UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

March 18, 2026

Commission File Number 001-38965

INTERCORP FINANCIAL SERVICES INC.

(Registrant’s name)

Intercorp Financial Services Inc.

Torre Interbank, Av. Carlos Villarán 140

La Victoria

Lima 13, Peru

(51) (1) 615-9011

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

March 18, 2026

Securities and Exchange Commission - SEC

Re.: MATERIAL EVENT

Dear Sirs:

Please find attached a copy of the consolidated financial statements of Intercorp Financial Services Inc. (“IFS”) and its subsidiaries, for the fiscal year ended December 31, 2025, including the report of the external independent auditor Tanaka, Valdivia, Arribas & Asociados Sociedad Civil de Responsabilidad Limitada, member of Ernst & Young. These financial Statements were approved by IFS’s Board of Directors in its session held on March 18, 2026 and will be submitted for the evaluation and approval of the Annual General Shareholders Meeting to be held on March 31, 2026.

The information in this Form 6-K (including any exhibit hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

Sincerely,

/s/ Michela Casassa

Chief financial Officer

Translation of independent auditor’s report originally issued in Spanish – Note 33

Intercorp Financial Services Inc. and Subsidiaries

Consolidated financial statements as of December 31, 2025 and 2024, together with Independent Auditor’s Report

Content


Independent Auditor’s Report		3

Consolidated financial statements

Consolidated statement of financial position		7
Consolidated statement of income		8
Consolidated statement of other comprehensive income		9
Consolidated statement of changes in equity		10
Consolidated statement of cash flows		11
Notes to the consolidated financial statements		13

Translation of independent auditor’s report originally issued in Spanish – Note 33

Independent Auditor’s Report

To the Shareholders and Board of Directors of Intercorp Financial Services Inc. and Subsidiaries

Opinion

We have audited the consolidated financial statements of Intercorp Financial Services Inc. and Subsidiaries (the Group), comprising the consolidated statement of financial position as of December 31, 2025, and the consolidated statements of income, comprehensive income, changes in equity and cash flows for the year then ended; as well as the explanatory notes to the financial statements, which include a summary of material accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all significant respects, the Group's consolidated financial position as of December 31, 2025, as well as its financial performance and consolidated statement of cash flows for the year then ended, in accordance with IFRS accounting standards.

Basis of the opinion

We perform our audit in accordance with the International Standards on Auditing (ISA) approved for application in Peru by the Board of Peruvian Associations of Certified Public Accountants. Our responsibilities under these standards are described in more detail in the Auditor's Responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the International Accounting Standards Board Code of Ethics for Accountants (IESBA Code), as applicable to audits of Financial Statements of public interest entities, together with the ethical requirements that are relevant to our audit of financial statements in Peru, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained provides a sufficient and adequate basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were more important in our audit of the financial statements for the current period. These matters were addressed in the context of the audit of the financial statements as a whole, and in forming our opinion thereon; so we do not provide a separate opinion on these matters. Later, below is how each key matter was addressed during our audit.

We have fulfilled the responsibilities described in the Auditor's Responsibilities for the audit of the consolidated financial statements section of our report, including in relation to these matters. Accordingly, our audit included conducting procedures designed to respond to the risks of material misstatement assessed in the consolidated financial statements. The results of the audit procedures, including the procedures performed to address the matters mentioned below, form the basis for the audit opinion on the accompanying consolidated financial statements.


Key Audit Matter	Audit response
Information Technology (IT) Environment
The Group's activities depend to a large extent on the efficient and continuous operation of information technology systems and technology infrastructures, which encompass a large number of IT applications and systems for the processing of all its operations, accounting records and preparation of its consolidated financial statements. The Group's IT system consists of a set of complex computer applications, essential in the Group's various business operations. IT environment controls include: IT governance, overall IT controls over program development and changes, access to programs and data, and IT operations, therefore, such controls must be designed and operated effectively with the aim of ensuring the integrity of accounting records and accurate financial reports, in this way mitigate the potential risk of fraud or error. Equally important are the calculations performed by the systems, other IT application controls, and interfaces between IT systems. Therefore, we consider the information technology environment as a key matter, given that the reliability and security of IT key systems plays a fundamental role in ensuring the correct treatment of data processing, accounting records and preparation of consolidated financial statements, that is, they depend to a large extent on automated controls over information systems, so, there is a risk that breaches in the IT control environment could result in financial accounting and information records being materially incorrect.	Assisted by our Information Technology professionals, our audit efforts focused on the Group's key systems, performing, among others, the following procedures: - We evaluated and tested overall IT controls by performing: an understanding of IT governance, reviewing key (including compensatory) controls over application and data access management, application changes and developments, and IT operations. - We tested application controls, considering the design and operational effectiveness of critical automated controls to data processing, accounting records and the preparation of the consolidated financial statement. With respect to identified control deficiencies, we tested the design and operational effectiveness of compensation controls.

Translation of independent auditor’s report originally issued in Spanish – Note 33

     Expected loss estimate for loan portfolio

     As described in notes 3.4(i)(ii), 6 and 29.1(d) of the consolidated financial statements, the expected loss estimate for the loan portfolio is calculated using an expected credit loss (ECL) model, which determines the losses expected to arise for loans as a result of an increase in risk, from the initial date of the loan or when there is objective evidence of impairment. The estimate ECL is measured: to 12 months; or during the expected life of the credit. ECL considers key elements, such as: probability of default (PD), exposure to default (EAD) and loss from default (LGD); these are based on predictable information about past events, current conditions and forward-looking information. When estimating the expected loss the Group considers three scenarios (optimistic, base and pessimistic), each of these scenarios is associated with different probabilities of default. When relevant, the assessment of these scenarios also incorporates the expectation of recovery of nonperforming loans, including the probability that the loans will be cured, and the value of the warranty or the amount received when selling the asset.
 
Significant assumptions and judgments with respect to the estimate include (i) determining when a loan has experienced a significant increase in credit risk; (ii) forecasting forward-looking information for multiple economic scenarios and weighting the probability of those scenarios and (iii) the calculation of credit losses of 12 months and over the expected life of the credit agreement. 
 
Therefore, we consider that the ECL for the loan portfolio is a key audit matter; since changes in assumptions could have a material impact on the calculation of provision; in addition, the determination of accounting figures requires the participation of specialists due to the inherent complexity of models, assumptions, judgments, the prospective nature of key assumptions and the interrelationship of critical variables in measurement.
 

     We obtained an understanding, evaluated the design and tested the operational effectiveness of the controls of the provision for loan portfolio ECL estimation process, which included:
-Evaluation of the methodology and criteria established for the calculation according to IFRS accounting standards.
-Evaluation of the model, premises and significant assumptions established by the Group in the calculation.
-Identification of impairment indicators and determination of significant changes in credit risk.
-Completeness and accuracy of the database in the Group's systems.
-Calculation of the expected credit loss estimation for loan portfolio. 
-Disclosure in the notes to the consolidated financial statements.
 
