x y annual report 2008 annual report

VERTICAL

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HORIZONTAL

1/2y > Interseguro recognized for our expertise

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III. II. I. Key Financialigures Letter f Statement ofResponibility CONTENTS

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36. 34. CHALLENGES 48. 44. 38. 30. 128. 126. 52. 28. 24. 20. 16. 12. COMMITMENT 8. 6. 4. SOUND UPPOR CCOMPLISHMENT The Insu The Per Audited FinancialS Report from Independent Auditors Management Presentation ofResults Institu Management Committee Board ofDirectors Notes Vision of Risk Management Administrative Investment Management Commercial Management Corporate Governance Practices Vision, Mission Brief Company Profile TISE om the Chairman TRANSLATED INTO RESULTS to FinancialS tional A uvian Economy TURNED INTO OPPOR rance Sector TO SERVE OURCLIENTS the fu T AND THAT GUIDEOURFUTU chievements and V and FinancialManagement ture TRA tatements CK RECORD tatements alues TUNITIES THAT FOR TIFIES U > General Manager Juan Carlos Vallejo Blanco San Isidro,February 24,2009 Resolution 211-98-EF/94.11 anditsmodifications. Annual Reports andotherInformation Documents,approved by GerenciaGeneral intheHandbookforin linewiththerequirementsestablished Preparation of together withthis Annual Report, the Annual Information Document,prepared CONASEV Resolution 119-99-EF/94.10, and for this reason the company presents, Reports, approved by CONASEV Resolution 141-98-EF/94.10, asmodified by Section 1oftheRegulations for thePreparation andPresentationof Annual It ishereby setforth thatIntersegurohasexercised theoptionprovided by the contentspursuanttoapplicablelegalprovisions. prejudiceoftheissuers’Without responsibility, theundersignedisresponsiblefor Business performance ofInterseguroCompañíadeSegurosS.A. during2008. This accurateandsufficientinformation documentcontains regardingthe Statement ofResponsibility Interseguro recognized forourexpertise x VERTICAL HORIZONTAL x 1/2y pantone 280 pantone 285 x x y

annual report 2008 Interseguro Experience that makes a difference > Chairman Letter from the T showing astrongsolvency position. reachedequity S/.201.8 millionat theendofyear, company’s S/.1,861.6 assetstotaled millionand as infinancialinstitutions that went bankrupt. The aswellin themortgagesectorUnitedStates, a diversified portfolio andprevented credit exposure we managed efficientlyourinvestments, as we kept portfolio. Consideringthemagnitude ofthecrisis, financial crisiswhich affected the value ofour in investment income,asaresultoftheworldwide The company’s profits were affected by areduction (ROA), far belowfiguresof2007. theoutstanding return (ROE) onequity anda0.4%return onassets a netprofitofS/.6.6million,equivalent toa3.1% regardtofinancialresults,Interseguroobtained With company. benefits program for a Pension Fund Administration andsurvivor it doesnotlongermanagesadisability market, goodperformance avery consideringthat insurance market and almost insurance 5% in the total The companyan8.4%participationinthelife obtained the previous year. result, Interseguroranked fourth intheindustry, asin premiumsforofS/.211.4obtaining atotal million. As a goals intermsofsalesthedifferent productlines, was goodandwe very were abletoachieve our commercial side,theperformance ofourcompany yieldedmixed2008 resultsfor Interseguro.Onthe o ourshareholders, co-workers, customers andfriends: for theseproducts. models toprice,evaluate andcalculatethereserves which requiredthe preparationofnew technical Interbank´s creditanddebitcard protectioncoverage, second halfoftheyear, includingtheadministrationof offeringstarted non-life insuranceproductsduringthe million osatisfiedinsurancecustomers. We also that we have aportfolio composedby morethanone and thebestproducts. Today we canproudly say throughout theyear tooffer service thehighestquality ofthecompany;priority accordingly, we worked The permanent satisfaction ofourcustomersisa of theInterbankGroupallowed thispositive result. to areductionof5.4%for theindustry. The synergies strongperformancevery growing by 26.2%compared Mandatory Traffic Accident Insurance(SOAT) hada good performance duringtheyear. Inparticular, the 2007. The insuranceproductlinealsoshowed retail a universal life insuranceproduct,which we launched in oftheFlexthe implementation Vida Plusplan,a explained by a 38%growth inthesalesforce and 6% achieved by themarket. This performance is by a12% growth inpremiums,comparedtothe were far better thanourcompetitors,asevidenced portfolio. Inindividuallife premiums,theresults retirement torecover intheir fromthelossofcapital the desireofprospective retireestopostponetheir due toacontractionofthemarket explained by despite thereductioninvolume ofpremiums position ashistoricalleaderinretirementannuities, In termsofcommercialresults,Intersegurokept its international economicslowdown duringthesecond 9.8% growth, thehighestin15 years, despitethe economicperformance witha outstanding in2008, It isworth mentioningthatPeru hasdisplayed an individual life products. ISO 9001-2000 re-certificationand for ourannuity past threeyears,wethe inDecember2008 obtained Finally inrecognitionofsteadyefforts duringthe simplify thesalesandadministrationofourproducts. technological projectsthatwillsoonenableusto insurance products.Furthermore, we have important especially relatedtoindividuallife, non-life andbank co-workers, having completed asetofprojects an Internetplatformourcustomersand toserve regardtoinformationWith technology, we developed year. values ofourcompany arerecognized throughoutthe encouraged andco-workers thatbestrepresentthe isrespected,teamworkwhere individualtalent is that endwe willcontinuefavoring awork environment have now setamoreambitiousgoalforandto 2009 development and well beingofoursco-workers. We reflects thecommitmentofIntersegurotowards the whichas wethe5thplaceinranking, obtained leading companiesthisyear. The goalwas largelymet we setourselves thegoaltobeamongten Peru, awarded by theGreatPlaceto Work Institute, rankingofbestcompaniestoworkin the2007 for in workingoutstanding environment. After ending11th Our company was alsodistinguishedfor its Chairman F to takeholdoftheopportunities thatmay arise. andthemotivationcapacity toface thechallenges and that theteamofIntersegurohasknow-how, the achievements andresultsthisyear. We arecertain and shareholders,asthey madepossibleour for theeffort displayed by ourco-workers, directors for thesupportreceived fromourcustomersand in ourstrategicplan.Iwishtoexpress my gratitude achieve thegrowth andsalesgoalswe have setout andthat we will Interseguro intermsofprofitability We expect willbeabetter that2009 year for in arow. highest growth ratesintheworld for thesecondyear expected thatPeru willstillgrow 5%,one ofthe crisis sincetheSecond World War. However, itis for theworld economy, which isundergoingitsworst semester. The forecastsoptimistic 2009 arenotvery elipe Morris Guerinoni 3 2 Interseguro Experience that makes a difference > record thatfortifies us Sound support andtrack 48% inpremiums an average annual growth rate of 63%inassetsand It isworth mentioning thatthecompany evidences ), consolidating the ownership ofInterbank (IFS), consolidatingtheownership holding, IntergroupFinancialS year 2007, GrupoInterbankcreatedafinancial capital stock ofthecompany. Later, inthe throughtheacquisitionof 15% ofthe 2000 Corporation (IFC),joinedthepartnership in The World Banksubsidiary, InternationalFinance renowned experience. it hasapossibilityforexpansionduetoits in casualty(non-lifeinsurance),afieldwhere end ofthisyear, thecompany initiatedactivities specialized inannuitiesandlifeinsurance. At the the leadingPeruvian insurancecompanies, Bankers Trust, iscurrently Interseguro oneof F Brief Company Review ounded in1998 byGrupoInterbankandthe ervices Corp. annuities. the onsetofitsoperationsasahistoricleaderin and 48%inpremiumshasstoodoutsince average annualgrowthrateof63%inassets mentioning thatthecompany evidencesan equity reached S/.201.8 million.Itisworth its assetstotaledtoS/.1,861.6 millionandits altogether.the insurancemarket F and4.9%shareof of thelifeinsurancemarket 211.4 million,representingan8.4%participation obtainedpremiumsforS/. Interseguro In 2008, through IFS. ofInterseguro ownership and continuesparticipating indirectlyofthe IFCexchangedand Interseguro. itsshares urthermore, 5 LitaDuarte Source: Total liabilities Total assets Balance Sheet expenses Administrative Net incomefrominvestments underwriting result Net InsurancePremiums Profit andLossStatement Total equity Other netincome netprofits participationDeferred incometaxandworkers` Net resultfromexposuretoinflation RO ROE Profitability ratios (in millionofnuevos soles) Main Financialigures A Result ofoperation A udited FinancialStatements ofInterseguro 1,655.0 1,856.8 Dec-08 201.8 -32.7 -64.3 -23.8 0.4% 3.1% 211.4 73.1 30.4 6.6 0.0 0.0

1,450.0 1,662.3 Dec-07 41.2% 235.5 212.3 152.2 -30.5 -66.6 5.0% 55.2 79.0 27.5 -3.6 0.0

1,306.5 1,458.8 Dec-06 33.8% 304.9 152.3 109.1 3.2% -57.3 -27.7 43.3 43.3 14.7 0.0 0.0

1,283.5 1,174.5 Dec-05 35.9% 109.0 287.7 -24.6 -45.1 2.9% 85.5 18.3 31.3 31.3 0.0 0.0

Dec-04 18.5% 949.9 249.3 875.6 -23.6 -46.2 1.5% 68.3 12.5 13.1 74.3 11.6 -2.7 3.6

5 4 Interseguro Experience that makes a difference > Vision, Missionand Values

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insurance company inPeru. To bethemostsuccessful V alues ision t We areateamofassociateswhocoordinateefforts toachieve setbythecompany. theobjectives We want to continuetogrowandendeavor tobethebesteverytime. Spirit ofself-improvement correct attitude. informationwithaproactive We arealwaysand associates,providing timelyand availabletomeettheneedsofourcustomers Dedication to Service company andourassociates We seek tobedifferent, exploringnewproductsandinvestmentforthesuccessof markets Innovation integrity. We are consistentwithourpoliciesandactions,alwayshonesty conductingourselves Honesty expectations andsupporting theirdevelopmentandimage. We identify withthecompany andthepeoplewhoarepart ofitbyrespondingtotheirneedsand Commitment eamwork Alfredo Espinoza, Luisa Aylas, OfeliaPodestá andJorge Cangalaya financial andinsurancesolutions. tranquility andconfidencethroughthebest To protecttheeconomy offamilies byproviding Mission 4 7 6 Interseguro Experience that makes a difference > > Governance Practices Good Corporate Gobierno Corporativo Prácticas deBuen I available intheindustry. highest CorporateGovernance standards the meeting shareholders, its of interests the management. the efficacyofeconomic,laborandsocial management, reducingrisksandimproving have greatercontrolandtransparencyintheir important toolsthatenable companiesto The CorporateGovernance Practices are Governance standards. its shareholders, meetingthehighestCorporate Interseguro seekstosafeguard theinterests of Nacional SupervisoradeEmpresas Comisión the by principles Governance Corporate of assessment annual the in n 2008, 2008, n I nterseguro obtained a 96% score score 96% a obtained nterseguro I nterseguro seeks to safeguard safeguard to seeks nterseguro V alores revised and approved by the Board of Directors Directors of Board the by approved and revised are which documents, of series a by governed of activities the practices, In ordertoensurepropercomplianceofthese amongothers. of Directors, transparency, andresponsibilitiesoftheBoard communicationandinformation shareholders, its of treatment fair and rights the suchas differentThe assessmentconsiders subjects Development (OECD). O (CONA rganization for for rganization SEV) basedontheprinciplesof E conomic Cooperation and and Cooperation conomic I nterseguro are are nterseguro 5 are described in its Regulations and whose whose and Regulations its in described are duties whose Board, the of members by formed Committee Risk a and Committee Auditing hasan Inaddition,nterseguro members. is guaranteedbytheindependenceofits Directors of Board the of transparency The Work Regulations. Rules concerningassetlaundryandtheInternal Group andpolicyonconflictsofinterest,the the Guidelines, Organization andDutiesManualother among which aretheCompany by-laws, the or Shareholder’s Boardasappropriate, Cesar Morenoand Tania Granados E thics Code of the the of Code thics I nterbank nterbank F of theinternalcontrolsystem. main taskistosupervisethecorrect functioning shareholders. its all of treatment fair and rights the towards standards toreaffirmitscommitment Governance Corporate its improve to way best urthermore, urthermore, I nterseguro permanently seeks the the seeks permanently nterseguro 9 8 > Ten years of outstanding performance have made of us a sound company, focused on providing solutions towards protecting family economy.

Commitment to serve our clients Interseguro Experience that makes a difference > Commercial Management Pension F of the prospective retirees to remain in the This reduction is mainly explained by the desire the volume ofpremiumsobtainedbyInterseguro. previous year, a fact that also had an impact on withrespecttothe contraction inthemarket As toretirementannuities,therewas a14.1% growth. 43.3%, significantlyabove the33.5%market S higher thanthe35.8%growthofmarket. premium growthof80.0%duringtheyear, much O product lines. intermsofthegrowthourdifferent 2007 premiums, slightlyabove theS/.132.5 millionof obtainedS/.135.2 millionin Interseguro In 2008, Annuities J Accumulated His an 1996 –Dec2008 imilarly, sales of survival annuities grew by ur star performer was disability annuity with und Administration Companies(AFPs) torical P ar ticipation inRetirementLife n n n n n n interseguro n Others Company 5 Company 4 Company 3 Company 2 Company 1 it offers. transparency and understanding of the products the competition based on the experience, the enable thecompany todistinguishitselffrom resources andtheadequatetrainingwill of theinstruments,preparationnew at anationallevel.Meanwhile, there-design a better customer service and customer loyalty tooptimize commercial division andguarantee improving theorganizational structureofthe thecompany willfocuson During 2009, obtained byinsurancecompaniessince1996. this lineofbusiness,with26.9%allpremiums I of theinternationalfinancialcrisis.Nonetheless, negative resultsofthe asaresult AFPs in2008, to recover thelossofcapitalresultingfrom nterseguro held its historical leading position in 20.0% 20.2% 23.0% 26.9% Annuities 0.6% 4.3% 5.0% 5 developed. small insuredsums,was simultaneously V anewlifeinsurance product:theFlex market, Aimed atexpandingthebase ofourtarget to increaseitssalesforceby38%. wasinitiative successful,allowingthecompany share theinstitutionalcultureofInterseguro. This with anoutstandingprofessionalprofile,who developed thisyearinordertoattract employees indexes, athoroughrecruitingprocesswas S S/. 17.2 toS/.19.2 millionin2007 millionin2008. increased itsannualpremiumsby12.0%, from achieved Interseguro thebestresultsand 2008, grewmoderatelyby6%in life insurancemarket insurance duringtheyear. While thedomestic life performance inthesaleofindividual alsoshowedaverygood Interseguro Individual Life Insurance ida Plus, a universal lifeinsurancetocover ida Plus,auniversal eeking tomaintainthecompany’s productivity Giovana Bianchini check theinformationoftheirpolicies online. continue tobedevelopedsothatclientsmay recently. F group ofemployeeswhojoinedInterseguro of thesalesforceandconsolidation aretheexpansion Among thegoalssetfor2009 recreational activities. clients, thecompany continuedoffering post-sales servicesforPersonal L ife Insurance outside Lima. Additionally andasapart ofthe service tothecommercialteaminLimaand to facilitateimmediatecommunicationand alsolaunchedInterseguro its Web Tools program inmind, Always itscustomers keeping urthermore, newwebserviceswill 13 12 Interseguro Experience that makes a difference > Business Management Peruanos andInterbank. a significantnumberofclientsSupermercados Interbank hasboosted Interseguro salesby reaching The synergy between thecompaniesofGrupo Bancassurance comparedtothepreviousyear. to achieve a7.5% growth inpremiumsof company the for possible it made have and offered products the of convenience and quality the channels complement sales powerful These Supermercados Peruanos andInterbank. by reaching asignificantnumberofclients sales Interbank Grouphasboostednterseguro The synergybetweenthecompaniesof Retail Insurance share. thatalloweda10.3%increase over 2007 market premiums fromSO reachedInterseguro S/.18.8 millioninnet in areductionSO which resulted authorities, the by exercised Association (AFOCAT) andthereducedcontrol the of penetration greater Traffic Accident the companies, insurance the of policies underwriting tighter of result a as 5.4%, by I Regarding the Mandatory Traffic Accident nsurance ( nsurance SO AT), the market contracted contracted AT),market the AT a26.2% during2008, AT renewal. Nevertheless, F und und 67.5% to 56.1% in 2008. of total premiums in 2007 use thatresultedinareductionofclaims,from better focusedsaleefforts onvehiclesforprivate These includedoperationalimprovements and toreducethem. implemented variousinitiatives affected theindustryas awhole,Interseguro F 5 aced withhighSO Milena Ortega, LucianaRomero, Claudia AT claimratesthathas V alera and Ada Capellino During 2009 2009 During needs. productstomeetourclients’ innovative developing in and Group the of projects retail various the including markets promising more sale channels, ondirectingoursaleefforts toour the optimizing on focus will I nterseguro´s commercial initiatives initiatives commercial nterseguro´s I nterbank Group Group nterbank 15 14 Interseguro Experience that makes a difference > Investment Management effective measure. thorough analysis ofinvestments proved to bean amuchmaintaining diversified portfolio anda The permanentpolicyofIntersegurothatinvolved significant turbulenceoftheinternationaland policies, thecompany was abletofacethe investmentAs aresultoftheseconservative Committee ofthecompany. risk criteriaestablishedbytheInvestments Insurance Companiesandtheprofitability set bytheSuperintendenceofBankingand and investment funds,followingtheparameters portfolio thatincludesbonds, stock, properties resources havebeeninvested inadiversified and tostrengthenitsfinances. To thateffect, istoensurethecompany’sInterseguro solvency The primarypurposeoftheinvestment policyof converted intocommercialbanks. investment bankswerepurchased, liquidatedor be rescuedbytheirhomegovernments, and this time,many financialinstitutionshadto J.P. Morgan rose from178 to509points).During increased (thePeru EmbiIndexpublishedby risk perceptionoffixedincomeinstruments the LimaStock Exchange 59.3%),andthe decreased 38.5%andtheGeneralIndexof index significant fallsworldwide(theS&P500 asstockfinancial markets exchanges suffered The yearwasbyhighvolatility inthe marked withafirmfoothold. in2008 local markets 5 affected bytheinternational. and mortgage sector, aswelltoinstitutions credit exposuretotheNorth-American realestate to beeffective. The company thusavoided any and doingthoroughinvestment analysisproved portfolio policy ofmaintainingawelldiversified Within thiscontext,Interseguro’s long-lasting Luis F elipe Manzo Aguilar

