SUL AMÉRICA S.A. (BM&FBovespa: SULA11) ("Company"), pursuant to the provisions in Article 157, §4, of Law 6,404/76 and CVM Instruction 358/05, hereby informs its shareholders and the market that its Board of Directors approved on this date the 1st (first) issuance of Unsecured Debentures, Not Convertible into Shares, in a Single Series, issued by the Company, amounting to R$500,000,000.00 (five hundred million reais), for public distribution with restricted placement efforts, under CVM Instruction 476/09 ("Restricted Offer" and "Debentures", respectively).

The issuance will comprise 50,000 (fifty thousand) Debentures with nominal value of R$10,000.00 (ten thousand reais). For all legal purposes, the Debentures issuance date will be February 6th, 2012 ("Issuance Date"). The Debentures will have a term of five (5) years from the Issuance Date, maturing, therefore, on February 6th, 2017.

The nominal value of each of the Debentures will be paid in three successive annual installments, from the third year of the issuance, and will bear interest corresponding to 100% (one hundred percent) of the accumulated variation of the average daily rate of DI - Depósitos Interfinanceiros - financial deposits for one day, "over extra-group", expressed as a percentage per year, base 252 (two hundred and fifty-two) working days, calculated and published daily by CETIP, in the daily bulletin available on its website (http://www.cetip.com.br) ("DI Rate"), plus a spread equivalent to a certain percentage per year, base 252 (two hundred and fifty-two) working days, to be defined according to the Bookbuilding Process, and in any case, limited to 1.35% per year.

The net proceeds obtained by the Company with the issuance will be used to (i) meet cash needs resulting from the expansion of operations and / or any Company´s subsidiary, directly or indirectly controlled by the Company, (ii) reinstate the Company´s cash position after the payment of financial debt; and (iii) general corporate purposes.

The Restricted Offer is automatically exempted from registration for public distribution in the CVM pursuant to Article 6 of CVM Instruction 476/09.

Rio de Janeiro, January 4, 2012

Arthur Farme d’Amoed Neto
Investor Relations Officer

1. Value of Interest on Capital per share: The total gross amount of R$70,000,000.00 (seventy million Reais) corresponding to R$0.084293198042 per SulAmérica´s common or preferred share not represented by unit, and R$0.25287954127 per unit. The income tax withholding (imposto de renda na fonte or “IRRF”) will be applied to the payment of Interest on Capital, except for the shareholders that are immune or exempt, according to the applicable Law.

2. Record Date and Ex Date: According to the applicable Law, shareholders in the Company’s records on December 13, 2011 are entitled to receive Interest on Capital. We also clarify that SulAmérica shares (SULA11) shall be negotiated ex- Interest on Capital as of December 14, 2011.

3. Income tax: The income tax retention will be applied to the amount of Interest on Capital as informed in item 1, according to the applicable Law. Shareholders that are immune or exempt should present the corresponding documentation at the Company’s Headquarters until December 20, 2011.

4. Payment: The payment will be made in two installments, as follows:

• 1st installment: the gross amount of R$ 15,300,000.00 (fifteen million three hundred thousand Reais), corresponding to R$0.018424084715 per SulAmérica´s common or preferred share not represented by unit, and R$0.055272254145 per unit, which after the deduction of the income tax retention, according to the applicable Law, equals the net amount of R$0.015660472008 per SulAmérica´s common or preferred share not represented by unit, and R$0.046981416023 per unit, to be paid as of December 27, 2011.

• 2nd installment: the gross amount of R$ 54,700,000.00 (fifty four million seven hundred thousand Reais), corresponding to R$0.065869113327 per SulAmérica´s common or preferred share not represented by unit, and R$0.197607339982 per unit, which after the deduction of the income tax retention, according to the applicable Law, equals the net amount of R$ R$0.055988746328 per SulAmérica´s common or preferred share not represented by unit, and R$0.167966238984 per unit, to be paid as of April 18, 2012.

The Interest on Capital, net of income tax, will be attributed in the calculation of mandatory Dividends of 2011 fiscal year, as provided in Paragraph 7, Article 9 of Law 9,249/95.

For further information and/or clarifications, shareholders may address to the specialized branches listed below or any other branch of Banco Itaú Unibanco, during banking business hours.

. Belo Horizonte (MG):Av. João Pinheiro 195, subsolo
. Brasília (DF): SCS Quadra 3, bloco A - Edf. Dona Ângela 30, sobreloja
. Curitiba (PR): Rua João Negrão 65, sobreloja
. Porto Alegre (RS): Rua Sete de Setembro 746, térreo
. Rio de Janeiro (RJ): Rua Sete de Setembro 99, subsolo
. Salvador (BA): Av. Estados Unidos 50, 2º andar - Edf. Sesquicentenário
. São Paulo (SP): Rua Boa Vista 176, 1º subsolo

Rio de Janeiro, December 13, 2011. The Management.

