AMAL vs IFS

AMAL Material

Annual filing released 2025-03-06 · GPT 6 Luna

As of December 31, 2024, we had over 1,000 custody accounts with $35.02 billion in assets under custody and approximately 500 investment management accounts with $14.62 billion in assets under management. For the years ended December 31, 2024 and December 31, 2023, we generated $15.2 million and $15.2 million of investment and trust fees, respectively.

Trust and Investment Management Business We have been dedicated to serving the investment needs of our institutional clients for more than 40 years. We are committed to fostering strong client relationships and unparalleled understanding of our clients’ goals and objectives. Our investment strategies consist of both index and actively-managed portfolios spanning across Equity and Fixed Income asset classes. As of December 31, 2024, we had $35.02 billion of assets under custody and $14.62 billion of assets under management. The growth of our commercial banking business has fueled the continued growth of our trust and investment management business, as approximately one-third of our trust and investment management clients utilize our deposit products. Our existing commercial clients have large trust and investment management needs.

IFS Material

Annual filing released 2025-04-25 · GPT 6 Luna

For the year ended December 31, 2024, Interseguro’s net profit was S/376.3 million under SBS GAAP and its ROE was 41.6%. Wealth management Inteligo is a provider of wealth management services, which includes banking, financing, brokerage and investing activities for high-net-worth individuals through three operating subsidiaries: Inteligo Bank, Inteligo SAB (brokerage) and Interfondos (mutual funds). As of and for the year ended December 31, 2024, Inteligo represented 4.5% of our total assets. For the 2024 fiscal year, our subsidiaries in the wealth management segment declared a combined dividend of U.S.$25.0 million, which represents 14.8% of total dividends to be received by IFS. 43 Inteligo’s CAGR in assets under management was 7.0% between 2020 and 2024. In addition, for the year ended December 31, 2024, Inteligo’s net profit was S/137.3 million and ROE was 14.2%.

the range of U.S.$500,000 and U.S.$10.0 million, where Inteligo believes there is higher growth potential. Inteligo SAB and Interfondos focus on providing brokerage and mutual funds services to individuals with investable assets under U.S.$500,000. As of December 31, 2024, Inteligo had assets under management of S/27,460.8 million (U.S.$7,295.6 million) as compared to S/23,181.5 million (U.S.$6,250.1 million) in 2023. Inteligo’s assets under management grew at a CAGR of 8.5% between December 31, 2019 and December 31, 2024. Inteligo conducts various types of banking, trust, financing, brokerage and investing activities for high net worth individuals. Inteligo SAB also provides sales and trading operations for individual and institutional customers primarily in the Peruvian capital markets.

AMAL Core

Annual filing released 2025-03-06 · GPT 6 Luna

Although we are no longer majority union-owned, the Amalgamated Clothing Workers of America’s successor, Workers United, an affiliate of the Service Employees International Union that represents workers in the textile, distribution, food service and gaming industries, remains a significant stockholder, holding approximately 37% of our equity as of December 31, 2024. We are a full-service commercial bank offering a complete suite of commercial and retail banking products, investment management and trust and custody services, and lending services. We generate relationship deposits from our values-based commercial clients and consumer customers.

Our corporate divisions include Commercial Banking, Trust and Investment Management and Consumer Banking. Product line includes residential mortgage loans, C&I loans, CRE loans, multifamily mortgages, consumer loans (predominantly residential solar) and a variety of commercial and consumer deposit products, including non-interest bearing accounts, interest-bearing demand products, savings accounts, money market accounts and certificates of deposit. We also offer online banking and bill payment services, online cash management, safe deposit box rentals, debit card and ATM card services and the availability of a nationwide network of ATMs for our customers. We currently offer a wide range of trust, custody, and investment management services, including asset safekeeping, corporate actions, income collections, proxy services, account transition, asset transfers, and conversion management.

IFS Core

Annual filing released 2025-04-25 · GPT 6 Luna

Retail Banking Interbank’s retail banking business line provides a variety of financial products and services to individuals including retail loans and retail deposits. Interbank’s retail banking strategy consists of providing the best customer experience through convenient, agile and friendly service. Interbank’s key objectives include increasing its market share in its core products through acquiring new clients, increasing its share of wallet and cross-selling products to its existing customers. Interbank seeks to meet the financial service needs of Peru’s growing middle class.