that ofthePeruvian government (BBB-)which abroad, withariskratingsimilarorbetter than fixed incomeportfolio includesbondsissued obligations, intermsoftenorandcurrency. The that haveasimilarprofiletoofour securities iscomposedoflowriskinvestments interest rates.Ourportfolio offixedincome mostly longtermobligations atguaranteed thatbackdenominated insolesanddollars, is comprisedbyfixedincomesecurities About 62%oftheportfolio ofInterseguro 16 17 Interseguro Experience that makes a difference > > Investment Management the country. construction areasof ofshoppingmallsinpoorlyserved company’s real estate investments, mainlyinthe It isworth mentioning theprogress madein the shopping mallsinpoorlyservedareasofthe commercial realestatedevelopments,such as company hasmadesignificantinvestments in stock, realestateandinvestment funds. The portfolio includesother investments such as In additiontofixedincomesecurities,the year. present intheportfolio at theendofprevious thatwerenot in debtinstrumentsofnewissuers havinginvested morethanS/.145.02008, million processcontinuedduring The diversification flows generatedbythefixedincomeportfolio. werematchedof paymentsindollars withcash 100% ofpaymentsprojectedinsolesand95% or AAA categorysecurities. At theendof2008, theportfoliodomestic market, isinvested in AA is investment grade. As toinvestments inthe S/.1,608.1 millionto/.1,825.2million. the year, theinvestment portfolio increasedfrom worldwide incurred insignificant losses.During in acontextwheremany insurancecompanies to reach anetprofitofS/.6.6millionin2008 These investment efforts allowedInterseguro financial results. area. These complexesareshowingverygood opened inDecember, m2ofleasable with29,200 m2 ofleasableareaandReal PlazaHuancayo center openedinJune thisyear, with10,800 investment strategy, theReal PlazaPro shopping S/. 298millioninsales.F andgeneratedmorethan respectively 2007 and m2,wereopenedin2005 area of52,200 shopping malls,withacombinedleasable country. The Real PlazaChiclayoand Trujillo ollowing throughthis 5 uncertain. willfacethissituation Interseguro environment anditsimpactinPeru arestill challenges. The internationaleconomic willbringmany It isexpectedthat2009 As at the closing of 2008, theportfolio consistedofthefollowing: ofInterseguro As attheclosingof2008, Short terminstruments from Accounts receivable AFPs Bank depositsandcertificates Investment funds Stocks Government S L Real estate F Maribel García oreign bonds ocal bonds ecurities

opportunities. ofnew inthepursuit and diversification with thesameinvestment strategyofinnovation 0.2% 0.3% 0.8% 4.6% 8.5% 16.9% 22.7% 18.6% 27.3% 19 18 Interseguro Experience that makes a difference > Management A dministrative andFinancial Pride Award ofthe GPTW, which showsthatour fifth. Additionally, obtainedthe Interseguro The goalwas attained asthecompany ranked one ofthetoptencompaniestoworkinPeru. company tosetthegoalofbecomingin2008 Work (GPTW)ranking,which encouragedthe outstanding positionintheGreatPlaceto hadalreadyreached Interseguro an In 2007 and encouragesteamwork. work environmenttalent thatrespectsindividual development, aneffort thatimpliesgeneratinga iscommittedInterseguro tohuman its goodresults. professionalism allowedthecompany toachieve the company’s philosophy. Their support and observing strictethicalprinciplesandfollowing anditsemployees,whohaveworked Interseguro This was ayearofgreatchallenges for Human Development of thecompany to make itabetter place to work. initiatives aimed at thecompanyIn 2009, willcontinue todevelop different improving the working environment Another genuineconcernofthecompany renowned institutions. deLima,amongother (UPC) andtheniversidad Peruana deCiencias the Universidad Aplicadas different intheInterbankUniversity, courses the LOMA InsuranceProgram,in andothers More than15% ofemployeesparticipated in somekindofinstruction. received collaborators in trainingprograms. As aresult,89%ofour investedInterseguro, morethanS/.160,000 developmentofitsemployees, and personal Recognizing theimportance oftheprofessional mark theway tothefuture. and Both recognitionsrepresentanincentive re-certification. and obtaintheISO9001:2000 tirelessly todevelopanefficientqualitysystem F human developmentefforts ofthecompany. acknowledgecollaborators andvaluehighlythe nterseguro worked urthermore, worked ateamatInterseguro a better placetowork. working environment ofthecompany it tomake the improving at aimed initiatives different thecompany willcontinuetodevelop In 2009, throughout ourentireworkforce. the vision,missionandvaluesofcompany 2008. This award promotestheconsolidationof General the the year, was awarded. Judith S best reflectsthevaluesofcompany during which collaborator the to which given prize, is the As inpreviousyears, “Chistrazo ofthe Year” Christmas, amongothers. 5 of the Children’s the of Day, celebration children,such the as employees’ through different forthe recreational activities families of integration the promote to is Judith S aavedra, representative ofthevaluesInterseguro aavedra, representative S ervices area received this prize in in prize this received area ervices S ummer ummer S aavedra, from chool and company, . the financialsoundnessand solvency ofthe ensure to created were that technicalmodels calculation oftheseproductsrequirednew reserve and premiums and assessment pricing, protecting policy insurance the managing began company products. Thus, bytheendofyear tosellcasualty(non-lifeinsurance) Interseguro F Banking, InsuranceandPrivatePension Additionally, theSuperintendenceof reliability, efficiencyandservice. range ofproductsandimproving thedegreeof company’s insuranceproducts,allowinga wider the all of administration comprehensive achieve a to wasimplemented system semesteranewinformation During thefirst Operations und Administration Companies authorized authorized Companies und Administration I nterbank credit and debit cards. cards. debit and credit nterbank The 21 20 Interseguro Experience that makes a difference > A dministrative Management implemented todedicatethiswork onafulltime basis. system, towhich effect ateamofemployees hasbeen implementation oftheinsurance technological the It hasbeenplannedtocompletein2009 without havingtoincreasepersonnel. that willenabletheorganization toincreasesales system, butalsobyfindingnew ways ofworking company, notonlywiththenewinformation is toimprove theoperationaleficiencyof on afulltimebasis. Another goalforthearea toworkonit has beenassignedexclusively system. To thateffect, ateamofemployees implementation oftheinsuranceinformation thecompany expectstoconcludethe In 2009, all timesandplaces. that offered themtheinformationtheyneededat Internet platformforitsemployeesandclients, year theareasparednoefforts todevelopan work. facilitates that solutions This deliver to areas depends,toalargeextent,inthecapacity element inthecompany, astheefficiencyofall The developmentofITsystemsisacritical Information T echnology IT systemswithamorerapidresponsehave S The increaseinthenumberofemployees channels. to allowtheiruseinnewBancassurancesales flexible more wasmade system the time, same products werealsoimplementedand,atthe Information systemsfornon-lifeinsurance balances forFlexLifeInsurancepolicies. traditional insurancepoliciesandaccount The latter includesaccount statementsfor Insurance EnquiryS I finalized inthenewcorporatewebsite: I ndividual ndividual were projects following the respect, this n 5 ales andthenewbusinessesthatrequire Diego V L ingerhoets andBrendaCollantes ife ife I nsurance Quoting Quoting nsurance ystem, and Web S S ystem, ystem, ervices. L ife ife new servicesforclients. of thedevelopmentour Web platform toadd V replacing thecurrent insurancesystembythe include The mostrelevantITprojectsfor2009 cases. information andprocessesinunanticipated of thetransactionsandsecurity with theRisksarea,toguaranteeoperation annual BusinessContinuityplan,incollaboration offices was alsoimplemented,aswellan and communicationsplatformforthenewsale quality andfasterITsystems. The network toofferdatabase andapplicationsservers higher brought abouttheimplementationofnew isual TIME InsuranceERPandthecontinuation 23 23 22 8 Interseguro Experience that makes a difference > Risk Management to operationalrisk,itfocusedonassessing valuesoftheirpositions.Inrelation and market thecashlevels financial ratiosofbondissuers, theUnitfocusedoncontrollingmain 2008 most significantriskfacedbythecompany, in With respecttoinvestment risk,probablythe technical, strategicandreputationalrisk. the company, includinginvestment, operational, The RiskUnitstudiesthevariousrisksfacedby reviewed bytheRiskCommittee ofthecompany. Unit which submitsquarterly reports thatare Risk managementiscarried outbytheRisk design ofproposalstominimize theirimpact. risk thecompany faces,butalsoincludesthe not onlytheanalysisofdifferent typesof riskmanagemententails Comprehensive a system. expectationsonsuchsatisfying ourshareholders tomanageriskwhile issued bytheSBin2008 the elementsrequiredbynewregulations systemthatwillincludeall a comprehensive management willbetheimplementationof intermsofrisk The company focusin2009 of BankingandInsuranceCompanies(SB). line withtheregulationsofSuperintendence company’s strategicandreputationalrisks, in and lossrates.Inaddition,theunitanalyzed the evolution ofreserves,thereinsurancepolicies risks; regarding technical risksitanalyzed the and controllingcriticalprocessesproject 5 market values oftheirpositions financial ratios ofbondissuers,thecashlevels and theunitfocusedIn 2008 oncontrolling themain Mercedes Polo and Ynes Moore 25 24 > Recognitions such as the 5th best work to place in Peru, the pride award granted by the Great Place to Work Institute and the ISO 9001-2000 re-certification reflect our commitment towards the future.

Accomplishments that guide our future Interseguro Experience that makes a difference > > Vision oftheF 9.8% GDPgrowth rate. was2008 agreatyear for Peru, which achieved a economies. in ordertoavoid evengreaterturmoilintheir some governments toresort torescueprograms by thefinancialcrisis,makingitnecessaryfor States andEurope,thathavebeenstronglyhit faced bytheinsuranceindustriesinUnited settingThis positive isverydifferent totheone and showeda16.8% increaseinpremiums. advantageofthisfavorable environmenttake the world. The insuranceindustrywas ableto a 9.8%GDPgrowthrate,oneofthehighestin was agreatyearforPeru,2008 which achieved uture industry anditisprobablethatinanotsodistant channels, highgrowthratesareexpectedforthe should graduallybecomelargeinsurancesale whichby thebankingandmodernretailsectors, developed economiesandthegrowthshowed Considering experiencesinothermore opportunity. the regionasawhole,offering agreatgrowth 1.3% ofGDP, comparedtoanaverageof2.4%for of thelowestinregion,representingaround faster thanGDP, insurancepenetrationisstillone Even thoughtheinsurancesectorinPeru grew to broadentheproductsoffered toourclients operate casualtyproducts. This willenableus thecompanyauthorization to received 2008 to theirlargecustomerbase.Inaddition,in and a significantaccesstotheretailmarket Peruanas,Tiendas which altogetheroffer us Interbank, SupermercadosPeruanos and through emerging andhighgrowthsectors accesstothese hasaprivileged Interseguro income families. ofthePeruvianconsumption basket middle- future insurancecoverage willbepresentinthe 5 S ofía V allejos company sinceitsinception. maintain thesamegrowthtrendshownby optimism andwiththecertainty thatwewill Thus, weareabletofacethefuturewithgreat good useofnewopportunities thatmayarise. the capacityandknow-how requiredtomake committed tothecompany’s development,has team, In addition,ourhighlymotivated especially designedforretailcustomers. of thegroup,withlowriskinsuranceproducts insurance coverage throughdifferent companies and tofurther participate inthedistributionof 29 28 Interseguro Experience that makes a difference > > A Institutional Logros Institucionales chievements Institute ofPeru awardedin 2007) by theGreatPlace to Work 30 bestcompaniesto work inP the5thplaceamong Interseguro obtained received thehighestscoreinitsindustryandwasreceived to Work InstituteofPeru (GPW I). nterseguro (11th awarded bytheGreatPlace placein2007) among the30bestcompaniestoworkinPeru obtainedthe5thplace employees, Interseguro As aresultofthecommitmentandeffort ofits A Great Placeto Work category among122 participating companies. employees, obtainingthehighestscoreinthis the acknowledgment ofthecompany byits the company thePride Award, which shows addition tothisrecognition,GPWIalsoawarded the toplocallyownedcompany inthisranking.In eru (11th place 5 Recognition: GreatPlaceto Work 9001-2000 re-certification.9001-2000 continued efforts, thecompany obtainedtheISO after of threeyears Insurance. nDecember2008, Life thesystemalsoincludesIndividual 2006, Management systemfor Annuities. Since company hascontinueddevelopingitsQuality certification9001-2000 andsincethen,the ISO obtaineditsfirst Interseguro In 2005, CertificationISO 9001:2000 the ratesofreturntheyobtain. company, as wellastheirtotalsatisfactionwith the bestservicethroughouttheirstayin with itsclients,which isbasedinoffering them reaffirmsthecommitment processes since2005 The prideresultingfromcertifying thecompany’s 31 31 30 8 Challenges turned into opportunities Interseguro Experience that makes a difference > The P sub-sector. intermediate goodsandprimary manufacturing was boostedbytheincreasedproduction of leading role.Finally, themanufacturingsector growing mobiletelephoneserviceplayedthe and communicationssub-sector, wherethefast influenced bythegrowthoftransportation products; theotherservicessectorwas positively agricultural andlivestock, miningandimported from thegreatersalesofmanufactured, works. private The tradesector, inturn,benefited and bytheincreaseinnumberofpublic mainly bytheinvestments inroadinfrastructure expansion oftheconstructionsectorwas caused 16.5%, 12.8%, 8.9%and8.5%,respectively. The whichsectors, recordedincreasesthatreached trade, otherservicesandmanufacturing This growthwas boostedbytheconstruction, during thelastmonths. despite theeconomicslowdownexperienced in GDP, morethanthe9.0%achieved in2007, growth, closingtheyearwitha9.8%increase ride outthestormandevenshowedsignificant However, thePeruvian economy managedto to preventaworldfinancialcatastrophe. indifferentbillions ofdollars rescueplansaiming United Statesandothercountriestoinvest magnitude thatforcedthegovernments of caused aworldwidecrisisoftremendous financial markets. Thesub-primeloandebacle turnedouttobeaturbulentyearinthe 2008 eruvian Economy the worldfinancialcrisis. exports inthelastmonthsofyear, causedby below 2007, mainlyduetothereductionof accumulated aUS$3,162 millionsurplus,62% On theotherhand,tradebalance transport andairfaresto rise. the increaseinoilprice,which causedthelocal Communications group(4.51%)basicallydueto and electricityrates;the Transportation and group (5.28%)asaresultofthehigherwater oils; theRent, Housing,F in garden produce,vegetables,ediblefatsand F This isexplainedbythepriceincreasein exceeding thepreviousyearrate(3.9%)by88%. In termsofinflation,theratereached 7.32%, credits. loans,mostlymortgageprivate andconsumer is explained,inturn,bythe32.5%increase and consumption. The increaseofinvestments investmentgrew 12.3% influencedbyprivate results,internaldemand In linewiththispositive ood andBeveragesgroup(10.5%) especially uel andElectricity with a59.78%drop. Index oftheLimaStock Exchange, which closed growthintheGeneral ofconsecutive to sixyears Finally, thisscenariosignedbycrisis,putanend and closedtheyearat3.14 (2.98in2007). The exchange ratechanged itsdownward trend (29.0%). capital goods(47.9%) andconsumptiongoods Imports grewby45.1%,themostrelevantbeing (22.5%). their participation withrespectto2007 represented 24.7%,showinganincreasein value exported, whilenon-traditional exports exports accountedfor75.3% ofthetotal livestock andchemical products. Traditional exports (20.0%)especially ofagricultural& explained bytheincreaseofnon-traditional exports grew13.0%,Throughout 2008, mainly 5 Carolina García aggregated demand. to adoptfiscalandmonetarypoliciesthatboost mitigate theeffects and inthefinancial markets It iscrucialthatajointeffort iscoordinatedto due totheslowdownofexports andfinancing. will suffer crisissince1982, theirworst mainly Hencethey with ameager1%growthin2009. exhibitalessencouragingscenario, most likely mentioning thatLatin American economieswill demand (5.4%)andofexports (3.4%).Itisworth growth, boostedbythegrowthofinternal the Peruvian economy willshowa5%GDP the lowestraterecordedsince1945. Meanwhile, world economy couldgrowonly0.5%in2009, Due tothedeteriorationoffinancialcrisis, 35 34 Interseguro Experience that makes a difference > > The Insurance Sector Gobierno Corporativo Prácticas deBuen in themarket. decrease asaresultoftheregulatory conditions retirement lifeannuitiesshowed a14.1% grouplife(39.4%). Ontheotherhand, private hydrocarbons and andconstructionsectors; due tothedevelopmentof mining,energy, supplementary occupationalhazardrisk(48.0%) due totheincreaseinmortgage loans;the growth werecreditlifeinsurance(48.7%) The productsthatshowedthegreatest previous year). totaled S/.63.8million(44%higherthanthe 1,921.2 million). Theft andassaultpremiums increase comparedwiththepreviousyear(S/. which2,180.9 millionin2008, representsa14% and Personal Accidents linesamountedtoS/. In theinsuranceindustry, premiumsintheLife Premiums the industry. whereas thenextfouraccountforbarely26%of isconcentratedintwocompanies, the market insurance andfivetoboth.Morethan50%of dedicated tonon-lifeinsurance,fourlife 13 companies,fourofwhich areexclusively inPeruThe insurancemarket iscomposed of 21.7 million. in turn,registereda23.4%growth,totalingtoS/. insurance (38.5%). The theft andassaultproduct, pension insurance(40.4%)andcreditlife especially intheminingsector, followedby showed thegreatestgrowthinclaims(54.8%) The supplementaryoccupationalhazardrisk higher thanthepreviousyear(S/.1,273million). accidents amountedtoS/.1,502million,18.0% hazard risk(79.0%).Claimsforlifeandpersonal (82.3%) andthesupplementaryoccupational were thoseofthePrivatePension S The productsthatshowedhigherclaimrates Claims ystem compared withtheprevious year , whichmillion in2008 representsa14% increase Personal Accidents linesamounted to S/. 2,180.9 Intheinsuranceindustry, premiumsintheLife and growth. S/.11,271.6 representinga14% millionin2008, to portfolio grewfromS/.9,805.4millionin2007 Nevertheless, theindustry’s2008. investment portfolio to7.0% droppedfrom12.1% in2007 in henceinvestmentmarkets, incomeonaverage the unfavorable conditionsofthefinancial The industryasawholewas affected by Investment Income 5 Agustín Tenorio, Rosario Jorge, Claudia Tello, GerardoF average fallof18.3% and4.3%,respectively. reflected inannualized ROEandO claims andlowerinvestment income,which is 78.4% asaresultoftheincreasednumber This year, profitsfell theinsurancecompanies’ Financial Ratios errer and Alejandro Gasoldi A, withan 37 36 Interseguro Experience that makes a difference > Presentation ofResults Management the previousyear. Inannuities,thecompany 11.7%, share,4.9%higherthan witha5.1market lifeinsurance,premiumsincreased individual policy withProfuturo AFP . With respectto &Disability the terminationofSurvivorship notwithstanding thereductioninpremiumsfrom the samepositionasinpreviousyear. the fourth placeintheindustry. This was Premiums totaledS/.211.4 million,representing compensated byalowerclaimsratio. income frominvestments, which was partially the previousyear’s, isexplainedbythedropin ROE anda0.4%ofO profit ofS/.6.6million,representinga3.1% investment obtainedanet returns,Interseguro industry, especiallybecauseofthefallin Despite thenegativecontextforentire Source: AuditedFinancialStatementsof Interseguro