Rio de Janeiro, November 28, 2011 - Sul América S.A. (SulAmérica, BM&FBovespa: SULA11) announces that Standard & Poor‘s Ratings Services (S&P) raised its long-term counterparty credit ratings on Brazil-based insurance holding company Sul América S.A. to BB from BB- and on operating subsidiary Sul América Companhia Nacional de Seguros to BBB- from BB+. The outlook on both companies is stable.

S&P also raised the rating on the senior unsecured notes issued by SulAmérica in February 2007 that matures in February 2011 to BB from BB-.

Rio de Janeiro, November 28, 2011 - For the third consecutive year, Sul América S.A. (BM&FBovespa: SULA11) is the only insurance company included in the Sustainability Index (ISE) of the São Paulo Stock Exchange - BM&FBovespa.

The new ISE portfolio, announced on November 25th, will be valid from January 2nd to December 31st, 2012, and is composed by 51 shares of 38 companies that represent 18 industries of the Brazilian economy.

The ISE reflects the performance of a portfolio composed of shares from companies with the best performances in all of the dimensions for the measurement of corporate sustainability. It aims at being a reference for socially responsible investment and a driver for best practices in the Brazilian corporate environment.

SulAmérica´s commitment to best practices in corporate governance and social-environmental responsibility is one of its corporate values, including the development of new products and services, pension plans and asset management and issues related to the reduction of economic, social and environmental impacts related to the Company´s activities.

13th Abrasca Report Award

Rio de Janeiro, November 11, 2011 - Sul América S.A.(BM&FBovespa: SULA11), receives Corporate Governance Honour Mention in 13th Abrasca Report Award. This is the third year that SulAmérica invest in a 100% online Annual Report with interactivity, movies and several features. The Report is available at http:relatorioanualsulamerica10.com.br/ and presents in an innovative way the Company’s financial information and its business model. It also presents information about strategy, share performance, IR activities, sustainability and social corporate responsibility.

This is the second time the Company‘s Annual Report is ranked among the best produced in an year by Abrasca - Associação Brasileira das Companhias Abertas, and SulAmérica was elected by IR Global Rankings "Best Online Report Latin América" in 2008..

Rio de Janeiro, November 03, 2011 - Sul América S.A. (BM&FBovespa: SULA11) announces that it published today, upon decision of its Board of Directors and in agreement with the Company´s Dividend Policy, the approval of its 3Q11 quarterly distribution of interim dividends. The amount of R$ 0,012 per Company common or preferred share not represented by unit and R$ 0,036 per unit, totalling approximately R$ 10 million, will be paid as of August 18, 2011. The record date is on November 03, 2011 and shares will trade ex-dividend on BM&FBovespa as of November 04, 2011.

Further information related to this issue, including the Company´s Dividend Policy are available on the Company´s website: www.sulamerica.com.br/ir

"2011 Best Companies to Shareholders"

Rio de Janeiro, October 5, 2011 - Sul América S.A.(BM&FBovespa: SULA11), has been awarded the first place in the "2011 Best Companies to Shareholders" award, organized by the brazilian magazine Capital Aberto, in the R$ 5 billion to R$ 15 billion market cap companies category.

This awards rewards companies that stood out in business profitability, stock performance, liquidity, corporate governance and sustainability, being appointed as the Best Company the one achieving the best grades in all five evaluated items.

Highlights:

• Insurance premiums amounted to R$2.3 billion in the quarter, a growth of 16.0% in relation to 2Q10. Health insurance premiums grew by 19.5% in relation to 2Q10, with group health insurance premiums increasing by 23.0%, led by the small and medium-sized enterprises (SME) segment, which increased 37.2% in 2Q11. Auto insurance premiums increased by 10.2% in relation to 2Q10, leading SulAmérica to close 2Q11 with an insured fleet of 1.5 million vehicles.

• In the first six months of 2011, total premiums came to R$ 4.5 billion, representing a growth rate of 16.2% in relation to 6M10. Health insurance premiums in 6M11 were 18.9% higher than in 6M10. Premiums in the group health insurance portfolio increased 23.9% in 6M11, once again led by the small and medium-sized enterprises segment, which recorded growth in premiums of 37.5% in relation to 6M10. In the same period, auto insurance premiums increased by 16.0%.

• SulAmérica’s overall loss ratio stood at 78.2% in 2Q11, increasing 150 bps in comparison to 2Q10. In the health insurance segment, the loss ratio stood at 83.1% in the quarter, an improvement of 270 bps in relation to 2Q10. The auto insurance loss ratio was 64.2%, an increase of 630 bps in 2Q11.

• The combined ratio ended the quarter at 103.9%, an increase of 240 bps in relation to 2Q10.

• Return on investments not linked to the VGBL and private pension portfolio reached R$131.9 million in 2Q11, with a return corresponding to 102.9% of the CDI rate . In 6M11, portfolio return was R$270.9 million, corresponding to 106.9% of the CDI rate.