Interbank offers a wide range of sol, U.S. dollar and euro denominated transactional, savings and investment accounts through one of the largest distribution networks, as measured by total financial stores, ATMs and correspondent agents. These products satisfy key consumer needs and position Interbank as an attractive financial institution for retail customers. Transactional accounts Within retail deposits, Interbank offers transactional accounts with different interest rates, maintenance fees and options for accessing funds. Cuenta Sueldo is a payroll account into which an employer may deposit an accountholder’s salary on a regular basis. These payroll accounts provide debit cards for employees and discounts at restaurants and retailers, among other benefits.

AMAL Core

Annual filing released 2025-03-06 · GPT 6 Luna

Although we are no longer majority union-owned, the Amalgamated Clothing Workers of America’s successor, Workers United, an affiliate of the Service Employees International Union that represents workers in the textile, distribution, food service and gaming industries, remains a significant stockholder, holding approximately 37% of our equity as of December 31, 2024. We are a full-service commercial bank offering a complete suite of commercial and retail banking products, investment management and trust and custody services, and lending services. We generate relationship deposits from our values-based commercial clients and consumer customers.

We further develop new and existing relationships through our trust, custody, and investment management services, which generate fee income, and we also offer investment, brokerage, asset management, and insurance products to our retail customers through a third-party broker dealer.

IFS Core

Annual filing released 2025-04-25 · GPT 6 Luna

Overview IFS is a leading provider of banking, insurance, wealth management services and payments for retail customers and commercial clients in Peru. Our purpose is centered around building financial well-being together. We are committed to (i) becoming the leading digital financial platform, with a clear strategic focus on key businesses such consumer financing, wealth management and life insurance; (ii) placing the customer at the center of our decisions, offering a comprehensive suite of services backed by a superior digital experience and analytics as our competitive advantages; and (iii) fostering a unified approach, leveraging the best talent, innovation and a collaborative mindset. We manage our business in three segments, banking, insurance and wealth management, which complement each other and represent diversified sources of revenue.

Interseguro provides a wide range of retirement, savings, life, unemployment and other insurance products to retail customers. Finally, our wealth management segment operates mainly through our subsidiaries Inteligo Bank, Inteligo SAB and Interfondos, which together provide wealth management, private banking, financing, brokerage, advisory and other investment services mainly to high-net-worth individuals. As of December 31, 2024, Interbank’s digital platform and distribution network provide to its 5.6 million customers, as well a potential market of more than 34.4 million Peruvians (total population of Peru), including an employed population of 18 million and 3.4 million businesses, with access to its products and services and a distinctive and convenient customer experience. Our key strategic priority is to achieve digital excellence for our customers by providing them with a world-cla

AMAL Not tagged

Annual filing released 2025-03-06 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IFS Material

Annual filing released 2025-04-25 · GPT 6 Luna

Inteligo SAB is organized under the laws of Peru, and is licensed by the SMV to operate in Peru and conduct brokerage, custody, portfolio management and advisory services. Interfondos is a corporation (sociedad anónima) that started operations in 1994.

Inteligo SAB provides brokerage services, including sales and trading operations, in Peru’s domestic capital markets. As of December 31, 2024, the Peruvian brokerage industry consisted of 19 brokerage firms. Inteligo SAB has ranked among the largest equity trading platforms in the last five years in terms of trading volumes on the Lima Stock Exchange.

AMAL Not tagged

Annual filing released 2025-03-06 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IFS Material

Annual filing released 2025-04-25 · GPT 6 Luna

Information on the Company—Business Overview—Regulation and Supervision—Investment Requirements” for a discussion of investment requirements and technical obligations. The Peruvian Payment’s System The payments ecosystem of our group has been complemented through PMP (in which Interbank holds 50%) even prior to the direct acquisition, on April 13, 2022, by IFS of the remaining 50% in such company. As a consequence of such acquisition, IFS now holds all interest in PMP’s wholly-owned subsidiary, Izipay, which is currently our payments processor and the payments facilitator for our subsidiaries operating in Peru. A summary of the Peruvian payment’s system regulatory framework is set forth below. Payment processors provide technological services to merchants such as by: (a) capturing transactions through a physical network of terminals or payment platforms;