Life Annuities Retail urvivorship &Disability Survivorship Non-life SO TOTAL (s/. million) net premiumsb AT y lineofbusiness A. This profit,lessthan income andrealestateinvestments. investment portfolio grew14.8%, mainlyinfixed in incomefromrealestateinvestments. The fourth Itissignificanttheincrease inthemarket. is, 13% oftheindustry, positioningInterseguro Investment incometotaledS/.103.5 million,that increased annuitiesandSO reserves increasedby5.5%asaresultof Disability (51.0%). Inturn,thevariationin & reduction inclaimsfromSurvivorship Claims dropped19.2%, basicallyduetothe life insurance. mainly becauseoftheincreaseinsalescredit obtained a10.2% andinretailproducts,5.8%, share;inSO obtained a22.7%market 135.1 211.4 2008 32.6 19.2 19.0 3.5 1.9

235.5 132.5 AT sales. 2007 23.0 14.9 47.9 17.2 -

AT, it -92.6% -10.3% 42.0% 27.3% % var 11.7% 1.9% Aa - 5 Johanna Caballero

Stock andmutualfunds Fixedincome Income Real estate Expenses T Exchange ratedifference TOTAL Other*

Fixed income Stock andmutualfunds Real estate TOTAL Other (s/. million) inves (s/. million) perfomance of the inves otal income tments por tfolio tments por tfolio 1,845.4 1,212.1 103.5 220.7 406.8 114.9 118.3 -33.1 2008 2008 29.7 -3.3 -0.3 -7.8 5.8

1,084.9 1,608.1 262.6 182.8 175.3 109.8 247.6 2007 2007 59.3 13.7 13.1 -4.7 -7.5 5.5

-155.8% -160.0% 116.8% -93.6% -55.7% -41.0% -10.9% -37.1% 54.9% 14.8% % var % var 11.7% 4.0% 7.7% Aa Aa 39 38 Interseguro Experience that makes a difference > the market. yield thatpositionedIntersegurofourth in We closedtheyear withaninvestment Experience translatedinto results 41 8 > NotesInterseguro to the Compañía financial destatements Seguros S.A. (formerlyAs of December Interseguro 31, 2008 and Compañía 2007 de Seguros de Vida S.A.)

Financial statements as of December 31, 2008 and 2007 together with the Report of Independent Auditors

Contents

Report of Independent Auditors

Financial Statements Items included in the financial statements as required by the Superintendence of Banking, Insurance and Private Pension Fund Administration Companies

Financial Statements

Balance Sheets Statements of Income Statements of Changes in Shareholders’ Equity Statements of Cash Flows Notes to the Financial Statements Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 FinancialStatements NotesReport toofIndependent thefinancialstatements Auditors 45 44 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 NotesFinancial statements to thefinancialstatements The accompanying notesareanintegralpart ofthesebalance sheets. and2007 As ofDecember31,2008 Balance Sheets T Prepaid taxesandexpenses Interest andotheraccountsreceivable Reinsurance receivables Accounts receivable frominsuranceoperations Marketable securities Cash andbanks Current assets Assets T Retained earnings stockCapital subscribedbutnotpaid Paid-in stock capital Shareholders’ equity Total liabilities Deferred income Technical for reserves premiumsand claims Subordinated bonds T Taxes andotheraccountspayables T Software andotherassets, net Property, furniture andequipment,net Interest andotheraccountsreceivable Investments, net Reinsurance payables Financial debt Current liabilities Liabilities andshareholders’ equity

otal current assets otal liabilitiesandshareholders’ equity otal current liabilities otal assets Nota 2(j) 16 15 14 13 12 17 10 11 8 7 6 5 4 7

1,655,043 1,735,957 1,856,827 1,856,827 1,496,188 138,935 100,438 201,784 S/(000) 111,686 116,011 31,008 29,328 40,604 26,722 15,700 45,169 10,998 27,168 8,700 4,234 4,220 2,964 6,470 2008 527 -

1,450,007 1,559,994 1,662,277 1,662,277 1,317,642 212,270 S/(000) 117,385 116,011 33,486 89,650 79,048 91,909 21,714 13,651 14,980 25,376 17,284 17,211 8,452 3,312 3,170 1,011 2007 203 100 - For the years ended December 31, 2008 and2007 For endedDecember31,2008 theyears Statements ofincome Las notasalosestados financierosadjuntassonparte integrante deesteestado. (in thousandsofunits) Weighted average numberofoutstandingshares (stated inPeruvian Nuevos Soles) Basic anddiluted earnings pershare Net income Deferred workers’tax profitsharing andincome Income before workers’ profit sharing andincometax Exchange difference, net Administrative expenses Other income,net Investment income,net T Other technical expenses Other technical income Commissions frompremiumswritten Gross technical result Competent claims Claims onpremiumsceded Claims onpremiumsassumed Competent premiums T Adjustment oftechnical for reserves premiumsceded Premiums ceded T Adjustment oftechnical for reserves premiumsassumed Premiums assumed

echnical result otal premiums ceded otal premiums 2(o) and3 19 and30 Nota 26 26 21 23 20 30 30 30 30 30 9

(123,083) (136,700) (126,359) (64,296) (54,364) (32,672) 211,351 S/(000) 116,011 (2,785) (5,932) (3,696) 30,383 68,719 (4,718) (6,167) 74,651 76,836 (7,147) 6,555 6,555 1,933 0.057 3,276 2008 235 - (152,252) (154,297) (129,416) (66,590) (51,225) 235,523 (30,469) 146,700 101,027 106,107 S/(000) 116,011 (5,080) (3,600) 79,046 82,646 (9,054) (8,247) (5,165) (7,118) 27,491 1,936 2,045 0.681 5,514 2007 85 47 46 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 NotesFinancial statements to thefinancialstatements The accompanying notesareanintegralpart ofthesefinancialstatements. and2007 For endedDecember31,2008 theyears Statements ofchanges inshareholders’ equity Balance asofDecember31, 2008 Net incomenote17 (a) note 17 (a)and17 (b) Transfer tolegalreserve, Paid dividends,note17 (a) Balance asofDecember31, 2007 Net income note 16(a) of accumulatedresults, Capitalization note 17 (a)and17 (b) Transfer tolegalreserve, Paid dividends Balance asofJanuary 1st, 2007

(in thousands) outstanding Number of 106,445 116,011 116,011 shares 9,566 ------

Capital social 106,445 pagado S/(000) 116,011 116,011 9,566 ------Reserva S/(000) 40,604 23,393 14,590 17,211 2,621 legal - - - - - acumulados t Resultados (23,393) (14,590) (19,134) S/(000) (17,041) 45,169 79,048 79,046 (9,566) 43,292 6,555 212,270 152,358 201,784 (19,134) S/(000) (17,041) 79,046 6,555 otal - - - For the years ended December 31, 2008 and2007 For endedDecember31,2008 theyears Statements ofcashflows The accompanying notesareanintegralpart ofthesefinancial statements. Changes in the classification category ofinvestmentsChanges intheclassificationcategory T Cash andcashequivalents attheendofyear, note 4 Cash andcashequivalents atbeginningoftheyear Net increase(netdecrease)incash Net cashprovided by (usedin)financingactivities Dividends payment Increase (decrease),netfromfinancialdebt Financing activities Net cashusedininvesting activities Additions inintangibles Additions inproperty, furniture andequipment Contribution toInterproperties Sale ofinvestments Purchase ofinvestments Investing activities Net cashprovided by operating activities Increase ordeferred income Increase oftaxesandotheraccountspayable Increase ofreinsuranceandco-insurancepayables Increase (decrease) inliabilityoperating accounts Increase ofinterestandotheraccountsreceivable, prepaidtaxesandexpenses (Decrease) increaseofaccountsreceivable frominsuranceoperations Decrease inassetoperating accounts Net changes inassetandliabilityoperating accounts Loss (profit) form investments insubsidiaries,net Profit fromsaleofinvestments available for saleandheldtomaturity Amortization ofgoodwill Depreciation andamortization Provision (recovery)for impairmentofinvestments Deferred workers’tax profitsharingandincome Adjustment oftechnical net reserves, Adjustments to reconciliate netincometo netcashprovided by operating activities Net income Operating activities ransactions thatdonotgenerate flows ofcash (1,115,093) (182,657) S/(000) 498,236 (23,884) (39,146) 178,546 174,525 937,249 (17,041) 31,402 36,798 (5,396) 38,921 19,777 (4,154) 2,736 4,220 1,346 4,951 1,757 1,035 6,555 2008 (609) (50) 224 - -

(270,465) (893,042) S/(000) (81,280) (22,941) 623,793 148,086 125,447 (19,134) 118,078 36,798 41,099 60,233 79,046 79,462 10,667 (8,811) 3,600 3,964 1,162 1,104 2007 (407) (809) (237) 221 849 - - 49 48 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements 1.

Business (a) uies o nbe t o rvd poet ad auly nuac cnrcs hrfr, on offer and manage general risks Therefore, insurance within the scope contracts. of Law Nº 26702 – General Law of the insurance casualty to and Company the authorizedN°1667-2007 Resolution of means property by 2007,SBS, 24, Novemberthe provide to it enable to business of line company’s the extend to agreed Meeting Shareholder’s General 2007,the February In Floor 2,San Isidro,Lima,Peru. Nº640, Aliaga y Pardo Av. at located is office Company’smain investments. The properties of and Organic of the SBS - Law 26702). Besides, the Company obtain revenues through of leasing Seguros y Organica de la SBS - Ley 26702” (General Law of the Financial and de Insurance SystemsSistema del y Financiero Sistema del General “Ley the by ruled are Company’soperations The insurance. accident personal writing as such companies, insurance life by performed to be allows legislation prevailing that activities other any in and insurance life of writing the in and operate to acronym), Spanish its insurance for the hereafter“SBS” administrators, funds pension private banking, Peruvian (the Pensiones” de Fondos de Administradoras y Seguros The Company began its operations in 1998, and is authorized by the “Superintendencia de Banca, being ownedbyIntergroupFinancialServices Corp.,which holds99.99percentoftheshares. transferred all of their shares to Intergroup Financial Services Corp., the company from that date 2007,19,IFH January on Group, Interbank of restructuring the of part the As respectively. of shares percent 3.75 and 8.46 14.26, 32.80, 40.74, holding shareholders minor other and Peru) IFH of subsidiary a Panama, in incorporated company (a Inc. Investments America), of Wimsie States IFH United in The of incorporated company subsidiary (a IFC a – Corporation Islands, Finance International Cayman Peru), The in incorporated company (a Overseas Financiero Consorcio Intergroup), in shares “IFH”, (hereafterthe Ltd. of Peru100% IFH of holder the itself of the restructuring of Interbank Group. Until January 19, 2007, the Company were shareholders’ Corp. (hereafter “Intergroup”), a company incorporated in Panama in September 2006, as a result Vida de S.A.) (hereafter Seguros “the Company” or de “Interseguro”) is Compañia a subsidiary of Intergroup Financial Interseguro Services (formerly S.A. Seguros de Compañia Interseguro Identification andoperations – activity (b) is includedunder “Income frominvestments, net”in theprofitandlossstatement,seenote20. the 2008, during for provisionCompany of events, fluctuation of securitiesrecognized which an amount of S/ 38,921,000 these Following demand. global the and market the of liquidity the which affected environment global financial and economic in occurred events adverse 2008, In International Crisis - accompanying financialstatementswillbeapproved withoutmodifications. General and Directors Shareholder’s of Meeting to be held during Board the first quarter of 2009. In the Management’s by opinion, the approval final to subject are and Management the by Meeting held on March 24, 2008. The financial statements as of December 31, 2008 were approved The financial statements as of December 31, 2007 have been approved by General Shareholder’s date. that to a whole as taken statements financial the to respect with significant not is risk general of activity the to related expenses and revenues liabilities, assets, 2008, 31, December risks. At general and risks insurance companywhichlife insurance classes, an both as conducts operate Seguro S.A. In June 2008 under SBS Resolution Nº1816-2008, the Company obtained approval to de Compañia companythe of wasname It the SBS. Interseguro amend the to to by agreed also Financial and Insurance Systems and Organic of the SBS and/or according to regulations issued (i) statements financial consolidated submit including itssubsidiariesforthefollowingreasons: to not decided has Management Company’s The (ii) The final headquarter of the Group, Intergroup Fincancial Services Corp.,prepares Services Fincancial Intergroup the Group, of consolidated financialstatements. headquarter final The raised noobjections. consolidated that informed duly been financial statements for have the Company and its subsidiaries will not company be prepared and they have the of shareholders minority The 51 50 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements 2.

4 4 4 4 4 4 4 4 4 4 4 4 adoption ofthefollowingIFRICfromJanuary 1,2008: the for except year, previous the in used those with consistent are and acronym). Spanish its for (“CNC” Board Standards Accounting National the by issued resolutions through Peru in accepted are Peru in companies insurance for principles established by the Accounting SBS and, suppletority, International Financial Reporting companies. Standards - insurance IFRS officially for Peru in accepted generally principals accounting with accordance in prepared are statements financial The A ccounting principles IFRIC 12 Service Concession Arrangements IFRIC 11 IFRS2:Groupand Treasury Share Transactions IFRIC 10 InterimFinancialReporting andImpairment IFRIC 9Reassessment ofEmbeddedDerivatives IFRIC 8Scope ofIFRS2 Economies IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Equipment IFRIC 6 Liabilities Arising from Participating in a Specific - Market Waste Electrical and Electronic Environmental and Restoration Decommissioning, from Rehabilitation Funds Arising Interests to Rights 5 IFRIC IFRIC 4Determining Whether an Arrangement ContainsaLease IFRIC 3EmissionRights EntitiesandSimilarInstruments SharesinCo-operative IFRIC 2Members’ IFRIC 1ChangesinExistingDecommissioning,Restoration andSimilarLiabilities and policies (a) company’s accounting policyand/orthenotestofinancialstatements. figures will not be significant. Information about such judgements and estimates is contained in the However, in Management’soccur. opinion they anywhich variations that in may occur between year estimates and the the actual of results the in recorded is disbursements later and estimates and deferred income tax and profitworkers’ sharing. from Anyarising difference betweenliabilities these accumulatedand figures assets claims, and premiums for reserves technical and intangibles of amortization equipment, and fixtures installations, the of value recoverable and life 2007, useful 31, december until S.A., AFP Profuturo from receivable premiums pension accounts, overdue for accompanying financial statements concern the impairment of securities and investments, provision current period. Actual results may differ from those estimates. The most significant estimates in the date of the financial statements, as well as the reportedthe as liabilities amountsand assets ofcontingent of revenuesdisclosure the affectthe liabilities, andand assets expensesthat of amounts reported during the makeestimates to Management requires statements financial of preparation The unlessotherwiseindicated. monetary itemsareroundedtothenearestinthousand(S/000), all and NuevosSoles(S/) in denominated are statements Financial method. cost historic the using The accompanying financial statements have been prepared from the Company’s accounting records areasdescribedbelow. and2007 statements atDecember31,2008 financial accompanying the preparing in used policies accounting and presentation of basis The Basis ofpresentation anduseofestimates - statements aredescribedbelow: Company’s the financial of preparation the in used practices and principles accounting Significant unless theSBSadoptstheminfuturethroughmodificationofits AccountingManual. they SBS, will not have a the significant effect onby the preparation of theestablished financial statements of therules Company, accounting the to supplement a as apply standards these because However,12. to 1 of (IFRIC) Committee Interpretations Reporting Financial International as well as 1 to 8 and IAS 1 to 41, as well as IFRIC from 1 to 32 of the Interpretation Committee (IFRIC and IFRS), IFRS of application the accepted officially has CNC the statements, financial these of date the of As 53 52 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (b) (i) Forward - following the guidelines: with accordance in income, of statement the in counterpart corresponding the or liabilityrecognizedvalue withanasset case maybe,and balance sheet,asthe the on market their whichat recorded U.S.dollars, are in denominated operations for forwardoperations rate During 2008 and 2007 The Company carried out operations with derivatives; specifically exchange legally a has asset andsettle Company theliability simultaneously. the when offset realizethe to or basis net are a settleon either to intention the and offsetthem to right enforceable liabilities) and (assets instruments Financial agreements, contractual in party which includefinancialdebt,reinsurancepayableandtechnical reserves. a is Company the when recognized are liabilities Financial and reinsuranceoperations. securities, investments (except for real estate investments) and accounts receivable for insurance each at marketable banks, year-end.and cash Companyof: the consist by held assets Financial time of their initial recognition and, when permitted and appropriate, evaluates this classification charged are expenses. transaction to the directly the at assets financial Companyclassifies The to relating costs additional value; reasonable their at recorded are assets financial recognised, be. first may When case the as investments, sale for available and maturity to held receivable, accounts and loans instruments, securities marketable liquid as classified are assets Financial Financial instruments - eod te an r os rsn fo te auto a te siae mre vle f the of value market estimated the forward operationintheresultsoffiscalyear. at See Notes3. valuation the from arising loss or gain the records also operation. Company of The type this for treatment accounting an SBS established the not has since case receivable the “other on the depending captions, in accounts” operations payable “other and these accounts” of value reference the records Company The (e) (d) (c) The effect on the 2007 results of these derivative contractsarenotsignificant. See note resultsofthesederivative The effect onthe2007 7. affiliates with private pension plans, which are excluded from the terms established inthe established the terms from Premium FinancingRegulations. areexcluded which disable plans, or pension deceased private of with accounts affiliates capitalization individual from deriving S.A. AFP Profuturo from receivable balances include operations insurance from receivable accounts addition, In overdue formorethan90days,asdescribedinparagraph (f)below. accounts for provisions recording Companywhich the in case arrears, in being premium the of event the in contract insurance the of termination the account into taking without recognized are and value nominal their at expressed are operations insurance from receivable Accounts Accounts receivable from insurance operations (premiums) - value,whicheverat costorestimatedmarket islower. shown are sale for available securities Marketable value. book the than lower or higher is value from the market, with gains or losses recognized in the results of the fiscal year when the market obtained prices on based value, market estimated their at presented are securities Marketable of intention themformorethansixmonths. keeping without but Company the to liquidity provide to order of in held certificates are and They deposit. funds mutual shares, in investments to correspond securities Marketable Marketable securities - of changes intheirvalueareinsignificant. See Notes4and5. whichrisk months three than less are maturities whichoriginal sheet, balance the in presented Cash and cash equivalents include all balances held in cash and banks and marketable securities Cash andcashequivalents - 55 54 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (g) Operations withreinsurers - (f) Allowance for doubtfulaccounts- (ii) (i) accounts arisefrom: receivable Reinsurers andco-insurers caption ofthestatementincome. letter, considering the aging of such accounts, and are recorded in the “Administrative expenses” circular 2002. the in out set certainpercentages using providedby mainly provisionsare These 288- Nº Resolution SBS 570-97,by receivable Nº amended SBS letter other Circular by and regulated are accounts, coinsurers reinsurers, from accounts doubtful for allowance Likewise, expenses” technical “Other to charged are caption ofthestatementincome. and overdue day 90 are they when provisioned Resolution fully operations by insurance from amended receivable 225-2006 accounts Nº077-2007 Nº Resolution and Resolution Nº0459-2006 SBS of provisions the with accordance In into withProfuturo AFP S.A. entered Contract” Management Risk Expenses Funeral and Survival “Disability, the renewed not had 2007,Company 31, the December of As bonus. recognition the and in paid funds the of value updated the at the AFP by sent report the on based is accounts these of recording The this concept are credited to “claims on premiums assumed” caption of the statement of income. from the AFP from receivable Accounts applicable. if bonus, recognition a as well as death; or Individual capitalization accounts include the funds paid in by affiliates until the date of disability reinsurance) clauseissigned. other insurance companies, which are recognized every time an agreement or cover note (for by led coinsurance from and companies insurance other of favour in accepted reinsurance “Claims onpremiums”captionofthestatementincome; and the crediting premium, the of percentage the on based account receivable co-insurers and Claims for which the Company is liable to indemnify the insured party, recording an reinsures (h)

