Pacifico Compania de Seguros y Reaseguros S.A.

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What it is

Pacífico is a Lima-based insurer and reinsurer whose product range covers life, health, disability, and property — sold to both individuals and businesses — as well as pension and retirement plans. It runs branches in nineteen Peruvian cities, from Lima down to Tacna and out to Iquitos.

In 2024 it ranked as Peru’s second-largest insurer, writing about 25% of the country’s premiums, behind only Rimac Seguros. The company traces its roots to the 1992 merger of two older carriers — El Pacífico Compañía de Seguros (founded 1943) and Peruano Suiza Compañía de Seguros (founded 1948) — giving it more than eighty years of operating history in Peru.

Who owns it

Pacífico is a subsidiary of Credicorp, the leading financial holding group in Peru, with more than 130 years of experience in the market. After a series of acquisitions, Credicorp came to hold approximately 98% of Pacífico Seguros — leaving a free float of around 2% on the Lima exchange.

The exact current split between Credicorp Ltd. and its subsidiary Grupo Crédito S.A. within that 98% is not disclosed in available sources.

Who runs it

Eduardo Montero Dasso has been Chief Executive Officer since January 1, 2026. He moved across from the role of CEO of Credicorp Capital, the group’s investment-banking arm, and brings more than 25 years inside the Credicorp group.

CFO name and board chair are not disclosed in available sources.

The money, in plain words

In 2024 Pacífico earned PEN 770 million (US$225 mn) in net profit (~USD 225M), on revenues of PEN 4.97 billion (~USD 1.45B) reported by StockAnalysis from BVL filings — keeping about 15.5 cents of profit from every sol of premiums and investment income collected, a net profit margin of 15.5%, solid for a multi-line Latin American insurer (our calculation).

For every sol of shareholders’ equity, the company earned roughly 19 cents a year — a return on equity of approximately 19.3%, well above the regional insurance industry average (our calculation; equity PEN 4.0 (US$1)B per balance-sheet data). Total debt stands at PEN 476 (US$139)M against shareholders’ equity of PEN 4.0 (US$1)B — a debt-to-equity ratio of 11.9%, modest for an insurer of this scale.

Cash and short-term investments total PEN 2.3B (~USD 673M), comfortably exceeding its total financial debt — meaning the company is in net cash on a simple basis. The dividend yield reached 11.56% in 2024 on the then-prevailing share price, though the TTM yield has since recompressed to about 6.8% as the share price climbed.

The stock trades at roughly 9.2× trailing earnings, marginally above the 8× median for South American insurers.

What it is doing now

In March 2025 Credicorp completed the acquisition of Empresas Banmédica’s remaining 50% interest in the joint venture the two groups had run in Peru’s private health-insurance market since 2014, closing after all regulatory approvals were satisfied. Credicorp, through Pacífico Seguros and Grupo Crédito S.A., is now the sole owner of both the private medical insurance business and Pacífico EPS.

At Pacífico, management is pushing distribution through the broader Credicorp ecosystem — particularly through the Yape mobile-payments app and a new alliance with the Falabella retail group — with the stated aim of making Peru the most insured country in Latin America. A consequence of fully consolidating the health unit: full-year 2025 revenues jumped to PEN 6.85 (US$2)B, up 38% from 2024’s PEN 4.97 (US$1)B, though that leap largely reflects the accounting consolidation of the acquired health business rather than organic growth alone.

What to watch

• Health consolidation margin: Now that the Banmédica joint venture is fully absorbed, the key test is whether the health business dilutes or improves the group’s 15.5% net margin.
• New CEO execution: Eduardo Montero Dasso has been in the chair only since January 2026; his strategic priorities beyond what Credicorp has already announced remain to be declared.
• Free float thinness: With ~98% held by Credicorp, daily trading volume is low; the stock can move sharply on small transactions, as the 20% price spike noted in May 2025 illustrated.
• Peru insurance penetration: Premium-to-GDP in Peru remains among the lowest in the region, which is both the structural opportunity and the pace risk for growth.

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This is news, not investment advice.