Context: How Bolsa Boliviana de Valores works, and what it makes issuers disclose · Bolivia on the LatAm Power Map
A Santa Cruz insurer that has quietly doubled its equity in four years, Nacional Seguros Patrimoniales y Fianzas sits at the heart of Bolivia’s fastest-growing private insurance group — selling everything from crop cover to Bolivia’s first pay-per-kilometre car policy.
| Key Facts | |
|---|---|
| Full name | Nacional Seguros Patrimoniales y Fianzas S.A. |
| Ticker / exchange | NSP.BO — Bolsa Boliviana de Valores (BBV) |
| Headquarters | Santa Cruz de la Sierra, Bolivia |
| Sector | Non-life (property & casualty) insurance and sureties/bonds |
| Employees | ~162 (2026, EMIS) |
| Market value | Not published: NSP shares are listed on the BBV but no exchange-quoted market capitalisation is disclosed in BBV public filings or the ASFI registry reviewed for this profile. |
| Gross written premiums (revenue proxy), FY 2021 | BOB 286.7 million (~USD 29.1 million at current rate of 1 USD = 9.85 BOB) — most recent audited year publicly available |
| Net profit, FY 2021 | BOB 4.3 million (~USD 437K at current rate) |
| Net margin, FY 2021 | ~1.5% on gross premiums (our calculation: BOB 4.3 (US$0.44)M ÷ BOB 286.7 (US$29)M) |
| Return on equity (ROE), FY 2021 | 6% (disclosed in 2021 annual report) |
| Equity (patrimonio), 2023 | ~USD 15.37 million (BOB ~151.4 million at current rate) — per May 2024 company-sourced press release |
| Price-to-earnings ratio | Not published: no quoted share price available on BBV public data. |
| Dividend yield | Not published: dividend history not disclosed in available public filings. |
| Credit rating | A+ (Moody’s Local Bolivia, most recent quarterly review December 2025) |
| Website | nacionalseguros.com.bo |
What it is
Nacional Seguros Patrimoniales y Fianzas S.A. was legally incorporated on 26 February 2007 and authorised to operate by what is now the Autoridad de Fiscalización y Control de Pensiones y Seguros (APS) from 31 May 2007. It writes property and casualty cover — fire, motor, cargo, engineering — plus surety bonds (guarantees that a contractor or supplier will meet an obligation), making it the commercial-risk arm of the broader Nacional Seguros group.
The company maintains offices in all nine departments of Bolivia, giving it nationwide reach unusual for a mid-sized insurer. It carries reinsurance support from Deutsche Re and Partner Re, meaning international credit quality stands behind its largest claims.
Who owns it
According to the company’s audited 2021 annual report — the most recent full disclosure available publicly — Grupo Empresarial de Inversiones Nacional Vida S.A. holds 74.54% of the shares, making it the clear controlling shareholder; José Luis Camacho Miserendino holds 25.46% personally, with two nominal one-share stakes held by Nacional Seguros Vida y Salud S.A. and Nicolás Gutiérrez Miserendino. The free float is effectively nil: this is a closely held family-and-group company listed on the BBV primarily to issue bonds, not equity.
The group behind it — Grupo Empresarial de Inversiones Nacional Vida — also controls Nacional Seguros Vida y Salud S.A., the life and health arm, making the two insurers together a full-line private insurance house in one of South America’s smaller but frontier markets.
Who runs it
Jorge Hugo Parada Méndez is the General Manager (Gerente General) and has held that role since at least 2021. The Asociación Boliviana de Aseguradores lists him as Legal Representative as recently as its 2025 member directory.
The board chair is José Luis Camacho Miserendino, as recorded in the 2021 annual report; no subsequent change has been disclosed in the ASFI or BBV filings reviewed.
Not published: a named CFO title does not appear in public APS, BBV, or company disclosures reviewed for this profile; financial oversight appears to sit within the general management structure.
The money, in plain words
In 2021, the last year for which a full audited statement is publicly accessible, the company collected BOB 286.7 million (~USD 29.1 million) in gross premiums — the premiums customers paid before any portion was ceded to reinsurers. After paying claims and expenses, it kept a net profit of BOB 4.3 million (~USD 437K), a net margin of roughly 1.5% (our calculation) — tight, as is normal for a non-life insurer in a developing market where claims costs are still being calibrated.