• Net income was R$ 30.0 million in 2Q11, declining 40.3% in relation to 2Q10, mainly due to an increase in provisions in the life insurance portfolio, which will be commented on later in this report. Annualized return on equity reached 4.2% in 2Q11. In the first six months of 2011, net income came to R$131.9 million, down 2.7% from 6M10, with annualized return on equity of 9.4%. SulAmérica ended the quarter with total assets of R$12.7 billion.

To view the Entire Earnings Release, click here.

Conference Call

English
August 5, 2011 - Friday
11h AM US EDT | 12h (BR)
Phone: + 1(412) 317-6776
Code: SulAmérica
Replay for 7 days: +1(412) 317-0088
Code for replay: 10002219

Portuguese
August 5, 2011 - Friday
09h AM US EST | 10h (BR)
Phone: +55 (11) 3127-4971
Code: SulAmérica
Replay for 7 days: +55 (11) 3127-4999
Code for replay: 76875042

Live webcast: click here.

The presentation will be available for download in Company‘s IR website 30 minutes before the conference call.

Rio de Janeiro, June 10, 2011 - Sul América S.A. (BM&FBovespa: SULA11) was elected for the second consecutive year the best company in financial services sector in the 2011 Abrasca Value Creation Awards. The prize is awarded to the companies that stood out in value creation over the last three years, presenting consistent results and excellence in risk control, as well as transparency and a sustainability concern.

Highlights:

• Insurance premiums in the quarter grow 23.1% on a recurring basis in 1Q11, reaching R$2.2 billion (up 0.3% in relation to 4Q10). Health insurance premiums grow 27.4% (up 2.4% in relation to 4Q10) on a recurring basis, with the group health portfolio expanding 27.8% (up 4.3% in relation to 4Q10), led by small and medium enterprises (SMEs), which grow by 56.9%. Auto insurance premiums increase 22.9% in relation to 1Q10 (down 4.5% in relation to 4Q10) and the insured fleet reaches approximately 1.4 million vehicles.

• Total loss ratio of 74.0%, down 20 bps in relation to 1Q10 (up 910 bps in relation to 4Q10). Health insurance loss ratio of 80.1%, increasing 60 bps in relation to 1Q10 (up 110 bps in relation to 4Q10). Auto insurance loss ratio reaches 62.0% in 1Q11, down 170 bps in relation to 1Q10 (up 360 bps in relation to 4Q10).

• Combined ratio closes the quarter at 99.1%, increasing 20 bps in relation to 1Q10 (up 480 bps in relation to 4Q10).

• Return on the investment portfolio reaches R$138.9 million, with an average return of 111.1% of the CDI rate, excluding private pension and VGBL operations.

• Net income totals R$101.9 million in 1Q11, up 19.4% from 1Q10 (down 35.6% in relation to 4Q10) on a recurring basis. Return on equity reaches 14.6% in 1Q11 with the Company ending the quarter with total assets of R$12.7 billion.

To view the Entire Earnings Release, click here.

Conference Call

English
May 6, 2011 - Friday
11h AM US EST | 12h (BR)
Phone: + 1(412) 317-6776
Replay for 7 days: +1(412) 317-0088
Code: 450518

Portuguese
May 6, 2011 - Friday
09h AM US EST | 10h (BR)
Phone: +55 (11) 2188-0155
Replay for 7 days: +55 (11) 2188-0155
Code: SulAmérica

Live webcast: click here.

The presentation will be available for download in Company‘s IR website 30 minutes before the conference call.

In compliance with Article 157, paragraph 4 of Law No. 6,404/76 and CVM Instruction 358/02, Sul América S.A. (“Company”) announces to its shareholders and to the market in general that its Board of Directors in a meeting held on this date, approved as part of the Company Dividend Policy, the quarterly distribution of interim dividends in the amount of R$0.012 per Company common or preferred share not represented by unit and R$0.036 per unit, by decision of its Board of Directors at the time of disclosure of the Company‘s quarterly results, to the profit account verified in such statements or to the profit reserve account included in the previous annual balance sheet, observing the applicable legal and statutory provisions, being the distribution referring to the first quarter of 2011 already approved on this date and disclosed as a Notice to Shareholders.

The aforementioned dividends will be paid based on the share ownership held on the date of respective resolutions of the Company’s Board of Directors and the correspondent amounts shall be attributed to the total amount of dividends which distribution is to be approved at the Annual General Meeting.

The Board of Directors may revise this Policy or make an exception in a certain quarter, vis-à-vis the Company‘s plans and needs, taking into consideration at that occasion, factors such as, relevant acquisitions and investments and the compliance with regulatory requirements.

The Company’s Dividend Policy, as mentioned above, is available on the Company‘s website (www.sulamerica.com.br/ri).

Sul América S.A. (BM&FBovespa: SULA11), pursuant to the material fact published on December 13, 2010, hereby informs its shareholders and the market in general that, having obtained approval from the competent regulatory authorities, its subsidiary, Sul América Companhia de Seguro Saúde, concluded the acquisition of Dental PLAN Ltda.