In addition, assisted by our professionals, we performed detailed substantive procedures, which included:
-We assessed whether the methodology, premises and assumptions used in models estimating ECL are consistent with the requirements of IFRS accounting standards and industry standards.
-We assessed significant changes in trigger the factors of the credit risk, methodology forecasts and we compare the Group's forward-looking information with publicly available information from independent sources.
-We tested the completeness and accuracy of the data used in the calculation of the provision against the source systems and related documentation.
-We independently tested the calculation of ECL and their respective risk parameters.
-We evaluated the adequacy of disclosures in the notes to the consolidated financial statements.
 
 

    

     Construction of the discount rate of the liability for insurance contracts corresponding to the pension business of Liability for Remaining Coverage (LRC) under General Model

     As described in notes 3.4(d) and 14 of the consolidated financial statements, the insurance contract liability is a material figure in the consolidated financial statements and amounts to S/13,063,254,000 and its estimate is based mainly on: (i) the determination of the measurement models by business (general model or building-block approach- BBA, variable fee approach - VFA and the simplified model - PPA) and (ii) the definition of the discount rate.
 
Regarding the portfolio of insurance contract liabilities that includes pensions, life and massive, the key matter is in the determination of the discount rate applied to pension insurance contract business of the remaining coverage (LRC) due to:
-	The valuation of said business is performed using assumptions and actuarial data, which comprise mortality tables and discount rates.
-	The Group uses the Matching Adjustment (MA) methodology to construct the discount rate for the subsequent measurement of liabilities by the General 

     We obtained an understanding, evaluated the design and tested the operational effectiveness of the controls of the valuation process in the pensions business of the liability for remaining coverage (LRC) by General Model, which included:
-Evaluation methodology and criteria established for the calculation according to actuarial methods that are accepted by IFRS 17.
-Evaluation of the actuarial model, premises and assumptions of general acceptance, established by the Group.
-Completeness and accuracy of the database used in the Group's information systems to manage, calculate and sensitize these liabilities.
-Evaluation of the construction of the rate in the pension business of liability remaining coverage (LRC) for the use of internal and external data. 
-Calculation review of the estimate of valuation of liabilities.

    

Translation of independent auditor’s report originally issued in Spanish – Note 33

     Model (BBA), which requires data from various internal and external sources for its construction.
-	Any change in the assumptions and data incorporated by the sources could have material effects on the valuation of said liabilities.
-	The determination of liabilities under the General Model is complex and requires the participation of actuarial specialists.
 
 
 

     -Disclosure review in the notes to the consolidated financial statements.
In addition, assisted by our actuarial specialists, we performed detailed substantive procedures, including:
-We evaluated the methodology defined by the Group on actuarial models and assumptions, which are consistent with the application of IFRS 17.
-We independently evaluated the model and actuarial assumptions used in the calculation.
-We evaluated the reasonableness of the assumptions and their adequacy.
-We tested the completeness and accuracy of the data of the units of account, as well as the variables used in the calculation.
-We evaluated the appropriate determination of the discount rate used in the calculations.
-We independently tested the calculation made by the Group.
-We evaluated the proper movement of liabilities considering changes in actuarial assumptions at the end of the year.
-We evaluated the sensitivity of changes in certain variables in the determination of these liabilities. 
-We evaluated the adequacy of disclosures in the notes to the consolidated financial statements.

    

Other information included in the Group's 2025 Annual Report

Other information consists of the information included in the Group's Annual Report other than the consolidated financial statements or our audit report thereon. Management is responsible for other information.

Our opinion on the consolidated financial statements does not cover other information and we do not express any form of conclusion that provides a degree of assurance thereon.

In relation with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, to consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge gained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material error of this other information, we are obliged to report that fact. We have nothing to report in this regard.

Responsibilities of the Group's Management and responsible of the Group's corporate governance in relation to the consolidated financial statements

Management is responsible for the preparation and fair presentation of consolidated financial statements in accordance with IFRS accounting standards, and for the internal control that Management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, Management is responsible for assessing the Group's ability to continue as a going concern, disclosing as appropriate the matters relating to going concern and using the going concern basis of accounting, unless Management intends to liquidate the Group or cease operations, or has no other realistic alternative.

Those responsible for the Group's corporate governance are responsible for supervising the Group's financial reporting process.

Auditor's responsibilities in relation to the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance as to whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report that includes our opinion. Reasonable assurance is a high level of assurance, but it does not guarantee that an audit carried out in accordance with ISAs approved for application in Peru will always detect a material misstatement where it exists. Inaccuracies may arise due to fraud or error and are considered material if, individually or cumulatively, they could reasonably be expected to influence the economic decisions users make based on the consolidated financial statements.

As part of an audit in accordance with the ISAs approved for application in Peru, we exercise professional judgment and maintain professional skepticism throughout the audit. Also:

•

We identify and assess the risks of material misstatement in the consolidated financial statements, whether due to fraud or error, design and execute audit procedures that respond to those risks, and obtain audit evidence that is sufficient and appropriate to provide us a basis for our opinion. The risk of not detecting a material misstatement due to fraud is greater than that resulting from an error, as fraud may involve collusion, falsification, intentional omissions, misrepresentations or override the internal control system.

Translation of independent auditor’s report originally issued in Spanish – Note 33

•

We obtain an understanding of the internal control relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.

•

We evaluate the appropriateness of the accounting policies used, the reasonableness of the accounting estimates and the respective disclosures made by Management.

•

We conclude on the appropriate Management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether there is material uncertainty related to events or conditions that may raise significant doubts about the Group's ability to continue as a going concern. If we conclude that material uncertainty exists, we are required to draw attention in our audit report to disclosures relating to the consolidated financial statements or, if such disclosures are inadequate to modify our opinion. Conclusions are based on audit evidence obtained to date from our audit report. However, future events or conditions may cause the Group to cease to continue as a going concern.

•

We evaluate the general presentation, structure, content of the consolidated financial statements, including disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves a reasonable presentation.

•

We plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate to the Group's corporate governance responsible, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify in the course of our audit.

We also provide the Group's corporate governance responsible a statement that we have complied with the applicable ethics requirements in relation to independence and that we have disclosed all relationships and other matters that could reasonably be expected to affect our independence and, where applicable, including the respective safeguards.

Among the matters that have been the subject of communication with those responsible for the Group's corporate governance, we determine those that have been of the greatest significance in the audit of the consolidated financial statements for the current period and, therefore, are the key audit matters. We have described such matters in our audit report unless legal or regulatory provisions prohibit public disclosure of the matter or, in extremely rare circumstances, we determine that a matter should not be communicated in our report because it would reasonably be expected that the adverse consequences of doing so would outweigh the public interest benefits of the report.