4 the 778-2000, and Company classifiesitsinvestments 1047-99 asfollows: Resolutions in contained regulations SBS the with accordance In Investments, net-

(i) originatefrom: andcoinsurers Accounts payabletoreinsurers (ii) at cost or estimated market value,whicheverat costorestimatedmarket islower. Except for the mutual funds indicated in the next paragraph, these investments are recorded not classified as liquid investments, held-to-maturity investments or permanent investments. are that bonds and funds mutual investmentsshares, Availableinclude in securities sale for Available-for-sale investments - statement ofincome. market value as of the the closing date of the financial statements, recording the at gains and losses in the valued are investments” “liquid as considered participations funds Mutual Premiuns ceded based on an evaluation of the asummed risk, wich is determined by the by Company (reinsurance). determined is wich risk, asummed the of evaluation an on based ceded Premiuns premiums andacceptedreinsurance. received, each time coinsurance a from collection clauses note signed is received and from contracts the reinsurance reinsurance companies accepted for from insurance arising Claims an agreementorcover notesignedbythereinsurer;and the “reinsurance payables” caption of the balance sheet; such transactions are supported by to credit a with simultaneously income of statement the of caption ceded” “premiums the chargeto a recording issued, is policy a time every recognized are payable accounts These 57 56 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements 4 securities. of category this for made be to provisions specific requires SBS the addition, In value. their in deterioration permanent a is there unless securities these of price market in variation the The results of the fiscal year are not affected by recording of the profit or losses generated by means thedifference betweenthepricepaidandnominalvalueofbonds. decrease and up Mark applicable. as discount or premiums acquisition the of amortization the and accrued interest the of recognition monthly a permits wich date, acquisition the at acquisition excluding costs, cost, and their at value initially is updated recorded using are the Internal maturity Rate to of Return held (IRR) Investments maturity.determined until them keeping of intention the with acquired debt representing securities in investments Includes Held-to-maturity securities- the yearinwhich theyarerealizedwhendeclared. andthedividends investments. The gain or loss on the sale of these its investments is recognizedof in the results of sale of cost the determine to method (FIFO) First-Out First-In the uses Company The of provisions, whenappropriate. attheir market value arerecorded recording the gains or the Company losses when by the changes are carried made out and investments the recovery of classification the in Changes informationobtainedby Management. this isnotavailable,market or,if value equity corresponding their by determined is shares non-listed in investments of individually. value market estimated value individual their market investmentsat The these value of any investment or its credit quality deteriorates, provisions must be made to record of the balance sheet date. However if there are significant decreases in the estimated market as prices quoted their on based determined is value market the shares, listed of case the In 4 4 “Investment income,net”captioninthestatementsofincome. the in presented are assets leased the of maintenance the to related directly expenses and expenses depreciation and accrued, are agreements lease considering the the as in recognized method established is leases installments estate straight-line real from Income the years. 33 using of life computed useful estimated an is assets these of Depreciation professionals). independent by performed technicalappraisals on based (determined value available for sale. are which or They lease are for valued at acquired the buildings lower of and their land acquisition/construction cost to or correspond market investments estate Real Investments inrealestate- of theCompanyasawhole. taken the financial statements of the Company, its effect is not important to the financial statements profit, and also there are no material effects on the income, expenses, assets and liabilities of the equity participation, therefore the lack of consolidation has no effect on the Company’s net Peru (hereafter “Interproperties Peru” or “Interproperties).This investment is recorded using Interproperties - 093-2002 D.S. Fideicomiso en Patrimonio and S.A., Plaza Real subsidiary its with Company the of consolidation of effect the include not do statements financial The the otherhand,capitalcontributionsincreaseinvestment. On investmentvalue. the decreasing by recorded are received dividends cash method, this an amount proportionalin to the Company’sstatement participation income in the subsidiary’sthe results. in According to included are subsidiaries the by generated result, losses as or method, gains equity the under Subsidiaries in investment its records Company The Investments inSubsidiaries- 59 58 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements 4 bonds issuedbythe Trust amountingS/30,192,000. madefrom the of been value the the and have Trust2008, in yield the repayments, contribution of consequence as 2008,deductions During class. similar of certificates participation outstanding the among proportionally, and applicable, as project, corresponding or Trust the of liquidation the on based made be will certificates participation of redemption Capital done onthebasisofnominalvalueparticipation certificates. participation in the Trust or in the corresponding project, as applicable. trustees’ the The foregoing will to be proportional made be will certificates participation from yield of Payments whichOriginators, willbeissuedbyclass. the by made contributions the each of for certificates participation the issue will Intertítulos and allsupplementaryagreementstherefore. any under and papers incorporation the in forth set rights the enjoying and obligations the On the assign date, the originators will acquire the condition of trustees, thereby undertaking onthedate corresponding place. and assignthemtotheoriginators, assigntakes participation certificatesrespective the issue must Fiduciary the and it, to contribute to have they assets the transfer to have will applicable, as not, or new whether Originators, the so, CommitteeAdministrative can approve increases in shares in the onthe Trust and each time it does the Originator, the designated of the incorporation Trust, Trust the to After place. it takes assign first the date assign and certificate participation corresponding must the Fiduciary issue the likewise, and, 000, S/50, of amount the the Trust to transfer to agrees the (Interseguro) of Originator Trust,papers the incorporation the of date signing the of As – Intertítulos. establishing by investment estate real its Interproperties restructured Trust, which Company is managed by Internacional de the Títulos Sociedad 2008, Titulizadora S.A. 23, April On Interproperties Participation Certificates-

(i) restructuring, which mustbeinaccordancewiththefollowing: the authorized 17, July SBS dated letter 2008, official an of means By investments. eligible structure are Interproperties the in Interseguro’sshares that reviewed determined and Company has the by proposed Superintendency AFP and Insurance Banking, Peruvian The (vii) (vi) (v) (iv) (iii) (ii) au o te el rpry il e h lwr f h acutn vle r h appraisal the or value accounting the of value. lower the be will property real the of value final the Thus, 038-2002). No. SBS Resolution Eligible by the required Regulations(asof Investments 8 No. Exhibit in forth set provisions the with compliance in be out carriedthe must Trustto contributed be will that assets property real the of appraisal The basis, togetherwiththeexhibits comprisedinResolution SBSNo.039-2002. to sent and PeruvianThe and Insurance and Banking monthly a on Superintendency AFP Investments Other the of 12 No. Exhibit in Regulations. reported be must shares Investment will notberegarded aseligiblefortechnical obligations coverage purposes. the in Trust,assets property real non-eligible such of participation the to corresponding propertytransferredthe real assets to non-eligible be there Should Trust,percentage the 15% ofthe Technical obligations vs.25%inthecaseofotherbusinesstypecompanies. not must assets exceed the established limit per item estate for life insurance companies, which is real to equivalent and shares contribution in investment the of amount The necessary topreparemonthlyfinancialstatements. The value of the shares in the Trust must be computed on a monthly basis; therefore, it is carried outsoleybyexpert registeredintheSBSExpert appraisers Registry.Appraisers be suchmust and appraisal years two every appraised be must propertyassets real The The Exhibit entitled “Real property assets transferred to the Trust” must be completed 61 60 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (i) Vehicles Computer equipment Equipment –various Furnitures Property h dpeito i cluae uig h srih ln mto uig h floig estimated following the using useful lives: method line straight the using calculated is depreciation The any gain orlossresultingfromtheirdisposalisincludedinthestatement ofincome. When assets are withdrawn from service or sold, their cost and depreciation are eliminated and costs arecapitalisedasadditionalcosts. such performance, original their beyond assets these of use the from benefits future produce of the period in which such costs are incurred. When it can be shown clearly that disbursements results chargedthe normally to are costs reconditioning and maintenance suchrepairs, use, as in are assets these after incurred Expenses use. to assets the putting in incurred directly cost other any and tax purchase reimbursable non- and price purchase their of and consists equipment furniture property, of cost initial value. The market exceed not does which depreciation, accumulated corresponding the of net cost, at presented is equipment and Property,furniture Property, furniture andequipment- date, theManagementCompany isevaluatingtheeffects ofthisrule. of 2008. 31, ToDecember valuation until insurance by followed and companies the to respect with classification investments the for criteria new sets which Investments, of Valuation and Classification of Rules new the published SBS the 2009 January 31 32, footnote in indicated As by meansofaunanimousagreementtheGeneral Assembly. The term of effect of the Trust is 99 counted years as from whichApril 23, 2008, can be extended Y ears 10 10 10 5 4 (k) (j) which thesaidloss was recognized. previous years is reversed in the event of a change in the estimates used on the last occasion on Impairment losses are recognized in the statement of income. An impairment loss recognized in risks oftheasset. their present value using a discount rate which reflects actual market conditions and the specific recoverable value. When calculating the value in use, the estimated cash flows are discounted at its to reduced is it and value lost have to considered is asset the value, recoverable its exceeds asset an flow. of cash value independent book an the generate When not does asset the unless the cost of selling or its value in use, whichever is higher, and is determined for individual assets asset. The recoverable value of an asset is the reasonable value of the cash generating unit less there is evidence of deterioration or when an annual deterioration test annual is required for any long-term assets. The Company prepares an estimate of the recoverable value of the asset when of impairment eachanyof On is evidence there Companywhether reportingthe examines date Impairment of long-term assets- Life InsuranceSantander CentralHispano,which isfullyamortized. Until December 31, 2007, including goodwill resulting from the acquisition of shares representing the under reclassified project. “Investment estate real related the when Property” date the from Other assets include the approximately right S/1,500,000 area for a building project which will be assessed and,correspond amortized immediatelyattheirfairvalue. is asset intangible any of value the impairment, of signs are there the When years. five in of period a used over software method straight-line computer the using of calculated acquisition is Amortization the operations. own Company’s in investment the to related mainly Are Software andotherassets- furniture andequipment. depreciation period are consistent with the forecast pattern of economic benefits from property, and method the that ensure to periodically reviewed are depreciation of method and life Useful 63 62 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements t (l) to technical provisions for accepted insurance premiums” in the profit and loss account and reserves corresponding topensionplansarerecorded under account “ Claimsonpremiumsassumed “. loss and profit the in premiums” “adjustments insurance heading accepted for the provisions technical under to and recorded plans are work pension high-risk private for insurance, insurance complementary life covering reserves mathematical to Adjustments Insurance Companies’ Assets andLiabilities” modifiedbySBS Resolution Nº978-2006. Provision of Mathematical Insurance Reserves based on a Match between assets and liabilities of calculated using the methodology established in SBS Resolution Nº 562-2002 “Regulation for the SBS. onwards are November from 2002 out taken plans pension private for rates discount The the by monthly published are work high-risk for insurance complementary and plans pension by an independent actuary. and/or The policyholder discount rates used in the calculation the of reserves to cover private to payments future beneficiaries, including those payments due include that have not yet must been made, which are reserve also verified This policyholder. the to payments future all of value present the to equivalent is insurance, annuity life and work risk The reserve to be established to cover private pension plans, complementary insurance for high- used asafunctionoftheannuitieseach contract. the of average weighted a year that “RV-85”and “Modified RV-2004” mortality be should tables of July and May between starting contracts for and used be should tables RV-2004”mortality “Modified the 2006 August in starting contracts for while used, be “RV-85”table should 2006, for reserves to cover programmed retirement it establishes that for contracts in force before May the use “Modifiedto RV-2004”obligatory mortalityit table makes forResolution contractssaid inthe force fromannuities, cover August 2006to onwards;reserves furthermore, For retirement pensions. programmed and income annuity cover to reserves mathematical the calculating for table mortality RV-2004” “Modified the of use the establishes 354-2006 Nº Resolution SBS and yieldratestobeusedfordifferent typesofproducts. mortality tables the establish which turn in 354-2006, N° SBS Resolution by modified N°309-93, on recorded Resolution SBS in established are methodology the using made and calculations actuarial of basis jobs, the high-risk for insurance complementary and annuities insurance, pension and life covering reserves mathematical of consist premiums for Technical reserves echnical reserves for premiums - (m) T hro.Te mut f hs rsre ae eodd ne te con “auly insurance “Casualty account the premiums accepted”thestate gains andlosses. under recorded are reserves these of amount thereof.The disbursement average the and under sheet balance the in recorded are reserves these of value occurring during a given period of time, as well as claims the average of disbursement for number suchthe losses. of estimate an The on based are SBS. methods the These by required to those addition in reserves IBNR estimate to methods actuarial applies Company the addition, In date ofthecomputation(forinsuranceswithdurationsless thanoneyear). to the monthly average amount of retained claims recorded during the last six months as of the or more) or year one of durations with insurances (for estimation the of calculation the of date the of as months twelve last the during recorded claims retained of amount the of base the to SBS by established percentages the applying insurances. by fund calculated is estimation This pension (SOAT) private insurance and accident traffic compulsory jobs, high-risk for insurance not but incurred losses the of estimation reported (IBNR) as of the date of the balance sheets for life life, group, supplementary collective an includes also claims for reserve technical The premiums ceded. to corresponding reinsurance the of net presented are claims for Technicalmade. reserves is adjustment final which the in year the of results the in recorded is disbursements final the and final adjustment has not been made. Any difference between the estimated amount of the claim The Company records its reserves for claims based on estimates for loss claims, even though the for reservation a is it insufficient premiums,andtheprovisions issuedbytheSBS. calculation, of date the from lapse not does coverage of period the for risks future cover to insufficient is premiums unearned of reserve the that event the In days. of number by exposure total of portion run the calculating of basis the on applying coverage, of by Resolution that Nº779-2000, the non-reserve payable is calculated for each policy or certificate Resolution Nº1142-99 of SBS December 31 1999 and its details and / or modifying SBS established The reserve for outstanding technical progress is determined in accordance with the provisions of echnical reserves for claims- 65 64 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (n) 4 4 4 4 4 Income andexpensesfrominsuranceoperationsinvestments arerecordedasfollow: Income andexpensesfrom insurance operations andinvestments - neet xess r rcre i te eut o te eid n hc i acus Interest accrues. it which in period the expenses consistsofoverdrafts andbankloans. of results the in recorded are expenses Interest are recordedasincomewhentheydeclared. from entities in established whichat the time of acquisition. Dividends the Company invests a as accrues it which rates in interest the and it whichinvestmentsgenerate the period of validity of period the of the function of results the in recorded is investments on Interest the insuranceisinforce. while necessarily not and approved and received are settlements corresponding the when Income and expenses from coinsurance operations and reinsurance accepted are recognized issuance ofinsurancepolicies,arerecognized atthesametimeaspremiumincome. the to relating expenses and income other and commissions and reinsurance on Expenses in which fromthe premiumsarereceived AFPs. insurable monthly remuneration obtained in the last 24 months average and is adjusted in the the month of basis the on estimated is income plan pension Private policyholders. with into entered conditions income contractual the with as accordance in recognised enforceable become they are when plans, pension private to relating those for except Premiums, (p) (o) profitsharing- 4 Current incometaxand workers’ Income taxandworkers’ profit sharing - are cost historic at currency, foreign in converted intonuevos solesattheexchange rateinforceonthedateoftransaction. denominated liabilities and assets monetary Non- on thedateofbalancesheet,arerecordedinstatementincome,seenote3. exchangeforce the in using rates liabilities foreign-currency-denominated and assets monetary arising of conversion and question in transactions losses exchangethe from of differencesliquidation rate on or Profits SBS. the by published sheet, exchangebalance the the of date using the on soles force in nuevos rate into converted later are liabilities currency and foreign assets in Monetary transactions. denominated the of using dates the soles on nuevos force in in rates exchange recorded the initially are currency foreign in denominated Transactions The Company preparesitsfinancialstatementsinNuevos Soles, followingSBSguidelines. Foreign currency transactions - profitsharing- 4 Deferred incometaxandworkers’ information. Workers’ profit sharing is calculated using the same basis used to calculate current incometax. to used basis same the using calculated is sharing profit Workers’ information. recovered or paid. Income tax is calculated on the basis of the company’s individual financial be to expected tax the as measured are tax income current from arising liabilities or Assets balance sheet,torecover orliquidatethevalueof theassetsandliabilities. the of date the on expected, is it which in manner the from deriving consequences tax the reflects liabilities and assets deferred Measuring eliminated. or recovered are differences tax of which rates in these years the in income taxable to the apply to expected sharing profit using workers’ and measured are liabilities and assets Deferred sheet. balance the of date the at as purposes financial for values book their and liabilities and assets of base tax the between differences temporary on based method liability the using recorded are These 67 66 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (r) (q) if itisprobable Contingent assets are not recognized in the financial statements; however, they may be disclosed benefits isremote. to the financial statements unless the possibility of an outflow of resources embodying economic Contingent liabilities are not recognized in the financial statements. They are disclosed in notes Contingencies - due totimeelapsedisrecognisedasfinancialexpenses. the specific risks of the liability. When the provisions are discounted, an increase in the provision in the value of money over time, the provisions are discounted using an interest rate that reflects is provision significant a is there If change any of reimbursement. net account, loss and a profit the in shown to related Expenses estimated. reliably be can obligation this of value the and obligation the liquidate to made be will disbursement cash a that likely is it event, past a from deriving implicit) or (legalobligation current a has Company the when recorded Provisionsare Provisions - current liabilitiesanddeferred taxesarerelatedtothesameentityand Taxagainst authority.taxes current offset to right legal a is there if offset, are liabilities and assets Deferred recorded intheaccounts. sufficient future tax benefits will be available to enable that the use unlikely of is all it or part when assets of deferred the deferred reducing assets or recovered, be to them enable will benefits recorded assets; recording of previously unrecorded deferredbalance assets when it the is likely that and future tax assets deferred unrecorded assesses management the sheet, balance the of date the At applied. be to asset deferred the for benefits tax future sufficient be to likely are there recognizedwhen are Deferredassets reversed. be to expected differencesare temporary the which at time the account into taking without recorded are liabilities and assets Deferred (v) (u) (t) earnings pershare - (s) “Customer Royalty Programs” , IFRIC 14 IAS 19 – “The limit of an asset for defined benefits, a minimumleveloffinancinganditsinteraction”.requirement tokeep defined for asset an of limit “The – 19 IAS 14 IFRIC , Programs” Royalty “Customer onwards. Segments”, 14, IASby 01,January 2009 replaces “Information standard This 13 IFRIC Disclosed”,be Segments”,to “Operating8 from Information IFRS internationally application of Instruments: “Financial 7 IFRS 2006), in (revised Presentation” – Instruments “Financial 32 IAS following: onwards. the are 2009 Januarystandards from PeruThese in applied be to CNC the by approved and internationally issued IFRIC and IFRS certain are there 2008, December of As International Financial Reporting Standards- IssuedIFRS thatare notmandatory inPeru - (i) of comparison: The following reclassification of the financial statements for2006 has been made for the purpose Reclassification - this informationonthebasisoftechnical risks,which aredescribedinnote30. to risks and benefits that are different to other segments of the business. The company provides A segment of the business is a group of activities providing products or services that are subject Segment information - effectdilutive and,therefore,thebasicanddilutedearningspersharearesame. potentially with instruments financial no 2007,has Companyand the 2008 31, December of As the average numberofshares,thesesharesareconsideredasiftheyalways wereoutstanding. of result weighted the a of calculation the as for and issued shares of division shares a constitute profits, dates, of capitalisation sheet balance the at outstanding shares of number average weighted the among income net the dividing computed are share per earnings Basic (ii) In the balance sheet has been reclassified under the “Marketable Securities” under Securities” “Marketable the under reclassified been has “Investment securities,net”amountofS/1,317,000 formutualfundsandforeign sheet balance the In to policyholders. under the “Taxes and different accounts payable”for accounts payable amount of S/285,000 the under reclassified been has sheet balance the persons”In insured to payable “Accounts 69 68 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements

4 4 4 4 have notyetbeenapproved bytheCNC: but 2008, 31, December of as internationally issued been have IFRS following Additionally,the use bythecompany tomanagetherisksrelatedthoseinstruments and extension of financial instruments to which the company is exposed, as nature well as the the methods understanding by profitability and position company’sfinancial the in instruments financial of relevance the evaluate to users allows that disclosure includes 7 IFRS statements. financial in information more providing of goal the have which and records 8 accounting affect IFRS for expect treatments, accounting “Operating certainSegments” and IFRS 7 “Financial Instruments: modify Information to Disclose”, above which mentioned do not standards The and recording disclosures oftheirnetassetsandresultsoperations. the on effects significant have not will they that believes and Company the of operations the in standards above the implementing of impact the analyzed has Management July 01, onwards. 2009 owners”,to cash from than internationally other 17,applicable assets IFRIC of “Distribution October 01, onwards. 2008 business”,from foreign internationally a applicable in investment net a of “Hedging IFRIC financial individual and “Consolidated 27 IAS and statements” (Revised), onwards. applicableinternationalfromJuly 1,2009 combinations” “Business 3 IFRS onwards.all ofthemapplicableinternationallyfromJanuary 2009 Recognition and IFRIC 15 and measurement” (Revised 2008) “Agreement to build property”; statements” financial of Presentation”,instruments: 32 “Financial IAS “Presentation 2007), (Revised 1 instruments: 39 “Financial NIC IAS (Revised), payments” based “Stock 2 IFRS statements”, (Revised), financial Costs” “Financing individual 23 and IAS “Consolidated 27 ReportingFinancial Standards”,International of adoption time 1 IFRS Revisionsto “First IAS 3.

December 31, 2007). December 31,2007). SBS to record assets and liabilities in foreign currency was S/3.140 for each U.S. dollar (S/2.996 as of the by established rate exchange the 2008, 31, December of 2007,As 31, respectively). December for transactions SBS in U.S. wasdollars S/3.137 for the buying and S/3.142 for selling (S/2.995 and by S/2.997 as of published rate exchange average weighted market the 2008, 31, December of As Transactions inforeigncurrency exchange aremade usingmarket rates. Foreign currnc the CNCwillhavetheirfinancialstatementswhenapproving theregulationsforusein Peru. by adopted not were rules the that impact the analyzing is CompanyTo Management the date, adoptionof IFRS. provisions relatedtothefirst 2009. They might be adopted earlier, subject to conditions set for each change and to temporary changesthe startingof periods afterMost on or internationally at applicable Januarybe will 01, 4 if atall,onaccountingaspects. related to terms and reduction of international standards, with an expected minimum effect, Changes 2) and implications, accounting with measurement and recognition the presentation, to related changes 1) categories: two in divided be can Changes matters. accounting of gamut large a covering standards, international 35 IASB to changesthe approved and 2008, published May in IFRS, improve to project the of part As – IFRS” to “Improvements y transactions and ex change riskexposur 71 70 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements

place by an active $37 milliontolocalfinancialinstitutions. place byanactive to equivalent in contracts six are transaction), there date, sheet balance S/47,936,000).the which2007,to Of in the equivalent of value nominal 16,000,000 $ U.S.approximately contracts (sales respectively S/593,460,000 and (a S/188,400,000 189,000,000 US$ and US$60,000,000 Buying and selling forward contracts undertaken by the company during 2008 were approximately dollars: Company’sthe presents below table The currency,foreign in liabilities and assets U.S.in stated Net liabilityposition Technical for reserves premiumsand claims Taxes andotheraccountspayable Reinsurance payables Subordinated bonds Financial debt Investments, net Interest andotheraccountsreceivable Accounts receivable frominsuranceoperations Marketable securities Cash andbanks uS$(000) US$(000) (89,081) 333,091 315,283 422,172 377,193 34,694 10,149 5,000 4,926 6,287 2008 359 625 747 (66,191) 388,398 322,207 344,178 307,490 30,677 5,000 8,400 5,847 8,015 2007 484 371 143 4.

(a) This itemismadeupasfollows: (b) The Company keep current and savings accounts in domestic banks, both in nuevos soles and soles nuevos in both banks, domestic in accounts savings and current (b) keep Company The Cash S/3,696,000 (S/5,514,000 gain on December 31, 2007), which is presented in the statement of profit andloss. statement the in presented is which 2007), 31, December on gain (S/5,514,000 S/3,696,000 approximately exchangefor in difference the by loss net a incurredCompany the 2008, During Cash and cash equivalents aremadeupasfollows: Cash andcashequivalents U.S. which dollars, rates. arefreelyavailable andaccrueinterestsatmarket Current andsavings accounts(b) Cash andfixed funds and banks Marketable securities,note5 Current andsavings accounts Cash andfixed funds

S/(000) S/(000) 31,402 4,234 4,226 27,168 2008 4,226 2008 8 8 S/(000) S/(000) 36,798 33,486 3,300 3,312 2007 3,300 2007 12 12 73 72 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements 5.

(c) (b) (a) Market recorded inthe “investment income,net”captionofthe statementofincome.See note20. sale. As a result of this operation, the Company has recorded a profit of for approximately available to S/278,000, securities of classification changein the was 2008, February in because mainly is item this Stockin Lima decrease the the in Exchange.value 2008, market 31, December of As As of December 31, 2007, it corresponded to shares in private sector companies recorded at their Ontheotherhand,depositsheldatDecember31,2007,2008. weremadeduring2008. December in originated deposits these 2009, quarter of first the in maturing and U.S.dollars to nuevossolesto 0.01percent and 6.80 of rate interest annual average an yielding percent dollars U.S.and soles nuevos in stated deposits time three correspondsto it 2008, 31, December of As This itemismadeupasfollows: Domestic mutual funds(e) Foreign mutual funds(d) Shares (b) Time deposits(c) able securiti S/(000) 26,234 27,168 2008 930 4 - S/(000) 33,486 15,045 17,221 1,216 2007 4 6.

(a) A ccounts recivable fr This itemismadeupasfollows: Other receivable Other: Premiums receivable generalrisks(f) General Risks: Premium receivable fromProfuturo AFP S.A. (b) Accounts receivable fromUnión Vida Accounts receivable fromSupermercadosPeruanos S.A. (e) Accounts receivable fromInterbank(d) Bonds (BRs)(c) Individual Capitalization Accounts (ICAs) andRecognition

om insurancepra tions: S/(000) 8,700 8,700 3,589 3,696 2008 582 765 765 52 16 16 -

S/(000) 13,651 13,651 1,735 2,484 9,019 2007 411 2 2 - - - 75 74 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (g) (f) (e) (d) (c) (b) 225-2006 (modifiedbySBS Resolution N°077-2007225-2006 which tookeffect on January 25,2007). Nº Resolution SBS with 2007, compliance and in 2008 31, December of as statements financial the in accounts overdue for necessary is provision no Management’sopinion in and old days 90 than less are (b), paragraph for except operations, insurance from receivable accounts The policies forcreditcardanddebitcard. insurance purchaseof the to related 24), note company,see (related Interbank - S.A.A Peru del Internacional Banco the from transfer balance the to primarily relates 2008, 31, December of As not renewedfor2008. During January the 2008, entire balance was cashed. As explained in note 2 (e) this contract was accident traffic compulsory of sale the insurance –SOAT by carried outthroughSupermercadosPeruanos S.A.(arelatedentity). generated receivable accounts to Corresponds see note13(g). 2004, November in into entered particularconditions under Disencumbrance Credit of Contract the from derived company); related (a Interbank – Peru del Internacional Banco through made Corresponds mainly to accounts receivable generated by the sale of credit disencumber insurance their fairvalue. at presented are receivable account the of values the significant believes Management are value. in changes there when a receivable accounts on these accounts of value these the adjusts of and collect basis monthly the evaluates Management disabled. declared or deceased S.A. AFP Profuturo of affiliates the of bonds recognition the of value estimated the including accounts, capitalization individual to 2007,mainly and corresponds it 2008 31, December of As 7.

(a) Interes This itemismadeupasfollows: Alameda ColonialS.A. (e) Surco Inversiones S.A. (d) Other accountsreceivable- Long term: Other accountsreceivable Leases receivable Life insuranceloans Derivatives (g) Urbi Propiedades S.A. (c) Other accountsreceivable: Financial bonds Sovereign bonds Corporate bonds Interest receivable from- Short term: t and other

accounts recivable

______S/(000) 29,328 12,330 16,998 10,998 3,007 3,825 2,073 2,404 1,535 9,702 4,160 5,761 2008 7,173 686

______S/(000) 21,714 14,399 4,884 5,248 8,452 2,783 5,669 1,561 1,191 7,315 7,960 2007 286 489 95 77 76 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (g) (f) (e) (d) (c) (b) S/3,172,000) approximately S/3,172,000) as known “Alamedaproject estate real Colonial”, to 1,010,000(equivalent US$ of amount an for and developing of purpose residential the the with of land, phase extension the in run Alameda of 14,812.20meters of square area an whichsold Companyin the sales - buy to contract a held and Company Colonial the Alameda March2008, of month the during because is increase The toapproximately S/653,000). (equivalent approximately US$208,000 (the SA Colonial Alameda from by investment estate real as receivable remains Company the that land of account part of “Alameda”)sale the for an mainly is 2007, 31, December of As Inversiones S.A.arisingfromthe Association Agreement enteredintoinDecember2006. and 2007,As of December 31, 2008 it mainly corresponded from Surco to an account receivable located inthecitiesofHuancayo,Chiclayo, Trujillo, andinsomedistrictsofLima. centers shopping in premises of leasing to primarily relates 2007 and 2008 31, December of As are they policyholders, to granted secured byaccountsofitssurpluslifeinsurancecontractsindividually. loans to corresponds 2007 and 2008 31, December of As of incomein2008. produced a profit recorded under the 2008 “(Loss) 31, gain onDecember differenceof in net”as caption ofcontracts the statements these of value market The 2009. for agreed are maturities whose institutions financial several with into entered contracts derivative forward the for is It the averagemonthlysalespersquaremeter),seenote10 (b). portionfixed portion variable a and cover to to according (in project this on return expected the a comprises Ripley rent monthly the collect chargeand to Interseguro to usufruct of right Urbi the which gives 2004, 6, May on held Rights of assignment of basis the on north, the in Ripley) - Propiedades Urbi Project the to (related Plaza Park Primavera Comercial Centro the of rents of collection increased to due principally is 2008 31, December at caption this in decrease The interest burnedontheinvestment intheUrbiPropiedades -Ripleyproject.See note10(b). the and by and S.A. Cívico Centro the in shares of sale the by generated entity) related (a S.A. As of December 31, 2008 and 2007, it correspondes to accounts receivable from Urbi Propiedades 8.

(a) (h) Prepaid t This itemismadeupasfollows: in compliancewithSBSRuling N°570-97modifiedbySBS Ruling 288-2002. for doubtful accounts is necessary in the financial statements as of December 31, and 2008 2007, Other accounts receivable are less than 6 months old and, in Management’s opinion no provision purchasers oftheapartments tobebuilt. final to granted loans bank the apartments of all the received has of S.A. Colonial 90% Alameda when or sold built, be has to S.A. Colonial Alameda when collected be will balance The Other Credit for incometax(c) Credit togeneralsalestax(b) axes and expenss S/(000) 31,008 13,200 17,262 2008 546 S/(000) 17,284 8,940 7,469 2007 875 79 78 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements 9.

earnings tobeableusethis. taxable sufficient be to unlikely was there date, it to available information on because based that, considered asset this off write to decided 2007,Management 31, December of As S/3,600,000. to It corresponds to a deferred asset recognized by the Company based on the 2001 tax loss amounting (c) (b) Deferrd incom t amounting to approximately S/1,168,000 and S/1,350,000, respectively. andS/1,350,000, amounting toapproximately S/1,168,000 Income 2007,additional and includes it Tax2008 31, prepayments December of As required. is provision any therefore and recovered be will amounts these management, of opinion the In the in forth Taxset Code. provisions the with accordance in requested be will offsetting and/or refund their therefore, payment; unduly an as considered are and application pending credit a constitute 2004 in made Payments years. subsequent in accrued tax income the against credit as used be will 2003 in made payments and 2004 14,November from as applicable longer not the declaring published, was Court additional income tax prepayment unconstitutional. Due Constitutional to the foregoing, said prepayments an the of decision a 2004, 13, November On principally byrentsfromitsrealestateinvestments. during 2008. This credit will be used to cover the VAT balances payable, which credit will (VAT)be generated tax added value to due arising principally from wasconstruction of and extensions item to shopping malls made this by the Company in increase the 2007, 31, December of As ax and w orkers’ pr ofit sharing asset 10.