Sul America S.A. (BM&FBovespa: SULA11) ("Company") announces to its shareholders and the general market that its subsidiary Sul America Companhia Nacional de Seguros ("SulAmérica") signed an agreement for coinsurance with Caixa Seguros S.A. ("Caixa Seguros ") in the business of auto insurance for the entire national territory.

The Company also reports that it has signed, through its subsidiary Saepo Services and Holdings S.A., a contract to provide services to Caixa Seguros in operating and support the abovementioned coinsurance agreement.

The agreements are valid for five years from July 1, 2011.

Sul América S.A. (BM&FBovespa: SULA11) hereby informs its shareholders and the market in general that, on this date, its subsidiary Brasilsaúde Companhia de Seguros (“Brasilsaúde”) entered into a commercial partnership agreement with BB Corretora de Seguros e Administradora de Bens S.A. and Banco do Brasil S.A. for the distribution of Brasilsaúde health insurance products to Banco do Brasil’s clients.

The agreement, which will be valid for three years, and may be extended for equal periods, will allow Brasilsaúde products to be sold throughout Banco do Brasil’s nationwide network.

Sul América S.A. (BM&FBovespa: SULA11) hereby informs its shareholders and the market in general that, on this date, through its subsidiary Saepar Serviços e Participações S.A. (“Saepar”), it entered into an agreement to extend the term of the operational insurance service contract it maintains with Brasilveículos Companhia de Seguros. As a result of said agreement, the contract will be effective for an indeterminate period, with a minimum duration of six months, after which it may be terminated at any time via advanced notice of 15 days.

Pursuant to article 2 of CVM Instruction 358 of January 3, 2002, and CVM Instruction 10 of February 14, 1980, as amended, Sul América S.A. hereby informs its shareholders and the market in general that the Company’s Board of Directors, at the meeting held on February 28, 2011, approved the share buy-back program, within the following conditions:

Objective: to acquire share depository certificates (units), each representing one common share and two preferred shares issued by the Company, to be held in treasury and later used in the Stock Option Plan. The management considers that such operation is in the best interest of the Company considering the Company’s market growth and profitability, as well as available reserves pursuant to CVM Instruction 10. The acquisition will be carried out at the São Paulo Stock, Futures and Commodities Exchange (BM&FBOVESPA S.A.- Bolsa de Valores, Mercadorias e Futuros) at market price, been the Officers’ duty to decide the moment and the amount of shares to be acquired, either in a single or in a series of operations, within the limits laid down by the applicable law.

Number of shares to be acquired: up to 3,192,379 units, representing 3,192,379 common shares and 6,384,758 preferred shares, corresponding to 3% of the units in free float and approximately 1.1% of the total number of shares issued by the Company as of February 23, 2011.

Deadline for acquisition: the period for the acquisition is 365 days from today, ending on February 28, 2012.

Free float: 319,377,567 shares, of which 106,551,087 are common shares and 212,826,480 are preferred shares, compounding 106,412,637 units.

Treasury Stock: currently, the company holds 11,995,353 shares in treasury, of which 3,998,451 are common shares and 7,996,902 are preferred shares.

Authorized Brokers:

BTG PACTUAL CTVM S.A.
Av. Brigadeiro Faria Lima 3729, 10º andar, parte, São Paulo/SP, CEP 04538-905

ITAÚ CORRETORA DE VALORES S.A.
Av. Brigadeiro Faria Lima 3400, 10º andar, São Paulo/SP, CEP 04538-132

MERRILL LYNCH S.A. CTVM
Av. Brigadeiro Faria Lima 3400, 16º andar, parte A, São Paulo/SP, CEP 04538-132

SANTANDER BRASIL S.A. CTVM
Rua Hungria 1400, 4º andar, São Paulo/SP, CEP 01455-000

SITA SOCIEDADE CORRETORA DE CÂMBIO E VALORES MOBILIÁRIOS S/A
Rua Rio Grande do Norte 988, Belo Horizonte/MG, CEP 30130-131

Highlights:

• Insurance premiums in the quarter total R$ 2.2 billion, increasing 17.4% in relation to 4Q09 and decreasing 1.4% in relation to the prior quarter. In 2010, insurance premiums increase 14.7% to reach R$8.4 billion. Health insurance premiums increase 17.3% in 4Q10 in relation to 4Q09 (up 2.2% in relation to 3Q10), while premiums in the group health portfolio expand 21.3% (up 2.4% in relation to 3Q10), led by small and medium enterprises (SMEs), which grow 28.3%. Auto insurance premiums climb 19.3% in 4Q10 compared to 4Q09 (down 12.3% in relation to 3Q10) and the insured fleet reaches approximately 1.4 million vehicles.

• Total loss ratio of 64.9% in 4Q10, declining 750 bps in relation to 4Q09 and 580 bps in relation to 3Q10. In 2010, the total loss ratio reaches 71.4%, up 360 bps in relation to 2009. The health insurance loss ratio reaches 69.2% in 4Q10, increasing 1,000 bps in relation to 4Q09 (improving 750 bps in relation to 3Q10). The auto insurance loss ratio reaches 58.4% in 4Q10, representing improvement of 390 bps in relation to 4Q09 (improving 370 bps in relation to 3Q10).