Lima, Peru,

March 18, 2026

Endorsed by:

/s/ Sandra Luna Victoria

Partner in charge

C.P.C.C. Register No.50093

Translation of consolidated financial statements originally issued in Spanish – Note 33

Intercorp Financial Services Inc. and Subsidiaries

Consolidated statement of financial position

As of December 31, 2025 and 2024


	Note	2025			2024				Note	2025			2024
		S/(000)			S/(000)					S/(000)			S/(000)

Assets								Liabilities and equity
Cash and due from banks	4(a)							Deposits and obligations	11
Non-interest bearing			3,196,910			4,021,880		Non-interest bearing			7,759,676			7,614,593
Interest bearing			9,163,129			7,973,580		Interest bearing			48,267,954			46,153,435
Restricted funds			1,675,910			619,766					56,027,630			53,768,028
			14,035,949			12,615,226
								Inter-bank funds	4(e)		55,019			—
Inter-bank funds	4(e)		40,006			220,060		Due to banks and correspondents	12		7,166,014			7,562,057
Financial investments	5		28,173,806			26,857,925		Bonds, notes and other obligations	13		5,590,408			6,075,433
Loans, net:	6							Due from customers on acceptances			51,332			9,163
Loans, net of unearned interest			52,361,192			50,959,615		Insurance and reinsurance contract liabilities	14		13,063,254			12,524,320
Impairment allowance for loans			(1,591,042	)		(1,730,167	)	Other accounts payable, provisions and other liabilities	10		4,585,800			4,445,532
			50,770,150			49,229,448		Deferred Income Tax liability, net	15		136,126			140,653
								Total liabilities			86,675,583			84,525,186

								Equity, net	16
								Equity attributable to IFS’s shareholders:
								Capital stock			1,038,017			1,038,017
Investment property	7		1,540,615			1,381,788		Treasury stock			(469,546	)		(206,997	)
Property, furniture and equipment, net	8		967,293			814,432		Capital surplus			532,771			532,771
Due from customers on acceptances			51,332			9,163		Reserves			9,100,000			8,300,000
Intangibles and goodwill, net	9		1,626,106			1,667,753		Unrealized results, net			(36,034	)		(187,830	)
Other accounts receivable and other assets, net	10		1,793,116			2,670,178		Retained earnings			2,183,383			1,439,274
Reinsurance contract assets	14		57,182			18,602					12,348,591			10,915,235
Deferred Income Tax asset, net	15		41,872			19,206		Non-controlling interest			73,253			63,360

								Total equity, net			12,421,844			10,978,595

Total assets			99,097,427			95,503,781		Total liabilities and equity, net			99,097,427			95,503,781

The accompanying notes are an integral part of these consolidated financial statements.

Translation of consolidated financial statements originally issued in Spanish – Note 33

Intercorp Financial Services Inc. and Subsidiaries

Consolidated statement of income

For the years ended December 31, 2025, 2024 and 2023


	Note	2025			2024			2023
		S/(000)			S/(000)			S/(000)

Interest and similar income	19		6,888,377			7,029,391			7,120,411
Interest and similar expenses	19		(2,258,971	)		(2,480,270	)		(2,592,366	)
Net interest and similar income			4,629,406			4,549,121			4,528,045
Impairment loss on loans, net of recoveries	6(d.1) and (d.2)		(1,136,707	)		(1,720,179	)		(1,981,818	)
Loss due to impairment of financial investments	5(c)		(263,761	)		(47,521	)		(7,500	)
Net interest and similar income after impairment loss			3,228,938			2,781,421			2,538,727
Fee income from financial services, net	20		1,219,631			1,142,943			1,178,462
Net gain on foreign exchange transactions			409,737			433,691			306,431
Net gain on sale of financial investments			102,055			26,544			6,431
Net gain on financial assets at fair value through profit or loss	5(e) and 10(b)		362,033			81,990			15,181
Net gain on investment property	7(b)		182,588			128,164			73,072
Other income	21		141,463			121,222			156,700
			2,417,507			1,934,554			1,736,277

Result from insurance activities	22		(47,797	)		(169,789	)		(178,392	)

Other expenses
Salaries and employee benefits	23		(1,115,613	)		(955,246	)		(897,275	)
Administrative expenses	24		(1,436,828	)		(1,336,954	)		(1,288,862	)
Depreciation and amortization	8(a) and 9(a)		(450,267	)		(413,057	)		(379,038	)
Other expenses	21		(160,497	)		(194,959	)		(184,992	)
			(3,163,205	)		(2,900,216	)		(2,750,167	)
Income before exchange difference and Income Tax			2,435,443			1,645,970			1,346,445
Exchange difference			38,004			(24,144	)		8,427
Income Tax	15(c)		(530,252	)		(314,365	)		(275,596	)
Net profit for the year			1,943,195			1,307,461			1,079,276
Attributable to:
IFS’s shareholders			1,932,470			1,300,078			1,072,728
Non-controlling interest			10,725			7,383			6,548
			1,943,195			1,307,461			1,079,276
Earnings per share attributable to IFS’s shareholders, basic and diluted (stated in Soles)	25		17.299			11.376			9.327
Weighted average number of outstanding shares (in thousands)	25		111,713			114,287			115,012

The accompanying notes are an integral part of these consolidated financial statements.

Translation of consolidated financial statements originally issued in Spanish – Note 33

Intercorp Financial Services Inc. and Subsidiaries

Consolidated statement of other comprehensive income

For the years ended December 31, 2025, 2024 and 2023


	Note	2025			2024			2023
		S/(000)			S/(000)			S/(000)

Net profit for the year			1,943,195			1,307,461			1,079,276
Other comprehensive income that will not be reclassified to the consolidated statement of income in subsequent periods:
Gains on valuation of equity instruments at fair value through other comprehensive income	16(e)		69,952			3,048			16,220
Income Tax	16(e)		(183	)		(1,595	)		(157	)
Total unrealized gain that will not be reclassified to the consolidated statement of income			69,769			1,453			16,063
Other comprehensive income to be reclassified to the consolidated statement of income in subsequent periods:
Net movement of debt instruments at fair value through other comprehensive income	16(e)		898,804			286,738			1,134,509
Income Tax	16(e)		(4,129	)		(3,595	)		(3,645	)
			894,675			283,143			1,130,864
Insurance reserves at fair value	16(e)		(736,366	)		(61,389	)		(970,191	)

Net movement of cash flow hedges	16(e)		46,601			(18,605	)		(29,112	)
Income Tax	16(e)		(6,588	)		1,402			6,336
			40,013			(17,203	)		(22,776	)

Translation of foreign operations	16(e)		(101,063	)		11,747			(21,970	)

Total unrealized gain to be reclassified to the consolidated statement of income in subsequent periods			97,259			216,298			115,927
Other comprehensive income for the year			167,028			217,751			131,990
Total comprehensive income for the year, net of Income Tax			2,110,223			1,525,212			1,211,266
Attributable to:
IFS’s shareholders			2,097,275			1,516,304			1,202,789
Non-controlling interest			12,948			8,908			8,477
			2,110,223			1,525,212			1,211,266

The accompanying notes are an integral part of these consolidated financial statements.

