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2008 x y annual report annual report VERTICAL x x x HORIZONTAL 1/2y > Interseguro recognized for our expertise pantone 285 pantone 280 x y 2008 annual report annual report VERTICAL CONTENTS x x x > STATEMENT OF RESPONSIBILITY LETTER FROM THE CHAIRMAN KEY FINANCIAL FIGURES I. SOUND SUPPORT AND TRACK RECORD THAT FORTIFIES US > HORIZONTAL 4. BRIEF CompanY Profile 6. VISION, MISSION AND VALUES 8. Corporate Governance Practices 1/2y > Interseguro recognized for our expertise > II. COMMITMENT TO SERVE OUR CLIENTS 12. Commercial Management 16. Investment Management 20. Administrative AND FINANCIAL Management pantone 285 24. RISK Management pantone 280 Statement of Responsibility This document contains accurate and sufficient information regarding the Business performance of Interseguro Compañía de Seguros S.A. during 2008. III. ACCOMPLISHMENTS THAT GUIDE OUR FUTURE > Without prejudice of the issuers’ responsibility, the undersigned is responsible for 28. VISION OF THE FUTURE the contents pursuant to the applicable legal provisions. 30. InstitUTIONAL ACHIEVEMENTS It is hereby set forth that Interseguro has exercised the option provided by Section 1 of the Regulations for the Preparation and Presentation of Annual Reports, approved by CONASEV Resolution 141-98-EF/94.10, as modified by CONASEV Resolution 119-99-EF/94.10, and for this reason the company presents, together with this Annual Report, the Annual Information Document, prepared IV. CHALLENGES TURNED INTO OPPORTUNITIES > in line with the requirements established in the Handbook for the Preparation of 34. THE PERUVIAN ECONOMY Annual Reports and other Information Documents, approved by Gerencia General 36. THE INSURANCE Sector Resolution 211-98-EF/94.11 and its modifications. 38. Management Presentation OF RESUlts San Isidro, February 24, 2009 > V. EXPERTISE TRANSLATED INTO RESULTS 44. Report from INDEPENDENT AUditors 48. AUdited FINANCIAL Statements 52. Notes to FINANCIAL Statements Juan Carlos Vallejo Blanco 126. Board OF Directors General Manager 128. Management Committee > Letter from the Chairman To our shareholders, co-workers, customers and friends: 2008 yielded mixed results for Interseguro. On the In terms of commercial results, Interseguro kept its Our company was also distinguished for its semester. The 2009 forecasts are not very optimistic commercial side, the performance of our company position as historical leader in retirement annuities, outstanding working environment. After ending 11th for the world economy, which is undergoing its worst was very good and we were able to achieve our despite the reduction in the volume of premiums in the 2007 ranking of best companies to work for in crisis since the Second World War. However, it is goals in terms of sales in the different product lines, due to a contraction of the market explained by Peru, awarded by the Great Place to Work Institute, expected that Peru will still grow 5%, one of the Experience that makes a difference Experience that makes obtaining premiums for a total of S/. 211.4 million. As a the desire of prospective retirees to postpone their we set ourselves the goal to be among the ten highest growth rates in the world for the second year 2 result, Interseguro ranked fourth in the industry, as in retirement to recover from the loss of capital in their leading companies this year. The goal was largely met in a row. 3 the previous year. portfolio. In individual life premiums, the results as we obtained the 5th place in the ranking, which were far better than our competitors, as evidenced reflects the commitment of Interseguro towards the We expect that 2009 will be a better year for The company obtained an 8.4% participation in the life by a 12% growth in premiums, compared to the development and well being of ours co-workers. We Interseguro in terms of profitability and that we will insurance market and almost 5% in the total insurance 6% achieved by the market. This performance is have now set a more ambitious goal for 2009 and to achieve the growth and sales goals we have set out market, a very good performance considering that explained by a 38% growth in the sales force and that end we will continue favoring a work environment in our strategic plan. I wish to express my gratitude it does not longer manages a disability and survivor the implementation of the Flex Vida Plus plan, a where individual talent is respected, teamwork is for the support received from our customers and nterseguro nterseguro I benefits program for a Pension Fund Administration universal life insurance product, which we launched in encouraged and co-workers that best represent the for the effort displayed by our co-workers, directors company. 2007. The retail insurance product line also showed a values of our company are recognized throughout the and shareholders, as they made possible our good performance during the year. In particular, the year. achievements and results this year. We are certain With regard to financial results, Interseguro obtained Mandatory Traffic Accident Insurance (SOAT) had a that the team of Interseguro has the know-how, the a net profit of S/. 