• The combined ratio closes the quarter at 94.3%, decreasing 370 bps in relation to 4Q09 (decrease of 120 bps in relation to 3Q10). In the year, the combined ratio decreased 220 bps to 97.8%.

• Return on the investment portfolio reaches R$128.9 million in 4Q10, with an average return of 129.7% of the CDI rate, excluding private pension and VGBL operations. In the year, the return on the investment portfolio reaches R$429.9 million, yielding 117.2% of the CDI rate.

• Net income of R$158.3 million in 4Q10, up 5.6% in relation to 4Q09 (up 20.9% in relation to 3Q10). In 2010, recurring net income reaches R$426.6 million, increasing 3.2% in relation to 2009. Annualized return on equity reaches 22.1% in 4Q10 and 14.9% in the year. Total net income of R$286.3 million in 4Q10, increasing 91.1% and 128.8%, in relation to 4Q09 and 3Q10, respectively. In the year, total net income reaches R$614.0 million, increasing 48.5% over 2009. Total net income includes the effects of non-recurring events which totaled R$187.4 million in 2010. Company ends the period with total assets of R$12.3 billion.

To view the Entire Earnings Release, click here.

Conference Call

English
February 25, 2011 - Friday
10h AM US EST | 12h (BR)
Phone: + 1 (973) 935-8893
Replay for 7 days: +1 (706) 645-9291
Code: 41108152

Portuguese
February 25, 2011 - Friday
08h AM US EST | 10h (BR)
Phone: +55 (11) 2188-0155
Replay for 7 days: +55 (11) 2188-0155
Code: SulAmérica

Live webcast: click here.

The presentation will be available for download in Company‘s IR website 30 minutes before the conference call.

Rio de Janeiro, December 23, 2010 - SulAmérica APIMEC meeting on September 14, 2010, was chosen as one of the ten best meetings in 2010 for investors and capital market professionals by the São Paulo chapter of APIMEC.

The selection of the ten best is handled by a qualified jury, with the help of a tabulated evaluation made by investment professionals at the end of each São Paulo APIMEC meeting. The jury evaluated 116 companies who held 149 meetings between December 2009 and December 2010.

In compliance with article 157, paragraph 4, of Law no. 6,404/76, and CVM Instruction no. 358/02, Sul América S.A. (BM&FBovespa: SULA11) (“SulAmérica”) hereby announces to the public that its subsidiary Sul América Companhia de Seguro Saúde signed, on this date, a share purchase agreement for the acquisition of Dental PLAN Ltda. (taxpayer’s ID 70,067,137/0001-49) by the amount of R$28.5 million.

Dental PLAN Ltda. is a dental care provider with operations concentrated in the North and Northeast regions of Brazil, also with a significant growth in the Southeast region.

Trough this acquisition, SulAmérica adds more than 122 thousand members to its dental care portfolio, which will now total up more than 385 thousand members, strengthening its position in this segment.

The conclusion of the acquisition is subject to prior approval by the competent regulatory authorities.

São Paulo, November 25, 2010 - Sul América S.A. (BM&FBovespa: SULA11) has been included in the portfolio of the Corporate Sustainability Index of the BM&FBovespa of 2011. The announcement of the new composition was made today by the stock exchange and SulAmérica will be part of the portfolio for the second year in a row, remaining as the only insurance company to be part of the index. In total, the index portfolio, which will be valid from January 2011, will comprise 47 shares of 38 companies, representing 18 sectors and totaling 1.17 trillion of reais in market capitalization.

Conselho NA SulAmérica program puts Board members into the front line

São Paulo, November 19, 2010 - Yesterday, Sul América S.A. (BM&FBovespa: SULA11) won the IBGC Corporate Governance Innovation Award, granted by the Brazilian Corporate Governance Institute, for the Conselho NA SulAmérica program, designed to encourage Board members to engage in the Company’s daily activities.

“The ‘Conselho NA SulAmérica’ program provides a unique opportunity for the Board to experience the Company’s internal processes and make use of this experience when analyzing opportunities and making decisions,” declared Patrick de Larragoiti Lucas. “Moving the Directors from the boardroom to the frontline in call center, policyholder and brokerage services line is a groundbreaking way of engaging and humanizing the Board and bringing it closer to the reality of the Company.”

The program’s development was based on the analysis of results from the Board’s annual self-evaluation questionnaire, when an opportunity was identified for implementing activities that would allow Directors to experience SulAmerica’s operations at first hand, either through 24-hour assistance call center, vehicle reception at the Super Service Auto Centers (C.A.S.A.), or in the internal discussions of the Clients’ Council and at SulAmérica’s events for capital market analysts.