and (ii) routing the transaction to the bank or card networks (such as VISA, or Mastercard) for validation (e-commerce). On the other hand, payment facilitators affiliate merchants to accept payment cards on behalf of an acquirer, specializing in the affiliation of merchants with low sales volume, offering them value-added services. PMP acts as payments processor, but it also provides the acquiring services (i.e. the acquirer is the agent in charge of affiliating merchants so that they accept card payments from consumers through a point of sale (physical or virtual), such as POS or website payment buttons). General Overview The regulatory authorities for the payment industry include the Central Reserve Bank of Peru; the Peruvian Antitrust Authority (Instituto Nacional de Defensa de la Competencia y de la Protección de la Propiedad Intelectual – “Indecopi”);

AMAL Not tagged

Annual filing released 2025-03-06 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IFS Material

Annual filing released 2025-04-25 · GPT 6 Luna

Inteligo’s three subsidiaries located in Peru (Inteligo SAB, Inteligo Peru Holdings and Interfondos) participated together under the name “Inteligo Group Peru” and Inteligo Group Peru was selected as the third best company to work for in Peru in the category of companies with less than 250 employees in 2024. Inteligo Bank’s branch in Panama began participating in the Great Place to Work Institute survey in 2014 and since 2015 has been ranked among the top 10 companies in Panama. Similarly, Izipay, as a financial services and payments technology platform that enables digital payments and simplifies commerce experiences, competes for top talent in Peru and the region. We believe that a strong culture focused on employee experiences that enables advancement, learning, and individual career insights is essential to the successful acquisition, development, and retention of diverse talent.

Izipay is a key player to our goal of creating a powerful profitable payments ecosystem in Peru, facilitating financial transactions between consumers, merchants and the bank. Izipay is a payments company and provider of products and services related to payments acquirer, a correspondent bank and a credit cards processor. Izipay is the leader in the physical card payment business in Peru.

AMAL Not tagged

Annual filing released 2025-03-06 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IFS Core

Annual filing released 2025-04-25 · GPT 6 Luna

Our banking segment operates through our subsidiary Interbank, which is the second largest provider of consumer loans in Peru, according to the SBS. Interbank provides retail banking and commercial banking products, and services to individuals, large companies, and small and medium enterprises. Complementing our banking segment, our subsidiary Izipay also contributes by generating an end-to-end digital ecosystem of financial services and technology solutions, enabling consumers, individuals entrepreneurs, micro-mercants, and small and medium-sized enterprises (SMEs) in Peru to make and process payments in a safe seamless, digital, mobile-first, and affordable manner. Our insurance segment operates through our subsidiary Interseguro, which is the leading provider of annuities in Peru by premiums and one of the leading life insurance companies in the country according to the SBS.

Also, Interseguro offers private annuities as well as low premium retail insurance products, including credit life, mandatory traffic accident insurance (“SOAT”), car insurance and credit card protection insurance, through a comprehensive multi-channel distribution platform which includes Interseguro’s sales force, which is a key component of Interseguro’s sales.

AMAL Not tagged

Annual filing released 2025-03-06 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IFS Material

Annual filing released 2025-04-25 · GPT 6 Luna

In our insurance segment, Interseguro is strategically focused on life and annuities insurance, which has had a fast growth in recent years. During the year ended December 31, 2024, the premiums earned from life and annuities insurance customers represented 91.0% of Interseguro’s total premiums earned, compared to the average of 54.3% of life insurance premiums earned over total premiums earned in the industry in 2024, according to data from SBS. Interseguro directs its efforts towards an end-to-end experience in its customers’ journey, from the issuance of an insurance policy to the after-sale services offering to clients. In this context, Interseguro’s digital offering is gaining relevance. For example, in 2024, digital life insurance sales represented 22% of total life insurance sales, compared to 0% in 2019.

Although the individual life insurance market remains relatively small in Peru, the market has grown at a CAGR of 13.8% between December 31, 2020, and December 31, 2024. For the year ended December 31, 2024, the individual life insurance market increased 25.3% as compared to 2023, primarily due to an aggressive growth of the three leading companies (with Interseguro being third) by S/377 million. Interseguro offers a variety of individual life insurance products, providing a wide range of coverage for the length of a policyholder’s life.