Inves (a) This itemismadeupasfollows: tmens T Certificate ofparticipation(n) Investment inSubsidiaries(d) Permanent investment - T Allowance ofsecuritiesfluctuation Mortgage Sovereign bonds(f) Corporate andfinancialbonds(g) Foreign investment funds(g) Structured notes Shares (e) Available-for-sale securities T Provision for permanentimpairments

Certificates ofdeposit Real projects(b) estate Investments (c) inrealestate Sovereign bonds(f) Corporate andfinancialbonds(g) Held-to-maturity securities - otal investments otal available for salesecurities otal held-to-maturity securities , net 1,735,957 1,386,434 1,386,198 246,270 (49,981) 296,251 405,245 642,583 152,036 292,173 S/(000) 39,283 45,020 51,695 31,222 98,714 15,211 4,775 8,197 2008 (236) 20

1,559,994 686,872 208,551 843,651 844,055 203,758 258,722 338,554 676,205 216,033 (10,667) 194,419 S/(000) 49,942 29,843 40,138 13,178 17,903 2007 (404) 24 - 81 80 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (b) 1,049,000 (equivalent to S/3,265,000 toDecember31,2008). toS/3,265,000 (equivalent 1,049,000 US$ approximately is investment this of amortization of amount net the 2008 31, December At bytheinvestment.flows received net of basis the on amortized being is which Cineplex, 1,100,000 US$ of return net a payment, a includes and S.A. Zonales Multimercados and S.A. Cineplex with contracts several backedby parties. is the period transaction of This discretion a the at over 10years further premises a for renewable the 10years, of for future the in pay will S.A. Cineplex that lease cash the future from the flows acquires Interseguro which by agreement lease a into entered S.A. Cineplex Peru,the Companytransaction, of this result as a Zonales S.A.; with Multimercados agreed and Piura, of city the in premises of usufruct to right its assigns latter the which by entity) related (a S.A. Cineplex and Company the between into entered contract a includes also balance The this by generated income (b) 7 note investment in arerecognized under “other accountsreceivable” ofthebalancesheet. indicated As SBS. the by approved were treatment accounting its and Interseguro. transaction and This Urbi between agreed profitability of level certain a obtaining to subject 2004. is January term in The commencing years 16 of maximum rights of the cash flows generated by this lease contract for a minimum period of 11 and years a usufruct the possesses Company 2003. The in contract lease 30-year a into entered S.A., Peru S/27,957,000approximately to (equivalent which for Ripley 2008), 8,903,000 31, December of as US$ approximately of amount an for entity), related (a S.A. Propiedades Urbi of property Borja Consists principally of funds destined to the construction of a shopping mall in the district of San (c) (c.1) As of December 31, 2008 and2007,As ofDecember31,2008 itincludesthefollowing: revenues received bythesupermarket. revenues received for a minimal monthly lease payment as well as a variable payment based on sales and services a lease contract for 30 years with Supermercados Peruanos S.A. (a related entity), which provide has Interseguro supermarket, a located is extension this On mall. the of extension an to mainly bythetenants. sales andservicesrevenuesreceived corresponds The variationintheyear2008 on based payment variable a as well as payment, lease monthly minimal a for provide which year terms, respectively, with Saga Falabella S.A. and Cineplex S.A. (a related entity), respectively, 20 and 30 for signed contracts lease which.two for has areas, main two comprises Interseguro located in the city of Chiclayo, Peru, which began its operations in November 2005. The building orsod t a hpig n etranet al ald Cnr Cmril el Plaza” Real Comercial “Centro called mall entertainment and shopping a to Corresponds Accumulated depreciationofbuildings Property (c.4) Land (c.3) Centro ComercialReal PlazaHuancayo (c.2) Centro ComercialReal Plaza Trujillo (c.2) Centro ComercialReal Plaza,Chiclayo (c.1) 298,027 292,173 S/(000) (5,854) 26,668 70,442 79,239 63,563 58,115 2008 203,758 206,211 S/(000) (2,453) 54,362 16,533 76,778 57,007 1,531 2007 83 82 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (e) (d) shares are classified as available for sale and their market valueamountstoS/98,668,000. shares areclassifiedasavailableforsaleandtheirmarket these 2008 31, December of As S/70,120,000. at as amounting suchservices, and banking sectors agriculture, in companies various in shares other as well as for S/78,431,000 sectors approximately utilities in companies in mainly currency Peruvian in capital representing Shares value oftheLimaStock Exchange. At December 31, 2008 and 2007 correspond to actions of private companies, registered at market value ofthesecertificates tothebalancesheetdate. Credito del Peru. During fiscal no 2008 certificate is opened, and the variation corresponds to the de Banco corresponds the certificates in the held to deposits of 2007 and 2008 31, December At (c.3) (c.2) among others. elevators, of company,installation construction a by performed work as such complex, in the city of Huancayo. The increase corresponds to the work for the construction of this Huancayo, Center Shopping Plaza “Real the of construction the to mainly Corresponds amount ofapproximately S/7,477,000. rent. The book value includes rights of usufruct of the land where the mall was built for an of a minimum monthly income and a variable depending on sales and services to get the has signed a contract for 30 years, with Supermercados an Peruanos S.A. and which is composed shops cinemas, of complex entertainment area. Also in this complex is a located whichin a supermarket a Interseguro of primarily comprised is and 2007 November and July in operations began center shopping of Trujillo. The city the Plaza Trujillo”in Real Comercial Centro called complex shopping and entertainment an to Corresponds (f) 4 4 (i) and2007,As ofDecember31,2008 thisitemincludedthefollowing: on Royalty valueofthenotesexceedstheirbookvalue. Pharma,theestimatedmarket to approximately In S/78,092,000). Management’s opinion and on the basis of information (equivalent 24,870,000 approximatelyUS$ is notes structured these of value market The maturity. at interest with principal of payment guarantee that bonds variable-coupon of form the equivalent to approximatelymaturing 3,266,000 in S/10,255,00,000, years 2038, issued in US$ approximately for (CSB) Bank Suisse Credit of branch London the by issued were whichBranch, London Suisse, Credit called purchased were notes the 2008 October In the to equivalent yield investment. a pay will this authorized Pharma. has Royalty they SBS in The shares its on CSP force, to payable dividends in remain notes the whilst Likewise, following circumstances: the in notes the of yield the of part as over kept be will and liquid not are notes These coupons guaranteeingpaymentoftheprincipalwithoutinterestonmaturity. variable of bonds of form the in issued and 2036 in maturing 2007), 31, December of as to equivalent S/42,897,000 approximately US$14,318,000, to equivalent approximately (US$14,318,000, at S/44,959,000 approximately valued (CSB) Bank Suisse Branch Credit Nassau the of by issued Pharma) (Royalty Branch Nassau Notes, Suisse, Credit

option isexercised. tothepresentvalue ofthenotesondate together withasumequivalent exercisesaprepaymentoption,inwhichIf Interseguro casethesharesarereceived On maturity, togetherwithpaymentoftheprincipalnotes. 85 84 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (g) o aot /,4,0, n re t cvr n efc o futain i te xhne o itsfair for exchange the value. Managementbelievesthisprovision issufficient. in fluctuations of effect any cover to order in S/8,242,000, about for to approximately S/17,590,000), the Company established a provision of these investment funds At December 31, 2008 the market value of these funds are approximately US$ 5,602,000 (equivalent a S/8,883,000. equivalent foreign investment fund for an approximate amount of US$ 2,829,000 a in made contributions the by and S/15,700,000 to equivalent US$5,000,000, of amount the in in this item to December 31, 2008 is due primarily to the Company signed a new investment fund risk, recorded at their market value calculated at their month- end installment value. The increase As of December 31, it 2008, corresponds to participations in foreign funds qualified as low credit (ii) S/23,948,000, registered under the “investment income, net” in the profit and loss and profit the in net” statement, seenote20(b). income, “investment the under registered S/23,948,000, In the CompanyApril 2008, sold all of these actions to generate a profit of approximately require and liquid are shares permission fornegotiation its biotechnology, and patents on royalties medical purchaseof the to dedicated Ireland in domiciled fund investment an is Pharma Royalty December 31,2007. of as 4,000,000 US$ approximately to amounting patents) biotechnology and medical purchasethe companyengagedin on Partners,(a Cayman LP RoyaltyPharma in Shares (h) 2007 isasfollows: 2007 and 2008 31, December of as composition subsidiaries. The in shares includes category This (i) (*)Data computed based on the unaudited financial statements as of December 31, 2008 and 2007 of Real Plaza S.A, Plaza Real of 2007 and 2008 31, December of as statements financial unaudited the on based computed (*)Data

Lillingstone FinancialCorp.CentroCívicoS.A.andInterproperties Peru. Interproperties Peru Real PlazaS.A. Centro CívicoS.A (ii) Lillingstone FinancialCorp.(i)

4 seller asfollows: the to buyer the by paid be will and S/36,705,000 approximately of sum the to amounting the share capital of said company. The parties agree that the total price for the sale of shares of 99.99% Company,representing S.A. Lilligstone Inmobiliaria the by issued 1 / S of shares value par the stocks35,914.866 S.A. Lillingstone of favor in disposition and sale in gives it Company,the with agreement an celebrates S.A. Lillingstone whichin 2008, 31, October On 4 n h Itrrpris euTut ud wih ersns h sm f approximately of sum the participation represents of S/35,915,000. which certificate Fund, a Trust Peru of Interproperties ownership the of in transfer and assignment delivery, By o Itreuo cons eevbe wih eand h dt o te rnato, with transaction, the of Lillingstone Real Plaza. date the retained which receivable, accounts Interseguro for applied S/790,000 approximately of sum the to amounting price sale the of balance The 65.00 99.99 99.99 2008 shareholding % Percentage

-

100.00 65.00 99.99 2007 %

-

S/(000) 2008 3,931 4,107 Investment

146 30 - cost S/(000) 39,992 35,915 2007 3,931

146 - S/(000) 2008 participation 3,931 4,775 (*) 814 30 Equity - S/(000) 40,138 35,915 2007 3,931 (*) 292 - 87 86 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements h sae aia i S 3,0 rpeetd y 000 hrs ih pr au o S 1 t the At 1. S/ of value par a with shares 30,000 by represented 30,000 S/ is capital share The (iv) (iii) a S.A., Cívico Centro in shares the of percent 65 acquired Company 2007,the 26, October On balance sheetdatethissubsidiaryisinoperable arecomplementary.for interiordecorationandexteriorofbuildingsotheractivities housing developments, the purchase and sale and distribution of building materials, articles housing assemblies, property management, including but not limited to shopping malls and and centers shopping of projects including projects, estate real of types all of management and development buildings, of types all of property,construction to of sale limited and purchase the not but industry, construction and estate real to related activities all in engage of objective the with Peru, Interproperties to incorporated company the 2008 30, April On andforDecemberS/200,000. separatedintotwoportions, inMarch forS/300,000 S/500.000 The variation is mainly due US$ in the year 2008 the Company made a capital contribution by company incorporatedinPeru. The purchase priceamountedtoapproximately S/3,931,000. (j) (i) range fromBB-to andintherangefrom AAA to31December2008 AAA atDecember 31,2007. during 2007). annually The percent risk classification 10.50 of these bonds issued and by major agency percent risk classifications are (6.60 in the currency Peruvian in annually percent 10.59 inforeign and percent 3.67 between annually and 2007) percent during annually andpercent 10.47 10.47 and percent (5.27 currency percent 5.60 between fluctuate that rates effective at 2008and January August between 2037 (between January and 2007 July mature 2035 as of December bonds 31, and 2007) accrue interest financial and corporate 2008, 31, December of As andintherangefromBB-to December 2008 AAA atDecember31,2007. of these bonds issued by major agency risk classifications are in the range of BBB- to AAA to 31 classification 2007). risk during The dollars U.S.and11.67 in (5.75 annually dollars U.S.percent 10.30and percent 6.07 between and 2007) during annually percent in 5.40 and annually percent accrue and 2007) 31, VACPeruvianin annually percent 5.40 and percent 3.04 between of rates currency percent (3.25 December of as 2035 July and 2009 September (between 2046 August and 2024 October between varying maturities had bonds 2007,sovereign 31, December of As 89 88 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (k) until maturity. books in: The followingarethenominalandmarket in the opinion of the Management of the Company, these bonds will not be sold and maintained supporttechnicallong-term insurance. annuity and contracts insurance for reserves whyis That values of market which were affected in 2008 by the events described in note 1 (b). These bonds whose bonds, financial corporate and sovereign, for except values; book respective their from As of December 31, 2008 and 2007, the market value of investments was not significantly different

Corporate andfinancialbonds Sovereign bonds Corporate andfinancialbonds Sovereign bonds 1,214,036 1,163,702 Nominal Nominal S/(000) S/(000) 556,878 609,079 554,623 657,158 value value

As ofDecember31, 2007 As ofDecember31, 2008 1,000,246 1,095,308 681,866 532,973 413,442 S/(000) S/(000) 467,273 value value Book Book 1,047,486 S/(000) S/(000) 602,302 986,866 384,564 541,960 505,526 Market Market value value (l)

(m) have thefollowingmaturities: Stockand Lima guarantees stockwith Exchangeas foreign used in exchanges,be and not have As of December 31, 2008 and 2007, sovereign, corporate and financial bonds, which are registered on these securities at December 31, 2008 and2007.on thesesecuritiesatDecember 31,2008 Management believes the Company recorded provisions are sufficient to cover the risk of losses h mvmn o poiin o ipimn o mreal ivsmns vial fr ae are shown below: sale for available investments marketable of impairment for provision of movement The _ Exchange difference, net Provision recognized asexpense oftheyear, note20 Opening balance ___ From 2012 onwards 2011 2010 2009 Y 2008 ear 1,214,036 1,144,817 S/(000) S/(000) 49,981 38,921 62,307 10,667 3,598 3,314 2008 2008 393 -

1,163,702 1,086,173 S/(000) S/(000) 21,670 29,446 10,667 10,667 17,976 8,437 2007 2007 - - 91 90 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (n) below: / 130,683,274, these certifieds have been received mainly by the contributions which are detailed Interproperties, which Interseguro the date of balance sheet has 6 certifieds a nominal value of S As indicated in note 2 (h), the Company incorporated an entity with real state purpose denominated (n.1) T Debt for issuanceofbondscausedby theequity, see(n.3) Benefits ofthe year 2008 Return ofcashcontributions Less: Av. Paseo laRepública N°3071,ver (n.2) Av. Nicolás Ayllon 4770 Ate Vitarte –Lima,ver (n.1) Zona IndustrialPiuraLote 234–239 Av. Alfredo Mendiola7026-SanMartíndePorres Properties contributed Contribution incashasinitialoriginator

otal bookvalue by Puruchuco, which themajorityofshares during2008. acquiredInterseguro repurchasethe for consideration as shares of propertyInterseguro the for by contributed, received participation of certificates the transferred turn in who S/62,700,000, upward an Property originally provided by Company Plaza Puruchuco S.A. (hereafter “Puruchuco”) at Book Value S/(000) 130,685 (29,517) (1,779) 41,070 24,023 29,627 98,714 35,915 2008 (675) 50 Appraised Value S/(000) 149,076 42,273 30,899 33,091 42,813 2007 - (n. 3) (n.2) an originator: at December 31, corresponding2008, to the equities in which the Company participates as Here are the most important data from the unaudited financial statements of Interproperties paid onamonthlybasis. contributed in a period of 3 and years account annual an interest of 8.5 percent, which are properties a of rentals the by generating flow cash the with Interproperties by canceled market private the Interseguro. be to transferredwill in was obligation that This cash dollars bonds US$10million for issued equity the 2008, September in hand, other the On this contribution, for foranamountequaltothe repurchasewere soldtoInterseguro ofshares. received participation of certificates the S/35,915,000, of amount an for 2008 October in S.A. Inmobiliaria Lillingstone by contribuited originally Property contract forthesaleofcertificates ofparticipation. duties the of 34.5% the pertainingcertificatethat to transferred favorFinancial to in International according of Corp, Services company the 2008, October in hand, other the On (*) Interpropierties is pending to issue certificate in favor of the company by approximately S/6.7 millions. These millions. S/6.7 approximately by company the of favor in certificate issue to pending is Interpropierties (*) Loss offor theyear Total netaquity Total liabilities Total assets with thirdparties. keeps equity the that liabilities the partwhichof as Piura, zone included of industrial is the in purchaseland the of the for millions S/6.7 by obligation the cancel to cash the transfers Company the when issued be will certificates S/(000) 137,328 (1,779) 40,316 97,012 2008 93 92 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (o)

n t oiin te netet otoi spot aeutl te ehia olgtos f the of obligations and2007.Company asofDecember31,2008 technical the adequately supports portfolio investment the opinion, its in an indexes those of evolution the monitoring and control in permanently is management The appropriate coverage indexes. in U.S. the portfolios of having allowing level, flows at as well as level liabilities case and assets at fit Company the specific dollars, the For obligations. technical different its up back to On the other hand, it is necessary to mention that the Company has several structured portfolios SBS. the by established limits investment the all with complied have they that considers Company other limits established by the SBS. As of December and 31, 2007,2008 the management of the as well as groups economic by and issuer by diversification of limits to companyThe subject is Net bookvalue Balances asofDecember31 Retirements Depreciation oftheyear Balances 1 asofJanuary Accumulated depreciation Balances asofDecember31 Retirements Additions Balances 1 asofJanuary Cost (c) (b) (a) to approximately S/2,344,000 (approximately S/2,528,000 as of December 31, 2007). asofDecember 31,2007). (approximately S/2,528,000 to approximately S/2,344,000 amounted 2008 31, December of as use in equipment property,and depreciated furniture Fully the costofinstallment,furniture andequipment. in included are acquisitions, theses by generated credit tax the of part concept, this for income taxable no obtains that due rules, tax value add the with compliance Reyes.Company,in The Andres in register Company the of location commercial the in improvements and and equipment furniture, of acquisition the to corresponded mainly additions 2008, 31, December of As 31, 2008 and 2007 is shown below: de 2008 yde2007: isshownbelow:de2008 and2007 31, 2008 The movement of the cost and accumulated depreciation accounts for the years ended December 11.

Pr oper ty, furniture improvements Facilities and and equipment S/(000) 3,680 1,643 5,394 2,698 2,924 1.714 (228) (213) 284

and fixtures Furniture S/(000) 1,057 1,830 1,462 773 (59) (59) 697 427 135 and

acc equipment Computer umula 1,721 1,431 2,673 S/(000) 2,112 321 (31) 952 (31) 592

ted eprcia equipment 1,235 S/(000) Sundry 457 379 799 778 437 78 (1) -

tion Vehicles S/(000) 257 237 260 260 20 3 - - -

11,392 S/(000) 4,922 4,387 6,470 4,154 7,557 2008 (303) (319) 838

T otal S/(000) 4,387 3,893 3,170 7,557 7,044 (296) (293) 2007 787 809 95 94 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements 12.

(b) (a) (f) (e) (d) Financial debt neither havespecificguaranteesnorconditionsforitsuse. investments. and term rates long interest finance to market generate respectively) loans These S/45,810,000 and S/63,129,000 to (equivalent of respectively amount an US$14,589,000 for and Markets from US$20,105,000 Global loans Citigroup with of Morgan up JP made of division is a captions Co & this Stearns of Bear balance the 2007, and 2008 31, December of As The itemismade-upasfollows: indicating animpairmentinthenetvalueofproperty, furnitureandequipment. circumstances no were there 2007,that and considered Management 2008 31, December of As the Company’s property, furnitureandequipment. As of December 31, 2008 and 2007, there were no pledges or guarantees to third parties affecting The Company’s mainassetsareinsuredagainst fire,theft andassaultdishonesty. _ Bank overdrafts Bank loans(b) 109,044 S/(000) 111,686 2,642 2008

S/(000) 91,909 91,909 2007 - 13. tA xes (a) (b) (c) The itemismade-upasfollows: guarantees and they are maintained under normal market conditions. guarantees andtheyaremaintainedundernormalmarket specific have not do maturities, current have 10(c). items note These see Huancayo Plaza Real Comercial Centro the of phase second the of aditionals of construction and remodelling the for this item is as mainly of due December principally 31, to 2008 services rendered by third parties U.S.dollars. in and increase currency PeruvianThe in stated are suppliers to payable Accounts does notgenerateinterests. RealComercial Centro the of operation Plaza the by originated S.A.C. Trujillo. guarantee Theses Norsol with maintained are that obligations the guaranteeing of purpose the with S/8,792,000) to (equivalent US$2,800,000 of amount an for S.A. Nuevo Rio by give loan the to Corresponds Other accounts Interest payable, note14 URBI Propiedades S.A. Unicachi (g) Commissions payable (e) Vacations payable Taxes payable bonus(f) Extraordinary Surco Inversiones S.A. Deposits inguarantee(d) Río Nuevo S.A. (b) Suppliers (c) and other accounts pa y able S/(000) 26,722 1,091 3,432 8,792 9,201 1,015 2008 545 660 689 816 376 105 - - S/(000) 25,376 2,899 4,466 2,397 2,958 8,631 2007 393 738 678 634 539 642 100 301 97 96 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements 14.