The program also brings invaluable benefits to the Board in terms of defining SulAmérica’s future strategies, since it propitiates direct and anonymous (therefore unbiased) contact with customers, suppliers and other Company stakeholders, allowing Directors to compile valuable information at source which may help them in the decision making process. “This initiative ensures that the Board has a more accurate view of the business, free of any distortions between the dynamics of operations and the seeming coldness of management reports,” affirms Arthur Farme d’ Amoed Neto, SulAmérica’s Corporate Vice-President and Investor Relations, responsible for the coordinating the program.

Highlights:

• Total insurance premiums in the quarter grew to R$ 2.3 billion on a recurring basis¹, up 21.0% in relation to 3Q09 and 13.2% on the prior quarter. In 9M10, insurance premiums increased 13.8% on a recurring basis² reaching R$6.2 billion. Health insurance premiums in 3Q10 increased 18.9% on 3Q09 (up 9.1% from 2Q10) on a recurring basis, with the group health portfolio expanding 23.5% (up 8.3% from 2Q10), led by small and medium enterprises (SMEs), which grew 29.5%. Auto insurance premiums climbed 44.0% from 3Q09 (up 23.6% from 2Q10) and the insured fleet reached over 1.3 million vehicles.

• Total loss ratio of 70.7% in 3Q10, down 530 bps over 3Q09 and 610 bps over 2Q10 on a recurring basis. In 9M10, the total loss ratio of 73.8%, up 230 bps in relation to 9M09. The health insurance loss ratio reached 76.3% in 3Q10, decreasing 410 bps on 3Q09 (down 950 bps on the prior quarter) on a recurring basis. Auto insurance loss ratio reached 62.1% in 3Q10, a 90 bps improvement over 3Q09 (420 bps in relation to 2Q10).

• Combined ratio closed the quarter at 95.5%, improving 610 bps in relation to 3Q09 (down 590 bps over 2Q10) on a recurring basis. In 9M10, the combined ratio improved 170 bps to 99.1% on a recurring basis.

• Return on the investment portfolio reached R$104.4 million in 3Q10, with an average return of 99.4% of the CDI rate, excluding private pension and VGBL operations. In 9M10, return on the investment portfolio reached R$301.1 million, yielding 112.0% of the CDI rate.

• Recurring net income of R$130.9 million in 3Q10, up 61.3% over 3Q09 (up 151.4% over 2Q10). In 9M10, recurring net income of R$268.4 million, increasing 1.8% on the same ninemonth period of 2009. Annualized return on equity reached 20.0% in 3Q10 and 13.7% in 9M10 on a recurring basis. Total assets at the end of the period of R$11.6 billion.

To view the Entire Earnings Release, click here.

Conference Call

English
November 5, 2010 - Friday
10h AM US EST | 12h (BR)
Phone: + 1 (973) 935-8893
Replay for 7 days: +1 (706) 645-9291
Code: 16030290

Portuguese
November 5, 2010 - Friday
08h AM US EST | 10h (BR)
Phone: +55 (11) 3301-3000
Replay for 7 days: +55 (11) 3127-4999
Code: 47614636

Live webcast: click here.

The presentation will be available for download in Company‘s IR website 30 minutes before the conference call.

In compliance with article 157, paragraph 4, of Law no. 6,404/76, and CVM Instruction no. 358/02 and in complement of the Material Fact disclosed on May 5, 2010, Sul América S.A. (BM&FBovespa: SULA11) (“the Company”) hereby announces to the public that SUSEP - Superintendência de Seguros Privados (Private Insurance Superintendency) approved the sell of the totality of the participation held by its subsidiary Sul América Companhia Nacional de Seguros (“SALIC”) in Brasilveículos Companhia de Seguros (“Brasilveículos”) to BB Aliança REV Participações S.A., a subsidiary of BB Seguros Participações S.A. (“Banco do Brasil”), pursuant to the shares purchase and sale agreement signed on May 5, 2010, as amended.

Pursuant to the information above, on this date, SALIC transferred to Banco do Brasil the totality of its participation held on Brasilveículos, representing 60% of the voting capital stock and 30% the total capital stock of Brasilveículos. The accrued sale amount is of R$359million, generating a non-recurring revenue of approximately R$135million in the month of October 2010.

Moreover, we inform that the Company, through a subsidiary, will continue to provide insurance related services to Brasilveículos for a six-month period starting November 2010, after which, and for an additional twelve-month period, the referred services will be limited to claims regulation regarding polices issued up to April 29, 2011.

As previously informed, the termination of the association of SulAmérica with Banco do Brasil in the Auto insurance segment in no way affects the other businesses and activities of the Company and its subsidiaries in the aforesaid segment, nor in other P&C in which it is active, or still, in business related to life insurance, health, pension plans, and asset management.

SulAmérica’s outstanding position in the ranking results from its continuous work to improve its Governance practices and to offer information that allow investors to better understand the Company as well the insurance industry. Such initiatives have contributed to increasing investors’ interest for the Company’s stock in the Bovespa stock exchange - the daily trade volume of SulAmérica units increased from R$2.8 million in the first half of 2009 to R$8.7 million in the same period of 2010.