Translation of consolidated financial statements originally issued in Spanish – Note 33

Intercorp Financial Services Inc. and Subsidiaries

Consolidated statement of changes in equity

For the years ended December 31, 2025, 2024 and 2023


						Attributable to IFS’s shareholders
								Unrealized results, net
	Number of shares						Instruments that will not be reclassified to the consolidated statement of income	Instruments that will be reclassified to the consolidated statement of income
	Issued	In treasury	Capital stock	Treasury stock	Capital surplus	Reserves	Equity instruments at fair value	Debt instruments at fair value	Insurance contracts reserves	Cash flow hedges reserve	Translation of foreign operations	Retained earnings	Total	Non- controlling interest	Total equity, net
	(in thousands)	(in thousands)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Balances as of January 1, 2023	115,447	(29)	1,038,017	(3,363)	532,771	6,000,000	(46,763)	(2,420,809)	1,711,493	(9,262)	210,920	2,359,464	9,372,468	53,759	9,426,227
Net profit for the year	—	—	—	—	—	—	—	—	—	—	—	1,072,728	1,072,728	6,548	1,079,276
Other comprehensive income	—	—	—	—	—	—	16,055	1,127,246	(968,599)	(22,671)	(21,970)	—	130,061	1,929	131,990
Total comprehensive income	—	—	—	—	—	—	16,055	1,127,246	(968,599)	(22,671)	(21,970)	1,072,728	1,202,789	8,477	1,211,266
Declared and paid dividends, Note 16(a)	—	—	—	—	—	—	—	—	—	—	—	(511,788)	(511,788)	—	(511,788)
Purchase of treasury stock, Note 16(b)	—	(938)	—	(80,946)	—	—	—	—	—	—	—	—	(80,946)	—	(80,946)
Dividends paid to non-controlling interest of Subsidiaries	—	—	—	—	—	—	—	—	—	—	—	—	—	(4,242)	(4,242)
Sale of equity instruments at fair value through other comprehensive income, Note 5(g)	—	—	—	—	—	—	(33,433)	—	—	—	—	33,433	—	—	—
Others	—	—	—	—	—	—	-	—	—	—	—	(32,306)	(32,306)	(110)	(32,416)
Balances as of December 31, 2023	115,447	(967)	1,038,017	(84,309)	532,771	6,000,000	(64,141)	(1,293,563)	742,894	(31,933)	188,950	2,921,531	9,950,217	57,884	10,008,101
Net profit for the year	—	—	—	—	—	—	—	—	—	—	—	1,300,078	1,300,078	7,383	1,307,461
Other comprehensive income	—	—	—	—	—	—	1,263	281,695	(61,299)	(17,180)	11,747	—	216,226	1,525	217,751
Total comprehensive income	—	—	—	—	—	—	1,263	281,695	(61,299)	(17,180)	11,747	1,300,078	1,516,304	8,908	1,525,212
Declared and paid dividends, Note 16(a)	—	—	—	—	—	—	—	—	—	—	—	(427,369)	(427,369)	—	(427,369)
Transfer of retained earnings to reserves, Note 16(g)	—	—	—	—	—	2,300,000	—	—	—	—	—	(2,300,000)	—	—	—
Purchase of treasury stock, Note 16(b)	—	(1,192)	—	(122,688)	—	—	—	—	—	—	—	—	(122,688)	—	(122,688)
Dividends paid to non-controlling interest of Subsidiaries	—	—	—	—	—	—	—	—	—	—	—	—	—	(3,056)	(3,056)
Sale of equity instruments at fair value through other comprehensive income, Note 5(g)	—	—	—	—	—	—	53,737	—	—	—	—	(53,737)	—	—	—
Others	—	—	—	—	—	—	—	—	—	—	—	(1,229)	(1,229)	(376)	(1,605)
Balance as of December 31, 2024	115,447	(2,159)	1,038,017	(206,997)	532,771	8,300,000	(9,141)	(1,011,868)	681,595	(49,113)	200,697	1,439,274	10,915,235	63,360	10,978,595
Net profit for the year	—	—	—	—	—	—	—	—	—	—	—	1,932,470	1,932,470	10,725	1,943,195
Other comprehensive income	—	—	—	—	—	—	69,079	892,169	(735,284)	39,904	(101,063)	—	164,805	2,223	167,028
Total comprehensive income	—	—	—	—	—	—	69,079	892,169	(735,284)	39,904	(101,063)	1,932,470	2,097,275	12,948	2,110,223
Declared and paid dividends, Note 16(a)	—	—	—	—	—	—	—	—	—	—	—	(420,096)	(420,096)	—	(420,096)
Transfer of retained earnings to reserves, Note 16(g)	—	—	—	—	—	800,000	—	—	—	—	—	(800,000)	—	—	—
Purchase of treasury stock, Note 16(b)	—	(2,206)	—	(262,549)	—	—	—	—	—	—	—	—	(262,549)	—	(262,549)
Dividends paid to non-controlling interest of Subsidiaries	—	—	—	—	—	—	—	—	—	—	—	—	—	(3,097)	(3,097)
Others	—	—	—	—	—	—	(13,009)	—	—	—	—	31,735	18,726	42	18,768
Balance as of December 31, 2025	115,447	(4,365)	1,038,017	(469,546)	532,771	9,100,000	46,929	(119,699)	(53,689)	(9,209)	99,634	2,183,383	12,348,591	73,253	12,421,844

The accompanying notes are an integral part of these consolidated financial statements.

Translation of consolidated financial statements originally issued in Spanish – Note 33

Intercorp Financial Services Inc. and Subsidiaries

Consolidated statement of cash flows

For the years ended December 31, 2025, 2024 and 2023


	2025			2024			2023
	S/(000)			S/(000)			S/(000)