6.6 million, equivalent to a 3.1% very strong performance growing by 26.2% compared With regard to information technology, we developed capacity and the motivation to face the challenges and return on equity (ROE) and a 0.4% return on assets to a reduction of 5.4% for the industry. The synergies an Internet platform to serve our customers and to take hold of the opportunities that may arise. (ROA), far below the outstanding figures of 2007. of the Interbank Group allowed this positive result. co-workers, having completed a set of projects The company’s profits were affected by a reduction especially related to individual life, non-life and bank in investment income, as a result of the worldwide The permanent satisfaction of our customers is a insurance products. Furthermore, we have important financial crisis which affected the value of our priority of the company; accordingly, we worked technological projects that will soon enable us to portfolio. Considering the magnitude of the crisis, throughout the year to offer the highest quality service simplify the sales and administration of our products. we managed efficiently our investments, as we kept and the best products. Today we can proudly say Finally in recognition of steady efforts during the a diversified portfolio and prevented credit exposure that we have a portfolio composed by more than one past three years, in December 2008 we obtained the in the mortgage sector in the United States, as well million o satisfied insurance customers. We also ISO 9001-2000 re-certification for our annuity and as in financial institutions that went bankrupt. The started offering non-life insurance products during the individual life products. company’s assets totaled S/. 1,861.6 million and second half of the year, including the administration of equity reached S/. 201.8 million at the end of the year, Interbank´s credit and debit card protection coverage, It is worth mentioning that Peru has displayed an showing a strong solvency position. which required the preparation of new technical outstanding economic performance in 2008, with a models to price, evaluate and calculate the reserves 9.8% growth, the highest in 15 years, despite the Felipe Morris Guerinoni for these products. international economic slowdown during the second Chairman > Sound support and track record that fortifies us Experience that makes a difference Experience that makes Brief Company Review 5 Lita Duarte 4 Founded in 1998 by Grupo Interbank and the and Interseguro. IFC exchanged its shares 5 Bankers Trust, Interseguro is currently one of and continues participating indirectly of the the leading Peruvian insurance companies, ownership of Interseguro through IFS. Dec-08 Dec-07 Dec-06 Dec-05 Dec-04 specialized in annuities and life insurance. At the MAIN FINANCIAL FIGURES end of this year, the company initiated activities In 2008, Interseguro obtained premiums for S/. (IN MILLION OF NUEVOS SOLES) in casualty (non-life insurance), a field where 211.4 million, representing an 8.4% participation nterseguro nterseguro I it has a possibility for expansion due to its of the life insurance market and 4.9% share of Balance Sheet renowned experience. the insurance market altogether. Furthermore, Total assets 1,856.8 1,662.3 1,458.8 1,283.5 949.9 Total liabilities 1,655.0 1,450.0 1,306.5 1,174.5 875.6 its assets totaled to S/. 1,861.6 million and its Total equity 201.8 212.3 152.3 109.0 74.3 The World Bank subsidiary, International Finance equity reached S/. 201.8 million. It is worth Corporation (IFC), joined the partnership in mentioning that the company evidences an Profit and Loss Statement 2000 through the acquisition of 15% of the average annual growth rate of 63% in assets Net Insurance Premiums 211.4 235.5 304.9 287.7 249.3 capital stock of the company. Later, in the and 48% in premiums and has stood out since Underwriting result -64.3 -66.6 -57.3 -45.1 -46.2 year 2007, Grupo Interbank created a financial the onset of its operations as a historic leader in Net income from investments 73.1 152.2 109.1 85.5 68.3 holding, Intergroup Financial Services Corp. annuities. Administrative expenses -32.7 -30.5 -27.7 -24.6 -23.6 (IFS), consolidating the ownership of Interbank Result of operation -23.8 55.2 43.3 31.3 11.6 Other net income 30.4 27.5 14.7 18.3 13.1 Net result from exposure to inflation 0.0 0.0 0.0 0.0 -2.7 Deferred income tax and workers` participation 0.0 -3.6 0.0 0.0 3.6 Net profits 6.6 79.0 43.3 31.3 12.5 It is worth mentioning that the company evidences Profitability ratios an average annual growth rate of 63% in assets and ROE 3.1% 41.2% 33.8% 35.9% 18.5% ROA 0.4% 5.0% 3.2% 2.9% 1.5% 48% in premiums Source: Audited Financial Statements of Interseguro > Vision, Mission and Values Vision Mission To be the most successful To protect the economy of families by providing insurance company in Peru.

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