“SulAmérica’s Corporate Governance area is extremely active and the Company is consistently enhancing its practices. We continue to innovate and to develop other actions that will provide the Company’s business with speed and transparency”, said SulAmérica’s Investor Relations Vice-President Arthur Farme d‘Amoed Neto.

Among SulAmérica’s practices assessed by the survey, factors that stood out were the incentive for shareholders to take part in the Company’s General Meetings, which was adopted long before the CVM requirement, along with a dividends policy available at the website, and the disclosure of information related to management compensation.

Highlights:

• Total insurance premiums in the quarter grow to R$ 2.0 billion, up 9.4% on a year earlier and 4.9% on the prior quarter. In 6M10, insurance premiums increase 10.0% on a recurring basis to reach R$3.9 billion. Health insurance premiums in 2Q10 increase 15.7% from 2Q09 (up 3.7% on a recurring basis from 1Q10), with the group health portfolio expanding 22.9% (up 7.9% from 1Q10), led by small and midsized enterprises (SMEs), which grow by 29.2%. Auto insurance premiums climb 15.7% from 2Q09 (up 18.7% from 1Q10) and the insured fleet reaches over 1.2 million vehicles.

• Total loss ratio of 76.8%, down 190 bps on 2Q09 and up 260 bps on 1Q10. In 6M10, total loss ratio of 75.5%, down 60 bps in relation to 6M09. Health insurance loss ratio reaches 85.8% in 2Q10, increasing by 60 bps on the year-ago period (up 510 bps on the previous quarter on a recurring basis). Auto insurance loss ratio reaches 57.9% in 2Q10, a 540 bps improvement over 2Q09 (580 bps improvement on 1Q10).

• Combined ratio closes the quarter at 101.4%, up 100 bps on 2Q09 (70 bps on 1Q10). In 6M10, the combined ratio increased by 80 bps to 101.1%.

• Return on investment portfolio of R$95.0 million in 2Q10, for an average return corresponding to 110.8% of the CDI rate, excluding private pension and VGBL operations. In 6M10, return on investment portfolio totals R$196.7 million, for average return equal to 119.5% of the CDI rate.

• Recurring net income of R$52.0 million in 2Q10, down 37.7% from 2Q09 (down 39.1% versus 1Q10). In 6M10, recurring net income of R$ 137.4 million, down 24.7% on the same six-month period in 2009. Annualized return on equity reaches 8.0% in 2Q10 and 10.7% in 6M10, both on a recurring basis. The Company ended the period with total assets of R$11.1 billion.

To view the Entire Earnings Release, click here.

Conference Call

English
August 9, 2010 - Monday
11h AM US EST | 12h (BR)
Phone: + 1 (973) 935-8893
Replay for 7 days: +1 (706) 645-9291
Code: 88168865

Portuguese
August 9, 2010 - Monday
09h AM US EST | 10h (BR)
Phone: +55 (11) 2188-0155
Replay for 7 days: +55 (11) 2188-0155
Code: SulAmérica

Live webcast: click here.

The presentation will be available for download in Company‘s IR website 30 minutes before the conference call.

Pursuant to article 157, paragraph 4 of Law 6404/76 and CVM Instruction 358/02, Sul América S.A. ("Company") hereby announces to its shareholders and the market that its Shareholders Meeting, held on this date, approved the split of Company’s shares, so that each share, whether common or preferred, will be split into 3 shares of the same type. Shares resulting from the split that were previously represented by units will be automatically constituted as units, maintaining the proportion of 1 common share and 2 preferred shares per unit.

Due to the above mentioned approval, the Company’s capital stock is now divided into 466,113,588 common shares and 377,774,205 preferred shares, without any impact in the current ratio of common to preferred stock, or to the rights and characteristics of each type.

The shares resulting from the stock split will have all rights attached to the respective type of share and will be entitled to all earnings, including dividends and any other yield that may be declared by the Company following the above mentioned Shareholders Meeting.

The purpose of this stock split is to improve the trading condition of the Company’s shares.

In addition the Company announces that Shareholders of record in the Company‘s registries on July 28, 2010 will be entitled to receive the shares resulting from the stock split, with the Company‘s stock trading ex-split as of July 29, 2010 and that the shares resulting from the stock split will be credited to shareholders on August 3, 2010.

Pursuant to Official Letter GAE/CREM 1473/10 from the BM&FBovespa received on today‘s date regarding the call notice for the Extraordinary Shareholders’ Meeting to be held on July 28, 2010 and the respective Management’s proposal, Sul América S.A. (“Company”) hereby clarifies that, if the proposal for the Company‘s stock split is approved at said Meeting:

a) Shareholders of record in the Company‘s registries on July 28, 2010 will be entitled to receive the shares resulting from the stock split, with the Company‘s stock trading ex-split as of July 29, 2010.

b) The shares resulting from the stock split will be credited to shareholders on August 3, 2010.

