Seguros Futuro, A.C. de R.L.

What it is

Seguros Futuro is El Salvador’s only insurance cooperative — founded on 17 July 1994, supervised by the Superintendencia del Sistema Financiero and by INSAFOCOOP (the national cooperative regulator), and credit-rated A- by Equilibrium. It is structured as an *asociación cooperativa de responsabilidad limitada* (A.C.

de R.L.) — meaning it has no shareholders in the conventional sense: surpluses are reinvested for members, not paid out to outside investors.

The company writes across all insurance lines, with the heaviest concentration in life and personal lines (62.4% of premiums at December 2024), followed by property and casualty (35.5%), and surety bonds (2.1%). For more than 20 years it has specialised in microinsurance — affordable cover for low-income Salvadorans — distributed through cooperatives, the Banco de Fomento Agropecuario, and microfinance institutions.

Who owns it

The insurer was created by FEDECACES — the federation of savings-and-credit cooperatives of El Salvador — and is owned collectively by 19 member cooperatives plus FEDECACES itself. There is no controlling individual, family, or external corporation; governance sits with the General Assembly of Associates, which elects the board.

Sixty per cent of the company’s investment deposits are placed inside FEDECACES, reflecting how tightly the insurer is integrated into its cooperative parent network. Because Salvadoran cooperatives are not regulated by the financial superintendent and typically carry no external credit rating, this concentration exposes Seguros Futuro to higher counterparty credit risk than a commercial insurer would face.

Who runs it

The Gerente General (chief executive) is Lic. Daysi Rosales Beltrán, reachable at the company’s San Salvador head office.

Moody’s Local El Salvador describes the management team as having long tenure and broad experience across the cooperative, financial, and insurance sectors, and assesses corporate governance as sound.

The General Assembly of Associates also elects a Junta de Vigilancia (supervisory board), which under regulatory norm NRP-15 carries the responsibility for internal audit — a structure typical of cooperatives rather than of joint-stock companies. The CFO and board chair are not disclosed in available sources.

The money, in plain words

In 2024 the company collected $15.5 million in net premiums — the revenue line for an insurer — up 6.8% from the year before, broadly in line with the El Salvador market’s 7.2% sector growth. For every dollar of members’ equity, it earned about 13 cents — a return on equity of 13% in 2024, decent for a small cooperative but below the broader El Salvador insurance sector’s 14% average.

Equity ended 2024 at $16.5 million, up 8% on the year, driven by retained surpluses and fresh capital contributions from member cooperatives. Total liabilities were $13.3 million, up 6.2%, mainly from higher technical reserves and accrued provisions for future institutional projects.

The resulting balance-sheet leverage is very low — total liabilities represent only 0.8× equity — and the capital adequacy ratio stands at 272.6%, far above the sector average of 68%, meaning the cooperative is exceptionally well-capitalised relative to the risks it underwrites.

What it is doing now

Subscription costs — selling expenses and administration combined — rose to 70.7% of earned premiums in mid-2025 (from 66.7% at end-2024), pushed up by provisions for technology projects, digitalisation and branch expansion. As a result, the combined ratio — a single number that captures how much of each premium dollar is consumed by claims and costs; a ratio above 100% means underwriting itself is unprofitable — hit 100.2%, above the sector average.

By year-end 2025 the investment portfolio had grown to $22.55 million, or 69% of total assets, placed entirely in fixed-term deposits. The company retains 86% of the premiums it writes — keeping the risk rather than passing it to reinsurers — which is above the market average and reflects both its microinsurance focus and its deliberate reinsurance structure.

What to watch

• Cost control: Moody’s Local flags that a sustained improvement in subscription costs — and a combined ratio durably below 100% — is the key trigger for a stronger assessment; conversely, further cost escalation that erodes profitability is the main downside risk.
• Investment concentration: 64% of its investment pool sits in FEDECACES, which carries no external credit rating — a structural vulnerability that regulators and analysts have repeatedly highlighted.
• Growth ceiling: With only 1.7% of the Salvadoran insurance market by net premiums, ranked 13th of 23 carriers, growth depends on deepening penetration within the cooperative ecosystem and winning non-affiliated clients.
• Macro backdrop: The Salvadoran economy grew 2.6% in 2024, decelerating from 3.5% in 2023, which shapes both demand for insurance and the performance of the company’s investment deposits.

This is news, not investment advice.