Credicorp’s BCP Captures $11B Pension Withdrawals as Yape Lending Set to Triple
Credicorp’s insurance underwriting result dropped 17.4% in Q4 2025, while Grupo Pacifico boosted policyholders 50% over three years via digital innovation. The digital arm Yape plans to triple its lending portfolio in next two years while BCP captured more than $11 billion of Peru’s $25 billion pension withdrawals, boosting deposits.
1. Q4 Insurance and Grupo Pacifico Growth
Credicorp’s insurance underwriting result fell 17.4% in the fourth quarter due to normalization in its disability and survivorship line. Grupo Pacifico expanded its policyholder base by 50% over the last three years through digital innovation and integrated distribution channels.
2. Operating Expenses and Digital Initiatives
Operating expenses increased following investments in innovation and core banking operations. Management targets a mid-term cost-to-income ratio of 42% and expects digital initiatives to contribute 10% of adjusted revenues in 2026.
3. Yape Lending Portfolio Outlook
Yape is shifting its lending portfolio toward multi-installment, longer-duration loans to accelerate growth. The cost of risk remains controlled, risk-adjusted net interest margins are stable, and the portfolio is projected to triple in the next two years.
4. Pension Withdrawals Impact and Loan Growth Guidance
Peruvian pension fund withdrawals totaled $25 billion, with BCP capturing over $11 billion, boosting deposits and contributing an estimated 0.4% to GDP in 2026. Credicorp forecasts overall loan growth of 8.5% next year, with double-digit growth expected at BCP and MiBanco.