Cash flows from operating activities
Net profit for the year		1,943,195			1,307,461			1,079,276
Plus (minus) adjustments to net profit
Impairment loss on loans, net of recoveries		1,136,707			1,720,179			1,981,818
Loss due to impairment of financial investments		263,761			47,521			7,500
Depreciation and amortization		450,267			413,057			379,038
Provision for sundry risks		2,633			29,290			4,138
Deferred Income Tax		(37,490	)		100,053			102,244
Net gain on sale of financial investments		(102,055	)		(26,544	)		(6,431	)
Net gain of financial assets at fair value through profit or loss		(362,033	)		(81,990	)		(15,181	)
Net gain for valuation of investment property		(101,104	)		(60,260	)		(7,111	)
Net (gain) loss on sale of investment property		—			3,176			—
Profit from sale of property, furniture and equipment		(2,078	)		(12,879	)		(15,300	)
Exchange difference		(38,004	)		24,144			(8,427	)
Net changes in assets and liabilities
Net increase in loan portfolio		(2,692,565	)		(4,523,015	)		(2,883,998	)
Net decrease (increase) in other accounts receivable and other assets		508,944			(245,377	)		(295,748	)
Net (increase) decrease in restricted funds		(1,056,144	)		100,925			(246,775	)
Increase in deposits and obligations		2,204,284			4,687,587			503,544
Decrease (increase) in accrued interest receivable		22,494			58,688			(167,468	)
(Decrease) increase in accrued interest payable		(68,442	)		(120,753	)		194,285
(Decrease) increase in due to banks and correspondents		(367,271	)		(1,445,205	)		1,837,830
Increase in other accounts payable, provisions and other liabilities		336,571			1,422,823			558,971
Decrease (increase) of investments at fair value through profit or loss		94,499			(125,386	)		323,112
Income Tax paid		(305,590	)		(363,463	)		(450,125	)
Net cash provided by operating activities		1,830,579			2,910,032			2,875,192

The accompanying notes are an integral part of these consolidated financial statements.

Translation of consolidated financial statements originally issued in Spanish – Note 33

Consolidated statement of cash flows (continued)


	2025			2024			2023
	S/(000)			S/(000)			S/(000)

Cash flows from investing activities
(Purchase) sale of investments at fair value through other comprehensive income		(257,231	)		722,080			(2,957,858	)
(Purchase) sale of investments at amortized cost		(98,667	)		(401,898	)		(162,598	)
Purchase of property, furniture and equipment		(301,435	)		(104,719	)		(147,645	)
Purchase of intangible assets		(221,967	)		(245,334	)		(280,388	)
Purchase of investment property		(62,723	)		(61,812	)		(16,903	)
Sale of investment property		—			39,176			—
Sale of property, furniture and equipment		3,461			45,462			32,667
Net cash used in investing activities		(938,562	)		(7,045	)		(3,532,725	)
Cash flows from financing activities
Dividends paid		(406,830	)		(427,369	)		(511,788	)
Issuance of securities, bonds and obligations in circulation		1,625,953			1,706,371			—
Payments of bonds, notes and other obligations		(1,502,749	)		(1,266,504	)		(2,189,040	)
Net decrease (increase) in receivable inter-bank funds		180,054			304,855			(228,796	)
Net increase (decrease) in payable inter-bank funds		54,992			(121,438	)		91,245
Purchase of treasury stock, net		(262,549	)		(122,688	)		(80,946	)
Dividend payments to non-controlling interest		(3,040	)		(2,911	)		(4,776	)
Lease payments		(83,054	)		(82,644	)		(89,334	)
Net cash used in financing activities		(397,223	)		(12,328	)		(3,013,435	)
Net increase (decrease) in cash and cash equivalents		494,794			2,890,659			(3,670,968	)
Translation (loss) gain on cash and cash equivalents		(124,217	)		12,496			37,403
Cash and cash equivalents at the beginning of the year		11,977,366			9,074,211			12,707,776
Cash and cash equivalents at the end of the year, Note 3.4(ad)		12,347,943			11,977,366			9,074,211
Supplementary cash flow information:
Cash paid by -
Interest		2,114,166			2,426,411			2,253,881
Dividends		423,136			430,280			516,564
Income Tax		305,590			363,463			450,125
Cash received from -
Interest		6,817,200			7,025,584			6,905,711
Dividends received		81,924			50,862			52,215
Operations that do not generate cash flow -
Recognition of right-of-use assets		48,851			105,860			35,901

The accompanying notes are an integral part of these consolidated financial statements.

Translation of consolidated financial statements originally issued in Spanish – Note 33

Intercorp Financial Services Inc. and Subsidiaries

Notes to the consolidated financial statements

As of December 31, 2025 and 2024

Business activity

Intercorp Financial Services Inc. and Subsidiaries (henceforth "IFS", “the Company” or “the Group”), is a limited liability holding company incorporated in the Republic of Panama on September 19, 2006, and is a Subsidiary of Intercorp Peru Ltd. (henceforth “Intercorp Peru”), holding of Intercorp Group, incorporated in 1997 in the Commonwealth of the Bahamas. As of December 31, 2025, Intercorp Peru holds directly and indirectly 74.38 percent of the issued capital stock of IFS, equivalent to 73.38 percent of the outstanding capital stock of IFS (72.47 percent of the issued capital stock, equivalent to 71.95 percent of the outstanding capital stock as of December 31, 2024).

IFS’s legal domicile is located at Av. Carlos Villarán 140 Urb. Santa Catalina, La Victoria, Lima, Peru.

As of December 31, 2025 and 2024, IFS holds 99.31 percent of the capital stock of Banco Internacional del Peru S.A.A. – Interbank (henceforth “Interbank”), 99.85 percent of the capital stock of Interseguro Compañía de Seguros S.A. (henceforth “Interseguro”), 100 percent of the capital stock of Inteligo Group Corp. (henceforth “Inteligo”) and 100 percent of Procesos de Medios de Pago and its subsidiary Izipay S.A.C (henceforth and together "Izipay").

The operations of Interbank, Interseguro and Izipay are concentrated in Peru, while the operations of Inteligo and its Subsidiaries are mainly concentrated in Peru and Panama, see Note 2.

The main activities of IFS’s Subsidiaries and their assets, liabilities, equity, operating income, net income, balances and other relevant information are presented in Note 2.

The consolidated financial statements of IFS and Subsidiaries as of December 31, 2024, and for the year then ended, were approved by the General Shareholders’ Meeting held on March 31, 2025. The consolidated financial statements as of December 31, 2025, and for the year then ended, have been approved and authorized for issuance by Management and the Board of Directors on March 18, 2026, and will be submitted for approval by the General Shareholders’ Meeting that will be held within the deadline established by law.

Translation of consolidated financial statements originally issued in Spanish – Note 33

Notes to the consolidated financial statements (continued)

Subsidiaries

IFS’s Subsidiaries are the following:

(a)

Banco Internacional del Peru S.A.A. - Interbank and Subsidiaries -

Interbank is incorporated in Peru and is authorized by the Superintendencia de Banca, Seguros y AFP (henceforth “SBS”) to operate as a universal bank in accordance with Peruvian law. The Interbank's operations are governed by the General Act of the Banking and Insurance System and Organic Act of the SBS – Act No. 26702 and its amendments (henceforth “the Banking and Insurance Act”), that establishes the requirements, rights, obligations, restrictions and other operating conditions that financial and insurance entities must comply with in Peru.

As of December 31, 2025, Interbank has 146 offices (149 offices as of December 31, 2024). Additionally, it holds 100 percent of the shares of the following Subsidiaries:


Entity		Activity
Internacional de Títulos Sociedad Titulizadora S.A. - Intertítulos S.T.		Manages securitization funds.

