Washington D.C./Lima, Peru, February
18, 2009—IFC, a member of the World Bank Group, is making an equity
investment in Protecta, Peru’s first specialized micro-insurance company,
that will help expand insurance services to lower-income households and
IFC’s investment will help Protecta strengthen
its capital base and extend its financial products and services to segments
of the population that are currently underserved. IFC´s equity stake is
for 16.5 percent of the company, while ACP Group holds 83.5 percent.
“Protecta has provided insurance services
to more than a half million people in the past year, and with IFC´s support,
we hope to expand our reach even further into Peru’s low-income markets,”
said Alfredo Salazar, Protecta’s General Manager. “We take great pride
that IFC is joining us in this effort, which represents an important milestone
in our company’s short history.”
Protecta started operations in February 2008
and has since obtained an “A” rating by Pacific Credit Rating, the highest
financial risk rating in the local market. The company focuses primarily
on life insurance, and it offers annuities and is developing accident insurance
“We are delighted to invest in Peru’s
first micro-insurance company, as it complements IFC´s microfinance efforts,”
said Atul Mehta, IFC Director for Latin
America and the Caribbean. “By expanding
the availability of insurance services to underserved markets, Protecta
is helping Peruvian families and smaller entrepreneurs better plan their
IFC strategy in Peru is to promote sustainable
development by supporting private sector projects. Priority sectors include
the financial sector, microfinance, infrastructure, agribusiness, and tourism.
IFC is also developing programs to enhance social benefits of the extractive
industry and has extensive programs to help improve investment climate
for local businesses. As of June 2008, IFC´s committed portfolio in the
country was close to $500 million.
IFC, a member of the World Bank Group, creates
opportunity for people to escape poverty and improve their lives. We foster
sustainable economic growth in developing countries by supporting private
sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.
Protecta, which started its operations in
February 2008, is the first specialized micro-insurance company in Peru.
ACP group is Protecta’s main shareholder and is also the main shareholder
of Mibanco, Peru’s leading specialized microfinance institution. Protecta's
current main product lines include: (i) life insurance associated to loan
portfolios of financial institutions; and (ii) life insurance for micro-entrepreneurs'