(g) (f) (e) (d) Subordina sheet, seenote13. under shown “Taxesbalance is the and of payable”captions accounts 2007) and 31, December of as (S/100,000 approximatelyS/105,000 to amounts 2008 31, December of as payable Interest not havetherighttorescueissueorpart ofit,beforetheexpirationdate deadline. interest rate of 9% was approved, which nominal was annual in an force at since December years 1, 3 2008. of8 for extension an assembly, The debenture Company the does in rate 2008 november,28, interest fixed annual and at value November 2013. in mature and guarantees face specific no quarterly;have payable they At percent, their at subscribed fully were bonds The and S/15,700,000 to (equivalent bond. 5,000,000 US$ per 1,000 US$ of value face for a 2007,at and respectively) 2008 31, December issuance of as S/14,980,000 First - Interseguro as known Bonds bonds of Subordinate offering public a made company the 2003, 1, December On reduction was inforceFebruary 2008. 6(c). This section see 2008, 31, January until applied one the to respect with rate commission entered into in November the 2004, reduction of the balance corresponds to the reduction of the del Perú- Interbank, derived from the Contract of Credit Life Insurance under particular conditions As of December 31, 2008 and 2007, correspond to the commissions to pay to Banco Internacional and Company’s employees. As of December 31, 2008 and 2007, this item mainly consisted of a bonus to Management Officers is it as 2006, indicated innote7(f). December on signed Surco Association to of contract receivable the account with an related to S.A., Inversiones corresponds mainly 2007, and 2008 31, December of As the construction oftheReal PlazaChiclayo, for Trujillo responsible andPrimavera shoppingmalls(note10(c)). companies from guarantee in received deposits to corresponds mainly It ted bonds 15. technicalrsrv es forprmiums (a) This itemismadeupasfollows:

General risks trafficaccidentinsurance(SOAT)Compulsory Life insurance annuity Life insurance Private pensioninsurance and claims 1,424,530 1,259,335 reserves for premiums 118,555 T 38,586 S/(000) echnical 8,042 12 for claims t Reserves 71,658 64,477 See 2(m) S/(000) 3,724 3,455 2 - 1,259,335 1,496,188 183,032 S/(000) 42,041 11,766 2008 otal 14 1,076,339 1,317,642 199,127 33,754 S/(000) T 8,422 2007 otal - 99 98 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (b) (c) Reserves forclaimsdisclousedbytypeofinsuranceisshownbelow: SONR reserve from theprovident insurance the free set Company the N°603-2002, Circular the with compliance in (m) 2 section in set is it the by hired policy survival AFP, the in affiliates the of death the by 2007. 31, December until As incurredexpenses funeral the as well 2007.as 31, december N°900-2003 SBS the by set is it As the until by AFP contracted policies survival and disability the in included affiliates of death the incurredexpenses funeral as by well as choice,their forthset Resolutionas SBS in N°900-2003; of company insurance the and insurance annuity life an for opt to pending Pensionare System reportedclaims the by AFP, the from Private benefits which for survival and disability recipients adjustment, of cost the including cost, total the of estimates of consist claims pension Private trafficaccidentinsurance(SOAT)Compulsory Private pensioninsurance(d) Life insurance General risks trafficaccidentinsurance(SOAT)Compulsory Private pensioninsurance(d) Life insurance

Reported Reported 70,264 64,463 S/(000) S/(000) claims claims 85,507 80,878 3,380 2,419 1,566 3,063 2 S/(000) S/(000) 1,394 1,305 2008 2007 4,873 3,623 1,157 t IBNR t IBNR 75 14 93 - 90,380 71,658 64,477 S/(000) S/(000) 84,501 2,723 3,724 3,455 3,156 otal otal 2 16.

(e) (d) y Huancayo, received fromBancoInternacionaldelPerúy Huancayo,received -Interbank(arelatedcompany) on account for payment 5 years by the the leases of of the locations in made Centros Comerciales Realmainly Plaza is income deferredTrujillo, the Chiclayo of balance the 2008, 31, december of As Deferrd incom insurance and life insurance as of December 31, 2008 and 2007 areshownbelow: and2007 insurance andlifeasofDecember31,2008 The main assumptions used in estimating the reserves for life annuity insurance, private pension with SBSregulations. pension insurance and life insurance operations as of December 31, 2008 and 2007, in accordance private insurance, annuity life to exposure the Management’sreflect In balances these opinion, (*) Individual life insurance

Mortality tablesareestablishedbytheSBS.

Private pensioninsurance (*) Life annuityinsurance (*) T ype RV-85, RV-2004 modificated, RV85,MI-85 andB-85 SOC 80adjusted B-85 andothers T ables %

3 and4.5.Finalregime monthly by theSBS inaccordancewith Temporary regimes the ratepublished T interest echnical 3.00 -5.45 3.00 4 -5 100 101 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements 17.

Shareholders’ equity (a) As of December 31, 2008 and2007,As ofDecember31,2008 theshareholdingstructureofCompany was asfollows: N° 26702–GeneralLawoftheFinancialandInsuranceSystems andOrganic oftheSBS. 2007,and 2008 December company’sof Law the As by set minimum stockthe capital exceeded of accumulatedresultsforthepaymentdividends. S/19,134,000 approximately of use of the approvedS/9,566,000. approximately Meeting same The capitalization the and reserve legal the to S/14,590,000 approximately to amunting results March2007,on 6, held Meeting accumulated of Shareholders` transfer General a The approved the useofapproximately S/17,041,000 ofaccumulatedresultsforthepaymentdividends results amunting to approximately to S/23,393,000 the legal reserve.The same Meeting approved The General Shareholders` Meeting held on March 24, approved2008, a transfer of accumulated fullysubscribedandpaidup,withafacevalueofoneNuevo Sol pershare. 2007), It is represented by 116,011,370 ordinary shares (116,011,370 ordinary shares as of December 31, Capital stock - More than10 percent Between 5and10 percent Between 1and5percent Less than1percent Holding ______shareholders Number of 2 1 1 - -

shareholding Percentage ______100.00 99.99 % 0.01 - - (c) egal reserve - (b) L and theguaranteefund Regulatory netequityassignedtocover creditrisks. a maintain to has CompanyRegulatory net equity greater the than the amount resulting from the sum 2007), of the solvency net equity January in effect took (which 1124-2006 Nº and 2001 813-97,Nº Resolution764-Nº1261-98, ResolutionsSBS Nº SBS with by accordance amended In Regulatory netequity- by Peru’s Companies Act canbeusedonlytoabsorblosses. company’sthe of percent 35 to equal is reserve that until capital. legalThis established reserve the SBS, a minimum of 10 percent of earnings after tax must be transferred to a statutory reserve According to Law Nº 26702 – General Law of the Financial and Insurance Systems and Organic of 187 ofthe26702Law, “General LawoftheFinancialSystem andtheInsuranceSystem”. be approved. This amount is part of the effective equity will according capitalization to that the established 2009, of in quarter the first articlethe general on place In take will that shareholders the of approved. meeting was of million S/10 of capitalization amount an the for date that 2008, of as 30, results accumulated September on held agreement Directory’s to According hasbeen foreignshareholders to subject topaymentofa4.1percent. of profits distribution the onwards, 2003 year fiscal From abroad. capital remitting on restrictions no are there legislation, prevailing with accordance In and anexchange rateofS/3.189 perU.S. dollar. Lima Stock Exchange at the transaction date, which amounted to approximately S/4.12 per share the in to price share the belongs account into Corp. Servicestook Company Financial exchangeratio Intergroup The the date that from Corp., Services Financial Intergroup to shares its all January 19,on and 2007, transferredOverseas Inc, InvestmentsFinanciero Wimsie Consorcio PeruGroup, Ltd., IFH Interbank of process reorganization the of part as 1, note in explained As All thecompany’s sharescarry therighttovote. 103 102 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements

staff (S/15,000 given onDecember31,2007). given staff (S/15,000 the to mortgages given has not bails, of granting of operations maintains neither operations, granting guaranty maintained nor Nº630-97 Resolution SBS in to referred System Special the risks credit under funding cover premium granted neither to has Company the assigned because value, any report equity not does net regulatory the 2007, and 2008 31, December of As S/33,176,000 approximately to amounts SBS N°764-2001. fund guarantee the 2008, (approximately as S/29.481,000 of December 31, 2007) according 31, with the indicated in resolution December of As asofDecember31,2007. (approximately S/84,232,000 approximately S/94,789,000 (note 27). As of December this 31, is 2008, to equivalent the margin of solvency and amounts to solvency of ResolutionNº1124-2006margin the SBS the by and 2007) January from 1, force (in SBS Circular Letter SBS NºG-123-2005 updated with the circular SBS N°G-123-2005 and modified of means by updated SBS, the of Law Organic and System Insurance the and System Financial the of Law General the on in of 16Articlefor provided capital minimum based the of amount greater the established is equity solvency the Nº764-2001, Resolution SBS with accordance In December 31,2007). of as S/148,203,000 (approximately S/182,315,000 approximately to amounts which 14), (note portionCompany’scomputable the the of to and equity net accounting the bonds subordinated to equivalent basically is 2008 31, December of as equity net Regulatory Company’stotal The 18. tAx si tu

(b) (a) s rsl o te bv,aaeet acltd n fetv eut cvrg srls as surplus covarage equity effective an calculated follows: above,Management the of result a As exempted formincometax. be also will component investment and saving a contain they though even Peru in established or incorporated companies insurance life by offered products other for reserves technical the and willnotbeincludedinthecalculationofincometax.Earnings generatedbyassetsbacking disability retirement, for Peru in established or incorporated companies insurance life by held backingassets 2010,reserves the January1, by Beginning generated instruments. earnings the those by generated interest the mechanisms,and trading centralized through StockMarkets of perteining to capital gains arising from the transfer of securities registered at the Public Registry According to tax rules in force shall be extended until December 31, 2011, the income tax exemption received. dividends on percent 4.1 of tax additional an pay must individuals and Peru in domiciled not Companies 2007, the and statutory incometaxrateis30percentantaxableincome. 2008 31, December of As Peruvian regime. Tax the to subject is Company The (*) IncludesS/10 millionoutstandingcapitalizationofearnings,seenote17 (a) Surplus Guarantee Fund Solvency equity Less Total netequity regulatory a tion 182,315 (*) (94,789) S/(000) (33,176) 54,350 2008

(84,232) (29,481) 148,203 S/(000) 34,490 2007 105 104 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements Due to various possible interpretations of current legislation, it is not possible to determine whether (d) as that believe counsel legal and management operations, Company’s the of analysis on Based (c) December 31, 2008 and2007.December 31,2008 advisors’ opinion, any legaladditional tax assessment would and not Management’sbe significant to thein financial statements asHowever, of paid. and assessed period the in expense to charged be will they reviews, authority tax from result surcharges and interest payable, taxes additional that event the In Company. the for liabilities tax in result will reviews future not or to reviewbythetaxauthoritiesandGeneralSales Tax to2008. 2004 fortheyears Company’s income tax and value added tax returns of and 2007 2005, 2004, are 2008 still subject by the Company during the four years subsequent to the year of the related tax return filing. The calculated tax income the necessary,adjust if and, review to entitled Taxlegally are authorities at Company the to and2007.December 31,2008 relevant contingencies arise not do standards, these applying of result a from theobligation tocarry outatechnical studyoftransferpricesforyear2008. in domiciled are both when companies affiliated their and Peru taxpayers between transactions as of December 31, 2008 and 2007. Tax Superintendent Resolution Nº 008-2007-SUNAT exempted application of these regulations will not resulting any important contingencies for justifiedby the Company must be havens on an analysis tax of the Company’s operations, Management and its legal believe advisors that the in domiciled documentation or companies information on the methods of valuation used and criteria considered. Based and companies affiliated with For the purpose of calculating income tax and value added tax, the transfer prices of transactions pensionplanaffiliatesare exemptfromvalueaddedtax. premiums paidbyprivate and Also, in accordance with prevailing legislation life, insurance premiums paid by individuals 19.

(e) Premiums (a) with thisauditwererecordedfromresultsoftheyear2008. associated effects the S/16,079,354, of deductible no loss tax rectified a shows that one same satisfactory the a 2009, 21, in January on return work tax income rectified their a submit Company completed the manner.that After have 2008 31, December At 2006. year the for return tax income the of audit of process the began the TaxAdministration 2008, September 24 On This itemismadeupasfollows: andassault Robbery General risks - Group Individual Life insurance - trafficaccidentinsurance–SOATCompulsory Direct private pensionfundsinsurance Life insurance(b) annuity assumed 211,351 135,150 S/(000) 32,632 19,195 19,013 1,875 3,486 2008 235,523 132,540 S/(000) 22,962 14,922 47,915 17,184 2007 - 107 106 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements 20.

(a) Inves This itemismadeupasfollows: tmen incoe, net T Others Loss ofinvestmentandcertificates of participation insubsidiary investmentsDepreciation ofproperty Interest andcommissions. Cost ofsalesproperties(d) Provision for fluctuation ofsecurities value Loss fromsaleofsecuritiesavailable for sale(i) Expenses Others Gain frominvestments insubsidiaries Financial income-various Rental properties Property for saled) Income fromsaleofsecuritiesavailable for sale(i) Interest andcommissions. Income otal, net 214,532 S/(000) 137,696 33,821 38,921 46,995 24,775 45,570 76,836 14,566 48,766 73,111 1,779 3,492 4,890 2,265 4,669 7,798 2008 788 22

146,700 183,895 S/(000) 75,533 13,934 12,232 10,667 10,247 73,104 37,195 1,504 4,086 2,948 7,857 7,532 2007 849 597 - - - 21.

Adminis This itemismadeupasfollows: (d) (c) generated S/5,441,000 approximately totaling losses and gains include also 2008 31, December At (b) generated anetgain ofapproximately S/11,749,000. operation said Lima, of city the in located land of sales correspondentto 2008 31, December At respectively. S/12,203,000 and S/34,475,000 approximately to in amounting investments of classification losses the exchangein category the and equities of sale on losses to primarily relates 2008, 31, December At Nº1047-99 valueofthedatechange. SBS,shouldberecordedforaccountingmarket Resolution to according which investment, of classification the in category the in changes by respectively. andS/13,954,000 about S/23,948,000 of amounts Peruin of government central the by securities of sale and Blubank through others to Pharma Royalty of shares of sale the on gain the to primarily relates 2008, 31, December At Others Amortization anddepreciation Taxes administrative expensesSundry renderedby thirdparties Services Personnel expenses, note22 tra tive expnss S/(000) 32,672 19,833 1,243 2,389 4,592 4,297 2008 318 S/(000) 30,469 18,858 1,406 3,909 3,689 2,313 2007 294 109 108 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements 22.