Compañía de Servicios Conexos Expressnet S.A.C.		Services related to credit card transactions or products related to the brand “American Express”.

(b)

Interseguro Compañía de Seguros S.A. and Subsidiary -

Interseguro is incorporated in Peru and its operations are governed by the Banking and Insurance Act. It is authorized by the SBS to issue life and general risk insurance contracts.

Interseguro holds participations in Patrimonio Fideicometido D.S.093-2002-EF, Interproperties Peru (henceforth “Patrimonio Fideicometido – Interproperties Peru”), that is a structured entity, incorporated in April 2008, and in which several investors (related parties to Intercorp Peru) contributed investment properties. Each investor or investors have ownership of and specific control over the contributed investment property. The fair values of the properties contributed by Interseguro that were included in this structured entity as of December 31, 2025 and 2024, amounted to S/95,328,000 and S/89,124,000, respectively; see Note 7. For accounting purposes and under IFRS 10 “Consolidated Financial Statements” the assets included in said structure are considered “silos”, because they are ring-fenced parts of the wider structured entity (the Patrimonio Fideicometido - Interproperties Peru). IFS has ownership and decision-making power over these properties and the Group has the exposure or rights to their returns; therefore, IFS consolidates the silos containing the investment properties that it controls.

(c)

Inteligo Group Corp. and Subsidiaries -

Inteligo is incorporated in the Republic of Panama. As of December 31, 2025 and 2024, it holds 100 percent of the shares of the following Subsidiaries:


Entity		Activity
Inteligo Bank Ltd.		It is incorporated in The Commonwealth of the Bahamas and has a branch established in the Republic of Panama that operates under an international license issued by the Superintendence of Banks of the Republic of Panama. Its main activity is to provide private and institutional banking services, mainly to Peruvian citizens.
Inteligo Sociedad Agente de Bolsa S.A.		Brokerage firm incorporated in Peru.
Inteligo Peru Holding S.A.C.		Financial holding company incorporated in Peru. As of December 31, 2025 and 2024, it holds 99.99 percent participation in Interfondos S.A. Sociedad Administradora de Fondos (henceforth "Interfondos"), company that manages mutual funds and investment funds.
Inteligo USA, Inc.		Incorporated in the United States of America, provides investment advisory and related services.
Veltria Advisors Corp.		Incorporated in the United States of America, provides investment advisory.

Translation of consolidated financial statements originally issued in Spanish – Note 33

Notes to the consolidated financial statements (continued)

(d)

Negocios e Inmuebles S.A. -

Negocios e Inmuebles is incorporated in Peru, was acquired by IFS as part of the purchase of Seguros Sura and Hipotecaria Sura in year 2017; Note 9(b). As of December 31, 2025 and 2024, Negocios e Inmuebles S.A., holds 8.50 percent of Interseguro’s capital stock .

(e)

San Borja Global Opportunities S.A.C. -

San Borja Global Opportunities is incorporated in Peru. Its corporate purpose is the marketing of products and services through Internet, telephony or related and it operates under the commercial name of Shopstar (online Marketplace) dedicated to the sale of products from different stores locally.

(f)

IFS Management S.A.C. (before IFS Digital S.A.C.) –

IFS Management is incorporated in Peru. Its corporate purpose is to provide all types of management, strategic planning, financial, accounting, legal, and other services.

(g)

Procesos de Medios de Pago S.A. and subsidiary Izipay S.A.C. (Izipay) -

Procesos de Medios de Pago e Izipay are incorporated in Peru. 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 renowned card networks 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.

Translation of consolidated financial statements originally issued in Spanish – Note 33

Notes to the consolidated financial statements (continued)

The table below presents a summary of the consolidated financial statements of the main Subsidiaries, before adjustments and eliminations for consolidation, as of December 31, 2025 and 2024, in accordance with the IFRS. Additionally, for information on business segments, see Note 27:


	Interbank and Subsidiaries						Interseguro						Inteligo and Subsidiaries
	2025			2024			2025			2024			2025		2024
	S/(000)			S/(000)			S/(000)			S/(000)			S/(000)		S/(000)
Consolidated statement of financial position -
Cash and due from banks		12,917,558			11,666,498			482,545			203,945			420,559		533,575
Financial Investments		11,960,351			11,187,487			14,552,181			13,669,514			2,012,524		1,986,408
Loans, net		49,279,580			47,607,947			—			—			1,499,171		1,622,503
Investment property		—			—			1,540,615			1,381,788			—		—
Total assets		76,763,239			73,626,419			17,005,204			15,706,165			4,118,540		4,316,010
Deposits and obligations		53,667,207			51,144,356			—			—			2,632,943		2,929,343
Due to banks and correspondents		6,728,071			6,963,726			120,459			301,139			315,148		265,772
Bonds, notes and other obligations		4,289,662			4,669,116			342,687			335,007			—		—
Insurance and reinsurance contract liabilities		—			—			12,924,459			12,385,525			—		—
Total liabilities		66,505,666			64,753,475			15,625,799			14,526,553			3,019,002		3,271,899
Equity attributable to IFS’s shareholders		10,257,573			8,872,944			1,379,405			1,179,612			1,099,538		1,044,111
Consolidated statement of income -
Net interest and similar income		3,835,008			3,752,432			788,297			771,400			61,504		69,694
(Loss) recovery due to impairment on loans, net of recoveries		(1,136,728	)		(1,719,913	)		—			—			20		(266	)
(Loss) recovery due to impairment of financial investments		(30	)		(982	)		(264,123	)		(45,910	)		376		(585	)
Net gain of investment property		—			—			101,104			60,260			—		—
Fee income from financial services, net		884,628			791,815			(12,622	)		(10,628	)		195,956		170,955
Result from insurance activities		—			—			(47,777	)		(169,750	)		—		—
Net profit for the year attributable to IFS’s shareholders		1,474,997			1,007,353			339,296			269,568			231,136		137,336

Translation of consolidated financial statements originally issued in Spanish – Note 33

Notes to the consolidated financial statements (continued)

Significant accounting policies

3.1.

Basis of presentation -

The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards issued by the International Accunting Standards Board (henceforth “IASB”) and are presented in Soles, which is the functional currency of the Group. All values are rounded to the nearest thousand (S/(000)), except when otherwise indicated.

The preparation of the consolidated financial statements in conformity with the IFRS Accounting Standards, requires Management to make estimations and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as the disclosure of significant events in the notes to the consolidated financial statements; see Note 3.6.

3.2.

Adoption of new standards and disclosures -

In these consolidated financial statements, the Group has not early adopted any standard, interpretation or amendment that was issued but is not yet effective.

The following standards, interpretations or modifications are applied for the first time in 2025 but have not had a significant impact on the Group's consolidated financial statements.

