company had US$5 million in total assets (BOB 49.3 million (US$5 mn)) — up 25% from US$4 million a year earlier (our calculation) — and earned a net profit of US$465,000 (BOB 4.6 million), a 2.6% rise on the US$453,000 earned in 2023 (our calculation from the 2023 and 2024 Memorias Anuales). For every dollar that shareholders have put in and left in the business, Crediseguro Generales generates about 23 cents of annual profit — a return on equity of approximately 23.3%, which is high for a small insurer in an emerging market (our calculation).
Equity stands at US$2 million (BOB 19.7 million), meaning the company is funded almost entirely by shareholders’ own money rather than debt — a conservative, solid capital structure for an insurer. Ernst & Young conducted the 2024 external audit, and the annual report carries a clean opinion with no qualifications.
What it is doing now
The company is pushing a digital transformation, automating underwriting processes and launching fully digital insurance platforms — a strategic priority named explicitly by the board chairman in the 2024 Memoria. Bolivia’s wider economy created headwinds: scarcer dollar availability, parallel-market exchange-rate volatility and domestic fuel supply difficulties made the operating environment more uncertain and forced operational adjustments across the insurance system.
Against that backdrop, Crediseguro Generales grew total assets by 25% and held profit roughly flat, which the board calls a satisfactory outcome. The 2023 audit was handled by PricewaterhouseCoopers; the switch to Ernst & Young for 2024 is the most recent governance change on record.
What to watch
- Bolivia’s FX crisis. A persistent dollar shortage and a parallel exchange rate are the single biggest risk to premium income denominated in bolivianos but ultimately measured in dollars by the Credicorp parent.
- Scale. US$5 million in assets is tiny even by Andean standards; organic growth or a capital injection from Credicorp would be the key to competing with larger rivals on the BBV issuer list.
- Digital strategy. Management has signalled AI-powered platforms as a differentiator; execution speed in a low-smartphone-penetration market will determine whether this is a real edge or a plan on paper.
- Auditor rotation. The move from PwC (2023) to EY (2024) is routine but worth tracking for any change in accounting judgements on technical reserves — the core liability of any insurer.
Sources
- Crediseguro S.A. Seguros Generales — Memoria Anual 2024 (PDF, official company site) — primary source for all financial figures, board chair name, auditor, and strategic narrative.
- Crediseguro S.A. Seguros Generales — Memoria Anual 2023 (PDF, official company site) — prior-year comparatives (assets US$4M, profit US$453K).
- ASFI (Autoridad de Supervisión del Sistema Financiero) — Ficha regulatoria de Crediseguro S.A. Seguros Generales — confirms Ernst & Young appointment and Directora Ejecutiva delegation.
- Bolsa Boliviana de Valores — Códigos de emisores BBV (PDF) — confirms listing of Crediseguro S.A. Seguros Generales.
- Credicorp Capital Perú S.A.A. — Memoria Anual 2024 (SMV Peru filing) — confirms ownership split: Inversiones Credicorp Bolivia S.A. 51.87%, Pacífico Seguros 48.04%; founding year 2017.
- Crediseguro corporate site — crediseguro.com.bo/nosotros — corporate description and Credicorp group context.
- Market data: EODHD (no financial data available for CSG.BO; all figures sourced from primary documents above).
This is news, not investment advice.
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