Between 2019 and 2023, the company’s equity — its owners’ cushion against losses — grew from USD 10 million to USD 15.37 million, a 54% increase in four years. In 2023 alone it paid out more than USD 25 million in claims, a figure that underscores the scale of risk it carries relative to its capital base.
The 2021 ROE of 6% (return on equity — how much the company earns for every dollar the owners have put in) recovered from a positive 2020, though it lagged the 15% the company posted that prior year.
Not published: full revenue, profit, and balance-sheet figures for 2022, 2023, and 2024 are not available in any freely accessible BBV filing, ASFI public registry, or company investor-relations page reviewed for this profile. Bolivia’s APS regulator requires insurers to file annual audited accounts, but these are not published in full on the regulator’s public portal (asfi.gob.bo); the BBV prospectus page for NSP (bbv.com.bo) timed out on direct access.
EMIS reports the existence of 2024 and 2025 data behind a paywall, and notes a 53% revenue increase in 2025, but that figure cannot be independently verified here.
What it is doing now
The company has introduced Bolivia’s first pay-per-kilometre car insurance (“Auto x Km”), under which customers pay only for the distance they actually drive, and a pet insurance product — both firsts for the Bolivian market. Moody’s Local Bolivia has issued quarterly ratings reviews through December 2025, maintaining the A+ grade that reflects strong claims-paying capacity relative to local peers.
Management’s stated priorities heading into 2024 included growing through new distribution channels, improving operational efficiency via technology, and developing new products — a sensible playbook for an insurer whose market is still underpenetrated by regional standards.
What to watch
- Bolivia’s currency stress. The boliviano has faced dollar-shortage pressure since 2023; an insurer with USD-denominated reinsurance obligations and local-currency premiums carries a currency mismatch that could compress margins if the BOB weakens.
- Capital adequacy. Equity stood at USD 15.37 million at end-2023 while claims paid exceeded USD 25 million that year — a ratio that leaves limited room for a bad loss year without either a capital injection or tighter reinsurance cession.
- Disclosure quality. The company’s bond listing on the BBV means periodic financial filing obligations, but full audited accounts are not freely accessible online. Investors relying on this stock should demand the annual memoria anual directly from the company’s investor-relations contact or through a licensed Bolivian brokerage.
- Group concentration risk. With the controlling group holding 74.54% and the founder holding the remaining 25.46%, minority protections are thin; any strategic shift at the group level flows directly and immediately into NSP.
Sources
- Nacional Seguros Patrimoniales y Fianzas S.A. — Memoria Anual 2021 (audited annual report, PDF) — primary source for financials, ownership, board, and founding date.
- Nacional Seguros — Corporate profile page — founding authorisation, group structure, digital strategy.
- Grupo Empresarial de Inversiones Nacional Vida — Memoria Corporativa 2023 (Group Annual Report, PDF) — sector context and group subsidiaries.
- BN Noticias TV — Nacional Seguros Patrimoniales y Fianzas se consolida e innova el mercado nacional (May 2024) — equity growth 2019–2023, claims paid 2023, CEO quote, reinsurers, rating.
- Asociación Boliviana de Aseguradores (ABA Bolivia) — Compañías Afiliadas directory — current legal representative / General Manager confirmation.
- Moody’s Local Bolivia — Rating history page — quarterly A+ rating reviews through December 2025.
- ASFI (Autoridad de Supervisión del Sistema Financiero de Bolivia) — Entity registry card for NSP — regulator listing.
- Market data: EODHD (ticker NSP.BO — no financial data available for this issuer).
This is news, not investment advice.
Frequently Asked Questions
What credit rating does Nacional Seguros Patrimoniales y Fianzas hold and who issued it?
Nacional Seguros Patrimoniales y Fianzas holds an A+ credit rating issued by Moody's Local Bolivia. This rating was most recently reviewed in December 2025.
What were Nacional Seguros Patrimoniales y Fianzas's financial results for FY 2021?
In FY 2021, the company reported gross written premiums of BOB 286.7 million (approximately USD 29.1 million) and a net profit of BOB 4.3 million (approximately USD 437,000). This translated to a net margin of approximately 1.5% and a return on equity of 6%.
Where is Nacional Seguros Patrimoniales y Fianzas headquartered and on which stock exchange is it listed?
The company is headquartered in Santa Cruz de la Sierra, Bolivia. Its shares are listed on the Bolsa Boliviana de Valores under the ticker NSP.BO, though no exchange-quoted market capitalisation is publicly disclosed.
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