- Amendments to IAS 21 “Lack of Exchangeability – The effects of changes in Foreign Exchange Rates”

For annual reporting periods beginning on or after January 1, 2025, the amendments specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity’s financial performance, financial position and cash flows.

These amendments had no impact on the Group's consolidated financial statements.

3.3.

Basis of consolidation -

The consolidated financial statements comprise the financial statement of IFS and its Subsidiaries (see Note 2).

For consolidation accounting purposes, control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns. Specifically, the Group controls an investee if and only if the Group has:


	-	Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);

	-	Exposure, or rights, to variable returns from its involvement with the investee; and

	-	The ability to use its power over the investee to affect its returns.

Generally, it is presumed that a majority of voting rights entitles to control. To support this presumption and when the Group has less than the majority of votes or similar rights in the investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:


	-	The contractual arrangement with the other vote holders of the investee;

	-	Rights arising from other contractual arrangements; and

	-	The Group’s voting rights and potential voting rights.

The Group assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation with a Subsidiary begins when the Group obtains control over the Subsidiary and ceases when the Group loses control of the Subsidiary. Assets, liabilities, income and expenses of a acquired or disposed subsidiary during the year are included in the consolidated financial statements from the date the Group acquired control until the date the Group ceases the control of the subsidiary.

Profit and loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the Group’s parent Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.

Translation of consolidated financial statements originally issued in Spanish – Note 33

Notes to the consolidated financial statements (continued)

When necessary, adjustments are made to the financial statement of Subsidiaries to bring their accounting policies into line with the Group’s accounting policies.

All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are totally eliminated on consolidation.

If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.

Assets in custody or managed by the Group, such as investment funds and others, are not part of the Group’s consolidated financial statements; see Note 3.4(z).

3.4.

Summary of material accounting policies -

(a)

Foreign currency translation -

Functional and presentation currency:

The Group has determined that its functional and presentation currency is the Sol, because it reflects the economic substance of the underlying events and circumstances relevant to most of the Group’s entities, insofar as its main operations and/or transactions, such as loans granted, financing obtained, sale of insurance premiums, interest and similar income, interest and similar expenses and an important percentage of purchases are established and settled in Soles; in addition, it corresponds to the functional currency to most of the Subsidiaries; except for Inteligo Bank, whose functional currency is the US Dollar.

Because Inteligo Bank has a functional currency different from the Sol, its balances were translated for consolidation purposes using the methodology established by IAS 21 “The Effects of Changes in Foreign Exchange Rates”, as follows:


	-	Assets and liabilities at the closing rate at the date of each consolidated statement of financial position.

	-	Income and expenses, at the average exchange rate for each month.

As a result of the translation, the Group has recorded the difference in the caption “Exchange differences on translation of foreign operations” in the consolidated statement of other comprehensive income.

Foreign currency balances and transactions:

Foreign currency transactions and balances are those performed in currencies different from the functional currency. Transactions in foreign currencies are initially recorded in the functional currency using the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate in effect on the reporting date. The differences between the closing rate at the date of each consolidated statement of financial position presented and the exchange rate initially used to record the transactions in foreign currency are recognized in the consolidated statement of income in the period in which they arise, in the caption “Exchange difference”. Non-monetary assets and liabilities acquired in a foreign currency are recorded at the exchange rate at the date of the initial transaction.

Translation of consolidated financial statements originally issued in Spanish – Note 33

Notes to the consolidated financial statements (continued)

(b)

Interest income -


	(b.1)	Effective interest rate method -

Under IFRS 9 “Financial Instruments”, interest income is recorded using the effective interest rate (“EIR”) method for all financial assets measured at amortized cost, interest rate derivatives for which hedge accounting is applied and the related amortization/recycling effect of hedge accounting. The interest income of financial assets that accrue interest measured at fair value through other comprehensive income according to IFRS 9 is also recorded using the EIR method. Interest expenses are also calculated using the EIR method for all financial liabilities held at amortized cost. EIR is the rate that exactly discounts estimated future cash flows through the expected life of the financial instrument or, when appropriate, a shorter period at the net carrying amount of the financial asset.

The EIR (and therefore, the amortized cost of the financial asset) is calculated by taking into account transaction costs and any discount or premium on the acquisition of the financial asset, as well as fees and costs that are an integral part of the EIR. The Group recognizes interest income using the best estimate of a constant rate of return over the expected life of the financial asset. Therefore, the EIR calculation also considers the effect of potentially different interest rates that may be charged at various stages of the financial asset’s expected life, and other characteristics of the product’s life cycle (including prepayments, penalty interest and charges).

If expectations of fixed rate financial assets’ or liabilities’ cash flows are revised for reasons other than credit risk, then changes to future contractual cash flows are discounted at the original EIR, and the adjustment is recorded as a positive or negative adjustment of the carrying amount of the financial asset in the consolidated statement of financial position with an increase or decrease in Interest revenue.

For floating-rate financial instruments, periodic re-estimation of cash flows to reflect the movements in the market rates of interest also alters the effective interest rate, but when instruments were initially recognized at an amount equal to the principal, re-estimating the future interest payments does not significantly affect the carrying amount of the asset or the liability.


	(b.2)	Interest income and similar -

The Group calculates the interest income by applying the EIR to the gross carrying amount of non-impaired financial assets.

When a financial asset becomes impaired, and, therefore, it is classified as Stage 3 (as established in Note 3.4(i)), the Group calculates the interest income by applying the EIR at the amortized cost of the asset. If the financial assets “recover”, as detailed in Note 29.1(d), and is no longer impaired, the Group recalculates the interest income in gross figures.

For purchased or originated credit-impaired (POCI) assets, as established in Note 29.1(d), the Group calculates the interest income by determining the credit-adjusted EIR at the amortized cost of the asset. The credit-adjusted EIR is the interest rate that, in the initial recognition, discounts the estimated future cash flows (including expected credit losses) at the amortized cost of POCI assets.

The interest income for all trading assets, that is, for those that are measured at fair value through profit or loss, are presented under the caption “Net gain of financial assets at fair value through profit or loss” of the consolidated statement of income.

(c)

Banking services commissions -

The Group earns fee and commission income from a diverse range of financial services it provides to its customers. Fee and commission income are recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for providing the services.

The performance obligations, as well as the timing of their satisfaction, are identified and determined at the inception of the contract. The Group’s income from contracts do not typically include multiple performance obligations.

When the Group provides a service to its clients, the consideration is invoiced and generally due immediately upon satisfaction of a service provided at a point in time or at the end of the contract period for a service provided over time.

The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the services before transferring them to the customer.

The fees included in the caption “Fees for banking services, net” that make up part of the consolidated statement of income include fee income where performance obligations are satisfied at a specific time or over a period of time.