This itemismadeupasfollows: Personnel expenss Average memberofemployees T Other socialexpenses Vacations Severance indeminities Health provisions Special bonuses Regular bonuses Commissions Salaries otal personnel and average numbrof mployees S/(000) 19,833 1,327 1,064 1,384 2,622 2,035 3,529 6,693 1,179 2008 393 S/(000) 18,858 1,099 3,295 5,932 1,154 1,162 3,135 2,101 2007 307 980 23. o (b) (a) ther income, net gain on thistransactionamountingtoapproximately S/10,327,000. a generating Peru, of Republic the by bonds Brady of surrender total of result a as suchbonds settled BTB Brady Bonds the of trustee S.A. Sociedad PeruTitulizadora Citicorp 2008, May In This itemismadeupasfollows: Others Loss ofsaleinvestments heldtomaturity Other expenses Others Gain ofsaleinvestments heldtomaturity Other income ______S/(000) 31,800 30,383 31,094 1,417 2008 662 755 706

______S/(000) 48,285 21,296 48,787 20,176 27,491 1,120 2007 502 110 111 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements 24. tRANSAC tions (a) and expenditurecorresponding tooperationswithBancoInternacionaldelPeru -Interbank: Forand 2007, ending December the 31, years 2008 the Company recorded the following income following balanceswithBancoInternacionaldelPeru –Interbank: the maintained Company2007, the and 2008 31, December of as operations, its of result a As Banco InternacionaldelPeru- Interbank Other expenses Insurance premiumsaccepted Premium commissions Technical expenses Rents Gain onsaleofland Financial income Premiums assumed T Commissions payable Current andsavings accounts Accounts receivable Bonds otal with rela ted par ties S/(000) S/(000) (6,932) (4,939) 35,918 13,854 15,557 17,946 27,835 5,637 2,579 2008 2008 (340) (767) 803 577 - S/(000) S/(000) (6,557) (6,694) (2,506) (1,914) (1,914) 17,340 2,900 2,385 1,587 6,577 1,831 4,352 2007 2007 537 - (f) (e) (d) (c) (b) of insurancepremiums” and “investment income,net”intheincome statementsrespectively. during income showed 2007), approximately(S/3,062,000 in S/5,589,000 the caption” commission expenses commission recognised Company rental as recognized S/237,000been approximately has to and amounting the(S/110,000 2007 during 2008, During sales. these over percent 5 of Peruanos S.A. is responsible for the sale of SOAT certificates and the Company pays itSupermercados Peruanos aS.A. and the commission Company entered into a contract by which Supermercados Supermercados Peruanos S.A.- in theInvestment income,netcaptionofthestatementincome. Company the recognized income from 2007 this investment and amounting to approximately which2008 S/453,000, is During shown sheet. balance the of caption receivable accounts other Piura,seenote in premises for future inthe 10(b). pay This investment has that generated are accounts included receivable in the in interest and will that Cineplex lease the of flows the future acquired Company the which by contract a into entered company the and S.A. Cineplex Cineplex S.A.- S.A. implemented byCentroCivico project estate real a in investment an maintained Company 2007,the during Also income. of statement the of caption net, income, Investment the on presented 2007) during (S/2,960,000 the Company recognized income from this investment amounting to approximately S/5,061,000 included in the Interest and other accounts receivable caption of the balance sheet. During 2008, whichare receivable accounts generated caption. has net” the investment“Investment in This presented respectively, S/26,675,000, and S/26,675,000 approximately at valued project estate real commercial this in investments of maintains 2007,Company and use the 2008 31, the December of for As premises. Agreement Cession Rights a into entered Company the and Urbi Urbi Propiedades S.A.- respectively. of custody several the corporate and for financialresponsible bonds,was valuedcompany forrelated approximately2007, S/248,813,000this and and S/222,295,000 2008 31, December of As Centura Sociedad Agente deBolsaS.A.- respectively. an affiliatedcompany amountingtoapproximately S/3,030andS/3,000, As of December 31, and 2008 2007, the Company held participation in mutual funds managed by Interfondos S.A.Sociedad Administradora deFondos - 113 112 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (l) (k) (j) (i) (h) (g) respectively. and1.46 1.18 to amounted percent of 2007 net revenues and (under “Insurance 2008 premiums accepted” in caption of the officers Company’sincome statement) the for remuneration Total - Remuneration personnel forkey of staments the income. of caption expenses” “Administrative under included are and respectively, Total amounted paid to and to approximately2007,the Directors S/38,950 and S/73,935 for 2008 remuneration- Directors’ the industryandaresettled inaccordancewithprevadingtaxlegislation. in used commonly those are taxes these calculating for basis the as well as transactions, these Investments with related parties took place under normal market conditions. Taxes generated by valueofS/1,875,000. in thebalancesheet,sharesofitsatHomeofficemarket At December the 31, Company2008, included as part of the caption “Investment securities, net” Intergroup FinancialServices – approximately asexplainedinnote10 to (h.1)thesharesweredivested S/35,915,000, equivalent US$11,638,000 approximately to amounted price Isidro. purchaseSan 3071, The República la de Paseo at located building a is asset sole whose company a On July 17, 2007, the Company acquired 100 percent of the shares in Lillingstone Financial Corp., Lillingstone FinancialCorp- in the “services renderedbythirdparties” capitonofthestatement income. included are expenses these S/367,000 approximatelyrespectively; S/100,713for and expenses in incurring Chiclayo, Huancayo of Trujilloand city the in located Plaza Real Comercial Centro of management the for responsible was entity 2007,related and this 2008 31, December of As Real PlazaS.A.- 25.

of December 31, 2008 and2007: of December31,2008 The Company held the following eligible investments as support, which fully cover the obligation as the above-mentioned regulations. support all of its technical reserves and equity with eligible investments within the limits set forth in must company the N°1793-2003, Nº and Resolutions SBS 1149-2002 by modified 039-2002 Nº SBS In accordance with article 311 of Law 26702 - the Financial System and Financial Regulatory Act, and Suppor Surplus T Guarantee fund,note17 (c) Margin fof solvency, note27 Technical reserves Technical obligations Bonds (a) Shares andmutual fundinvestments Time depositsandcertificatesofdeposit Cash andbanks T _ Real investments estate Loans guaranteedby insurancepolicies Accounts receivable for insuranceoperations Mortgage notes Foreign investments (a)(b) Other eligibleinvestments otal technical obligations otal assetsaccepted assupport t of the technical resrv es and the sol venc y netequity 1,616,703 1,488,738 1,624,441 122,775 988,276 208,210 S/(000) 101,246 155,116 94,789 41,611 33,176 2,073 3,696 1,418 7,738 2008 20

1,420,913 1,307,200 1,517,879 934,700 183,597 S/(000) 211,765 96,966 84,232 28,353 29,481 75,271 73,191 1,561 6,242 3,175 2007 24 115 114 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements (b) (a) lgbe netet cno b ecmee ad r nt t ik f ezr o ay other any or seizure of risk at not are and precautionary measurewhich restrictstheirfreeavailability. encumbered be cannot investments Eligible with Article 5and Transitory Provision 4ofSBSResolution N°º039-2002. technical Company’s the cover obligations to are within destined the limits investments 2007,of eligible and investments by country 2008 set forth 31, by SBS, December in accordance of As established forsuch investments inaccordancewithSBSResolution N°039-2002. limits the within are amounts 2007). These 31, December of as percent 20 and (S/287,036,000 approximatelyrepresented and 14technical respective the of percent obligations S/224,020,000 approximately to amounted funds, mutual and shares foreign and countries foreign in entities and Banks Central foreign by issued instruments financial in investments Likewise, 2007). 31, technical 18respective the of percent obligations (S/397,052,000 December of as percent 27 and bythe orguaranteed S/297,268,000approximately approximately to represented amounted Governmentand Central issued instruments financial in investments 2008, 31, December of As 26. eARNINGSpershar is shownbelow: Calculation of the weighted average number of shares and earning per share, both basic and diluted,

results for 2007 of accumulated Capitalization 2008 Balance asofDecember31, Balance 1,2008 asofJanuary Fiscal year 2008 2007 Balance asofDecember31, Balance 1,2007 asofJanuary (In thousands) outstanding 106,445 116,011 116,011 116,011 Shares 9,566

(In thousands) outstanding Shares base calculation: 106,445 116,011 116,011 116,011 for the 9,566

the year days in 365 365 365

Weighted average ordinary shares (In thousands) 106,445 number of 116,011 116,011 116,011 9,566 116 117 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements 27.

been computedmainlybasedontheproductionoflast twelvemonths. has which 2007) 31, December of as S/84,232,000 (approximately S/94,789,000 approximately to As of December 31, 2008, the margin of solvency of margin of calculated by the Company amounted months, whichever ishigher. production of the last twelve months or expenditure on losses net of recoveries in the last thirty six the to certain percentages applying 17(c). from note resulting in figure the basically is margin This solvency margin as one of the parameters used to determine the regulatory capital cover referred to and Resolution Nº 813-97, modified by Resolution Nº 827-2000, the company is obliged to calculate a SystemFinancial articlethe with - accordance Regulation26702 In Financial and N° Law of 303 Act The calculation of earnings per share as of December 31, 2008 and2007,The calculationofearningspershareasDecember31,2008 ispresentedbelow: Margin ofsol Earnings pershare,basicanddiluted Earnings pershare,basicanddiluted

venc y (numerator) (numerator) Income Income 79,046 S/(000) S/(000) 6,555 (denominator) (denominator) (en miles) (en miles) 116,011 116,011 Shares Shares 2007 2008 per share per share Earnings Earnings 0.681 0.057 S/ S/ 28.

(i) expertise asfollows: andskills, followingpoliciesapproved bytheBoardofDirectors, The Company’s management controls liquidity, interest rates, currency and credit risks based on its operates. Company the which in market each in existing conditions the of aware is Management programme seekstominimizeeffects thepotentialadverse onitsfinancialperformance. in variations of effect the exchange include rates, these interest risks, rates and of market values variety of its a investments. to it The expose Company’s activities Company’srisk management The

2009. This resolution will enter in force at the date of the preparation of financial statements for the period phases. both in requirements with compliance to subject permanent, or temporarily work of phase inactive an moveto they when workers for insurance life and burial insurance for margin solvency On 4 Septemberthe SBS 2008 published Resolutionwhich Nº8243-2008, modifies the calculation of Risk managemnt contract, thisriskisarbitraryandthereforeunpredictable. insurance the of nature the By value. set a having claim resulting the therefore, and, occurring event risk: insured Insurance the of possibility the is contract anyinsurance by covered risk The 4 4 4 Sources ofuncertainty incalculating paymentoffutureclaims. 4 calculated. intoaccount inevaluatinginsurancerisks: aretaken The followingfactors value ofinsurance book the liabilities. willexceed This could occur if the frequency and/or severity of claims and benefits is greater than the policies by covered benefits of payment and/or claims probability that is company the facing risk and main the provisions, and prices setting number to applies theory large where concerned, is portfolio contract insurance the as far As calculate mathematicalreserves. to used rates discount on effect direct a have that investments for rates market in Changes Mortality tablesfordifferent lifeinsuranceplans. Frequency andseverityofclaims. 119 118 Interseguro Experience that makes a difference > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements

(iii) (ii) fromwhichmean adeficitinreserves pensions arepaid. iscalculated,whichof theinsuredpopulationisgreaterthanthatestimatedattimeannuity would In the specific case of life annuity insurance, the risk assumed by the company is that the real life expectancy health andothers. potential policyholder, by analysing characteristics such asgender, whetherornotthepersonisasmoker, ofriskor given a to applicable selection risk of degree a careful the classify to it out enabling thus policies, its issuing when carries subscription Company the this reason, For losses. cover to insufficient is cover offered the for calculated premium the that mean mortality, which could of rate real the reflect not do clients its with associated rates mortality the that risk the to exposed is Company the Furthermore, criteria for adequaterisks. selection the implement to serve limits Underwriting value. and type risk risks of terms in diversified well underwriting are that guarantee to designed is strategy underwriting The location. geographical and risks accepted. Factors aggravating insurance insurance risks include a of lack of diversificationtype of risktypes andthe values, diversify to developed been has strategy underwriting Company’sinsurance The the affecting Company’sfrom inany andliquidity given equity year.losses insurance net losses. total severeprevent to and is negotiation frequent reinsurance this against of it purpose The protect to contracts reinsurance automatic has Company The liabilities and minimize reinvestment risk. Net income from interest and the market value of assets that and assets between flows cash balance to differentorder with structuresin bonds amortisation term medium preferential and at short terms rates, medium and short the in certificates bank and deposits the of investments on differs effectfrom the period of their obligations assumed. and Therefore, the rates Company maintains time interest in variations reinvestment rates from required to pay long-term obligations. arising Reinvestment risk may risk arise when the period the Means risk: rate Interest period. short very a in (sold) realised be can that instruments financial quality,liquid high in concentrated are investmentsCompany’s the Furthermore, requirements. liquidity unexpected possible address to it future outgoings. The Company also maintains a structural liquidity position and (availableflow income assets) to between enable balance achievea to order in liabilities, and assets its management of maturities the adequate of through required liquidity controls Company The cost. reasonable a at due the result of insurance claims. Liquidity risk is the risk that cash may not be available to pay obligations as mainly risk: availablereserves, Liquidity its cash on requirements daily exposedto TheCompanyis iaca ast wt ptnil rdt ik oss mil o cs ad ah qiaet, ak deposits, bank equivalents, cash and cash of mainly consist risk credit potential with assets Financial (v) (iv) assets andliabilities. of profitability of level the and rates interest in changes of basis the on fluctuate will interest accrue Internacional delPeru -Interbank,which holdsapproximately 97percentofreferred balance. the group life issurance and credit disencumbrance insurance portfolio is mainly concentrated at Banco Furthermore, spread. widely also is policyholders life individual of 10,respectively. portfolio and The 5 notes in given is investments and securities marketable of analysis An market. international active an is there whichfor notes Peruviandebt as well as markets, foreignPeruvian and the in companies reputable by issued securities in made are are Investments deposits institutions. time financial as prestigious in well placed as equivalents, cash and Cash investments. and securities marketable assets. minimum purpose these investing in when account this into taken which levelsare determined, haveclassification been risk For banks. and companies private governments, by issued securities all to apply which risk, credit controlling for policies various maturity.has on Company Thefull in debts its risk: Credit TheCompany exposedis whichrisk, credit to payto unable is counterpart a that risk the is assets andliabilitiesinordertoreduceexchange raterisk. foreign-currency-denominated of levels similar maintain to is policy Company (obligations). liabilities its to compared currency foreign in (investments) assets of levelsdifferent that maintains Companyprovided the rates exchange in changes adverse through losses of risk the Means risk: Currency 121 120 Interseguro Experience that makes a difference General risks insurance -SOAT Compulsory traffic accident Compulsory

Annuities Life andpensionrisks Private pensionplans

Individual life Group life > As of December 31, 2008 and2007 As ofDecember31,2008 Notes to thefinancialstatements 30. 29.

The main revenues and results of the insurance business broken down by type are shown below: downbytypeareshownbelow: The mainrevenuesandresultsoftheinsurancebusinessbroken exceptfor values, book certain investments, valuesofwhich respective themarket their areshowninnote10. from Company’s the different of not significantly value is fair the instruments 2007, financial and 2008 31, December of as opinion, Management`s In such asfinancialoptions. primary instruments such as include accounts instruments receivable, financial accounts addition, payable In and equity; intruments. as equity well or as instruments derivatives, financial Company´s another exchange to or asset financial other any or cash receive to right contractual any cash as from anyfinancial deriving asset of a company anycontract and a financial liability as or equity instrument from another company, considering instrument a financial define standards Accounting Informa F air value offinancialins tion b 135,150 211,351 S/(000) 32,632 19,195 19,013 2008 1,875 3,486 y type ofbusinss Premiums assumed

235,523 132,540 S/(000) 22,962 14,922 2007 47,915 17,184 - trumens S/(000) (4,929) (6,167) (1,163) 2008 Premiums (75) ceded - - - (3,709) (5,165) (1,114) S/(000) 2007 (342) - - -

(128,300) (136,465) S/(000) technical reserves (5,506) (1,910) 2008 Adjustment of (737) (12) - (129,331) (107,813) (16,036) S/(000) (5,586) 2007 (86) 190 - (123,083) S/(000) (83,667) (21,359) (11,928) 2008 (5,325) (784) Competing (20) claims (152,252) S/(000) (10,538) (77,829) (57,032) 2007 (6,120) (733) - (54,364) (76,817) S/(000) (17,948) 21,642 technical result 2008 11,741 1,843 5,175 Gross (51,225) (25,495) (53,102) S/(000) 13,323 2007 4,298 9,751 - 32. 32. 31.

Contingencis discrepancy, prevails. theSpanishlanguageversion a of event the In countries. other in principles accounting accepted generally to respects in certain differ may entities, insurance for Peru in accepted generally principles accounting to conform accepted in Peru for insurance entities. Certain accounting practices applied by the Company, which The accompanying financial statements are presented on the basis of accounting principles generally these implementing of effects the evaluating is standards inthefinancialstatementsofCompany. Company Management the report, this of As with theguidelineslaiddownbyInternationalFinancialReporting Standards. the criteria for classification and valuation of investments and the treatment of financial instruments harmonize to seeks it which through Insurance Business Derivatives for Accounting of Regulation and Negotiation and for Nº514-2009 Classification Resolution and companies the insurance of for Investments of RegulationsAppraisal Nº513-2009 Resolution issued SBS 2009, 31, January On already recordedbytheCompany. recorded by the Company so Management has not considered a necessary addition to the provision the in opinion of activities, the Management its and its to legal counsel, related will not lawsuits result in pending additional liabilities several to the has already Company the 2008, 31, December At Additional expana Subsequent Eves tion frEnglish transla tion 123 122 > Board of Directors

Felipe Morris Guerinoni, Chairman Raúl Musso Vento IFH Perú Ltd. Industrias Electroquímicas S.A., IEQSA. Bachelor’s degree in Economics, Universidad Industrias Electroquímicas S.A., IEQSA. del Pacífico, Lima, Peru. Bachelor’s degree and professional degree in Master’s degree in Economics, University of Economics, Universidad del Pacífico, Lima, Pittsburgh, Pennsylvania, United States. Peru. Master’s degree in Finance, American Master’s degree in Economics, University of University, Washington D.C., United States. Pittsburgh, Pennsylvania, United States.

Ramón Barúa Alzamora, Vice-Chairman Carlos Rodríguez-Pastor Persivale 124 IFH Perú Ltd. IFH Perú Ltd. 125 Bachelor’s degree in Industrial Engineering, Bachelor’s degree in Social Sciences, Berkeley Universidad Nacional de Ingeniería, University, California, United States. Lima, Peru. MBA, Amos Tuck School of Business Bachelor’s degree and professional degree in Administration, Dartmouth, United States. Pure Economics by the Catholic University of Leuven, Belgium. Carlos Saco-Vértiz Tudela (Appoint Director) Bellido, Saco-Vértiz & Bellido Law Firm. Guillermo Martínez Barros Attorney-at-Law by the Pontificia Universidad Primamérica Consultores S.A. Católica del Perú, Lima, Peru. Bachelor’s degree and professional degree in Commercial Engineer, Pontificia Universidad Católica de Chile, Santiago, Chile. MBA, University of Chicago, United States. Master of Science in Economics, London School of Economics, England.

5 Front: Guillermo Martínez, Ramón Barúa, and Carlos Saco-Vertiz Back: Carlos Rodríguez-Pastor, Felipe Morris and Raúl Musso > Management Committee

Juan Carlos Vallejo Blanco Alfonso Lizarzaburu Mispireta General Manager. Operations Manager. Bachelor’s degree and professional degree in Bachelor’s degree in Industrial Engineering, Industrial Civil Engineering, Universidad de Universidad de Lima, Lima, Peru. Chile, Santiago, Chile. MBA, Université du Québec, Canadá. MBA, INCAE Business School, Costa Rica. Ernesto Melgar Cavero Gonzalo Basadre Brazzini Commercial Manager. Investment Manager. Bachelor’s degree in Industrial Engineering, Bachelor’s degree in Business Administration, Universidad de Lima, Peru. 126 Universidad del Pacífico, Lima, Peru. Master’s degree in Finance, Universidad 127 MBA, Harvard University, Massachusetts, Peruana de Ciencias Aplicadas, Lima, Peru. United States. Master’s degree in Business Management, Universidad de Piura, Peru. José Andrés Labrin Barrientos Information Technology Manager. Claudia Valdivia Valladares Graduate in Execution Engineering in Finance and Human Development Manager. Information Technology, Universidad Bachelor’s degree and professional degree in Tecnológica Metropolitana, Santiago, Chile. Accounting, Universidad del Pacífico, MBA, INCAE Business School, Costa Rica. Lima, Peru. Bachelor’s in Administration, Universidad del Pacífico, Lima, Peru. MBA, MIT Sloan School of Management, Massachusetts, United States.

5 Ernesto Melgar, Claudia Valdivia, Gonzalo Basadre, Juan Carlos Vallejo, Andrés Labrín and Alfonso Lizarzaburu Interseguro Annual report 2008

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