AMAL Not tagged

Annual filing released 2025-03-06 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IFS Material

Annual filing released 2025-04-25 · GPT 6 Luna

Moreover, it provides financial services and technology solutions that enable consumers, individual entrepreneurs, micro-merchants, SMEs, in Peru, to make and/or process payments in a safe, seamless, digital, mobile first and affordable manner. Izipay’s technology solutions allow it to (i) be a full acquirer company, with a complete set of payment solutions through Point-of-Sale (“POS”) devices and e-commerce, (ii) provide a digital platform with proprietary solutions for business management such as self-check-out, split payments, product and inventory management, business reports, anti-fraud system and CRM, among others. Insurance Interseguro is the leading provider of annuities (excluding private annuities) in Peru, with a 30.5% market share as measured by total premiums collected during 2024, according to the SBS, and is one of the leading life insurance companies in Peru.

Izipay is a key player to our goal of creating a powerful profitable payments ecosystem in Peru, facilitating financial transactions between consumers, merchants and the bank. Izipay is a payments company and provider of products and services related to payments acquirer, a correspondent bank and a credit cards processor. Izipay is the leader in the physical card payment business in Peru.

AMAL Not tagged

Annual filing released 2025-03-06 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IFS Material

Annual filing released 2025-04-25 · GPT 6 Luna

DCF: Discounted cash flow (i)Investment property portfolio has been classified by the Group as Level 3. During 2024 and 2023, there were no transfers between levels of hierarchy, see Note 3.4(w). (ii)As of December 31, 2024 and 2023, there are no liens on investment property. F-68 (b)The net gain on investment properties as of December 31, 2024, 2023 and 2022, consists of the following: 2024 2023 2022 S/(000) S/(000) S/(000) Income from rental of investment property 71,080 65,961 65,485 Gain on valuation of investment property 60,260 7,111 19,146 Loss on sale (e) (3,176 ) - - Total 128,164 73,072 84,631

(c)The movement of investment property for the years ended December 31, 2024, 2023 and 2022, is as follows: 2024 2023 2022 S/(000) S/(000) S/(000) Beginning of year balances 1,298,892 1,287,717 1,224,454 Additions (d) 61,812 16,903 34,760 Sales (e) (39,176 ) - - Valuation gain 60,260 7,111 19,146 Net transfers, Note 3.4(n) - (12,839 ) 9,357 End of year balances 1,381,788 1,298,892 1,287,717

AMAL Not tagged

Annual filing released 2025-03-06 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IFS Material

Annual filing released 2025-04-25 · GPT 6 Luna

Both companies were acquired in April 2022, as detailed in Note 1(b). Procesos de Medios de Pago is dedicated to the development, management and operation of the shared service of transaction processing of credit and debit cards, through the acquirer role for the brands MasterCard, Visa and other private brands; also, it renders the processing service, through the issuer role, to entities of the financial system. Izipay is dedicated to the facilitation of payments and services, offering its services of technological, operating and safety infrastructure through the affiliation of commercial stores, as well as installation and maintenance of infrastructure for transactions through the electronic commerce modality, interconnected with the networks of payment methods processors. As indicated in Note 1(b), in April 2022, IFS acquired control of Izipay, becoming it its subsidiary.

AMAL Not tagged

Annual filing released 2025-03-06 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IFS Material

Annual filing released 2025-04-25 · GPT 6 Luna

Moreover, it provides financial services and technology solutions that enable consumers, individual entrepreneurs, micro-merchants, SMEs, in Peru, to make and/or process payments in a safe, seamless, digital, mobile first and affordable manner. Izipay’s technology solutions allow it to (i) be a full acquirer company, with a complete set of payment solutions through Point-of-Sale (“POS”) devices and e-commerce, (ii) provide a digital platform with proprietary solutions for business management such as self-check-out, split payments, product and inventory management, business reports, anti-fraud system and CRM, among others. Insurance Interseguro is the leading provider of annuities (excluding private annuities) in Peru, with a 30.5% market share as measured by total premiums collected during 2024, according to the SBS, and is one of the leading life insurance companies in Peru.