Translation of consolidated financial statements originally issued in Spanish – Note 33

Notes to the consolidated financial statements (continued)

Fee income where performance obligations are satisfied over a period of time include, among others, collection services, funds management, memberships, fees for contingent loans and credit card insurance. Likewise, fee income where performance obligations are satisfied at a specific time include, among others, banking service fees, brokerage and custody services, and credit card fees.

Below is the main income from contracts with customers that are recognized in the consolidated statement of financial position:


	-	Fees receivable for credit cards and certain fees receivable for letters of guarantee included in the caption “Other accounts receivable and other assets, net”, represent the Group’s right to an unconditional consideration (i.e., it only requires the passing of time for the consideration payment). This income is measured at amortized cost and is subject to impairment specifications under IFRS 9.

	-	Deferred income from commissions for letters of guarantee included in the caption “Other accounts payable, provisions and other liabilities”, represent the Group’s obligation to render services to a customer, from whom the Group has received a consideration (or a due amount). A liability for unearned fees and commissions is recognized when the payment is made or when the payment is due (whichever happens first). Unearned fees and commissions are recognized as income when the Group renders the service.

(d)

Insurance contracts –

(d.1) Insurance contracts -

(d.1.1) Initial recognition -

IFS recognizes, under IFRS 17, a group of insurance contracts when the first of the following events occurs:

- The beginning of the coverage period of the group of contracts,

- The date when the first payment from a policyholder in the group is due, or

- For a group of onerous contracts, when the group becomes onerous.

At initial recognition, the company shall measure a group of insurance contracts by the total of:

- The fulfillment cash flows, which comprise:

- Estimates of the future cash flows.

- An adjustment to reflect the time value of money and the financial risks related to the future cash flows, to the extent that the financial risks are not included in the estimates of the future cash flows.

- A risk adjustment for the non-financial risk.

- The contractual service margin (“CSM”).

The book value at the end of period of a group of insurance contracts shall be the sum of:

- The liability for remaining coverage, which comprises:

- The fulfillment of cash flows related to future services

- The contractual service margin (CSM), applicable to insurance contracts valued under the general method (Building Block Approach or “BBA”) or under the Variable Fee Approach (“VFA”).

-The claims incurred liability, which comprises the fulfillment cash flows related to future services.

(d.1.2) Levels of aggregation -

Insurance contract portfolios-

The first level of aggregation for insurance contracts consists of determining the portfolio. An insurance portfolio shall be composed by a group of contracts subject to similar risks and managed jointly.

The Group has deemed that the following factors are relevant when defining the insurance portfolios in effect:

- Typology of products and their differentiated management, separating the products by pensions, life, and massive, and below them, based on the specific covered risks: savings, risk, annuities, and accidents, among others. There are not separations of risks within the same contract because they are jointly managed.

- Contract limits: differentiating in equal contracts or shorter than one year and longer than four years.

- Individual or collective insurances.

- Policy currency: differentiating between policies denominated in different currencies. Currently, the currencies considered are the Sol, the US Dollar, and Sol VAC ("Valor de Actualización Constante" by its Spanish term).

- Funeral (in currency VAC): a different portfolio shall be considered because it is understood that its risk management is different from the management of the main risk of the product Annuity with the Private Pension System (SPP, by its Spanish acronym). This criterion shall only be applicable to funeral VAC of the pensions (SPP), which are adjusted based on the consumer price index published by the regulator.

Translation of consolidated financial statements originally issued in Spanish – Note 33

Notes to the consolidated financial statements (continued)

- The assessment based on the indicated attributes shall continue to be performed for the new products that may be designed and marketed in the future.

Cohorts (unit of account) -

The second level of aggregation is the cohort level, whereby the Group shall not include in the same group contracts issued more than one year apart. Contract issued between January 1 and December 31 of each year shall be included within each cohort for each portfolio.

Grouping by onerosity -

The last grouping level that the Group applies is in function of the expected profitability level or the onerosity at the moment of the contract issuance. Given that the standard requires at least three groups, the Group foresees that the products by level of profitability or onerosity will be grouped into two main groups:

-Groups of onerous contracts.

-Groups of non-onerous contracts: Include contracts with low probability of becoming onerous and the remaining non-onerous contracts at initial recognition.

The Group has defined a ratio to differentiate these groups. In this sense, even though it is foreseen that there will be two groups by profitability level, the groups that will eventually be determined will depend on the compliance of the ratio on the predetermined threshold.

(d.1.3) Valuation methods -

The Group applies the following valuation methods in the measurement of insurance contracts:

-Building Block Approach (“BBA”). This method will be applied by default to insurance contracts unless there exist conditions to apply any of the other two methods.

-Two BBA variants. The first one will be applied compulsorily if the conditions for it are met, and the second one will be applied optionally if conditions are met:

-Variable Fee Approach (“VFA”)

-Premium Allocation Approach (“PAA”)

The application of one or the other method affects the measurement of the liability for remaining coverage (“LRC”) because the liability for incurred claims (“LIC”) will be valued according to the fulfillment of cash flows related to incurred claims, adjusted for non-financial risk.

Building Block Approach (BBA) -

This method is applied to contracts with coverage periods longer than one year and whose liability flows do not depend on underlying elements. IFS measures a group of insurance contracts (unit of account) by the total of fulfillment cash flows and the CSM. Following are the elements details of said component group:

- Fulfillment Cash Flows (“FCF”): the fulfillment cash flows are comprised of the following elements:

- Estimation of future cash flows: Weighted estimation by the probability of future cash outflows occurrence minus the future cash inflows from the fulfillment of the contract. It is necessary to consider solely the cash flows that are within the limits of the insurance contract and the attributable acquisition expenses must be included.

The Group revises the estimations performed in the preceding valuation period and updates them so that they reflect the conditions at the valuation date, and that the changes made to the estimation represent the modifications of the period’s conditions.

- Discount effect: IFRS 17 establishes that the fulfillment cash flows shall be adjusted to reflect the time value of money and the financial risks related to the future cash flows. The estimation of cash flows and the inclusion of the discount effect may result in the best estimate liability (“BEL”). In the discount rate estimation procedure, observable market values are used; for pensions contracts, the Matching Adjustment Discount Rate is mainly used and for individual life contracts, the Risk Free Rate – USA is mainly used.

- Risk Adjustment (“RA”): Represents the compensation that an entity requires to bear the non-financial risk that arises from the uncertainty over the cash flows regarding their amount and the moment of payment of the future cash flows, and it shall be calculated in an explicit and separated manner from the cash flows. Likewise, the risk adjustment also reflects the risk aversion degree and the diversification degrees that the entity includes to determine the compensation to bear said non-financial risks.

Translation of consolidated financial statements originally issued in Spanish – Note 33

Notes to the consolidated financial statements (continued)

- CSM: Represents the expected profit from the insurance contracts, which shall be recognized in income of the entity as the service is rendered in the future, instead of recognizing it at its estimation moment

Intercorp Financial Services Inc. 6-K