Fitch Ratings-Rio de Janeiro/New York-09 June 2010: Fitch Ratings has upgraded the following International and National Long-Term ratings assigned to Sul America S.A. (Sasa), the holding company of Sul America Seguros (SAS) as indicated:

• Foreign and Local Currency Long-Term Issuer Default Ratings (IDRs) to ‘BB+‘ from ‘BB‘; Outlook Stable;
• National Long-Term ratings to ‘AA(bra)‘ from ‘AA-(bra)‘; Outlook Stable

Issue of USD200 million in senior notes:

• Foreign Currency Long-Term Rating to ‘BB‘ from ‘BB-‘ (BB minus).

Fitch has also affirmed Sasa‘s Foreign and Local Currency Short-Term IDRs at ‘B‘ and National Short-Term rating at ‘F1+‘. The ratings upgrades reflect Sasa‘s consistent performance and the expectations of maintained satisfactory efficiency ratios due to actions that have been implemented since 2006. These actions tend to enable the company to maintain its profitability, even when a more competitive environment is considered. Despite the worsening of the global financial crisis, Sasa maintained a combined ratio of less than 100% in 2008 and 2009, sustaining an adequate liabilities/equity ratio of around 3.5 times, in line with its international peers with similar ratings. On the other hand, further upgrades tend to be moderate and will depend on the strengthening of its franchise, which implies a more diversified distribution channel base, as well as the continued progress in its operational performance and the maintenance of adequate capital and liquidity structures. In addition, a substantial increase in leveraging, coupled with greater commitment of its liquidity, could negatively affect its ratings.

The controlling stake in Brazil Veiculos, Sasa‘s most relevant partnership with Banco do Brasil, was sold to the bank in May 2010. At the same time Sasa announced the acquisition of the totality of Brasilsaude Companhia de Seguros‘s shares. The reorganization on these shareholder structures, still pending on regulator approval, should generate a non-recurring gain of about BRL140 million for Sasa in 2010. This should enhance cash in excess (which does not back up technical provisions), allowing the sufficient liquidity needed for investments in the company‘s organic growth and payment of its financial debt. The insurer has been signing agreements with other important financial groups in order to enable a partial recovery of the premiums no longer generated through Banco do Brasil‘s channels (equivalent to 15% of consolidated revenue in 2009). The retrieval of these distribution channels represents one of its main challenges due to a more competitive environment expected for the medium and long term.

Fitch believes that Sasa‘s loss ratios will return to lower levels in the medium term - close to those observed in 2008 (70%) - after having reached 72.5% in 2009 and 72% in 1Q10, impacted by the increase in the frequency of health policy usage. The estimated reduction in losses, coupled with the program to contain operational costs, should allow the maintenance of the combined ratio at levels below 100%, a satisfactory level in Fitch‘s opinion.

Sasa is part of a traditional insurance group in Brazil, operating in practically all segments of the industry. According to the Superintendence of Private Insurance (Susep) and the National Agency of Supplemental Health (ANS), it was the second largest insurance company in health and auto lines, with market shares of 35.8% and 16.5%, respectively, in 2009, and the largest independent insurance group in the country. It relies on around 26.000 active brokers and has been gradually developing its cross sales and its partnerships in product and services distribution.

Sasa is 33% controlled by Sulasapar Participacoes (Sulasapar) and 21.3% by ING Insurance International BV. Affiliated shareholders, which include management, members of the board and other individuals, hold 8.5% of Sasa‘s capital, while the remaining 37.2% represent the market float. ING has stated that it is reviewing its global business strategy and intends to sell its insurance operations around the world. Fitch is closely monitoring the development of Sasa‘s shareholding composition, and the possible impacts on its ratings, however, the benefit of ING‘s support is not incorporated into the company‘s ratings.

Pursuant to Article 157, paragraph 4, of Law 6404/76, and CVM Instruction 358/02, Sul América S.A. (BM&FBovespa: SULA11) (“SulAmérica”) hereby informs the market that its subsidiary Sul América Seguro Saúde S.A. entered, on this date, into a share purchase agreement with BB Seguros Participações S.A. (“Banco do Brasil”) for the acquisition of the full participation held by Banco do Brasil in Brasilsaúde Companhia de Seguros (“Brasilsaúde”), representing 49.92% of Brasilsaúde’s capital stock, by the amount of R$28.4 million.

With this acquisition, SulAmérica strengthens its position in the health and dental insurance segments, with a total portfolio of 1.8 million members.

The end of the partnership between SulAmérica and Banco do Brasil in the health and dental insurance segments will not change the conditions set forth in the policies issued by Brasilsaúde in favor of its policyholders, nor will it modify relations with its network of medical and dental service providers and insurance brokers.

The conclusion of the referred acquisition depends on the approval of the competent regulatory authorities.

Highlights:

• Recurring net income of R$85.4 million in 1Q10, down 13.8% over 1Q09 (down 42.9% over 4Q09). In 1Q10, annualized return on equity reaches 13.5% on a recurring basis and the Company ends the year with total assets of R$11.0 billion.
• Insurance premiums on a recurring basis of R$1.9 billion, up 10.7% over 1Q09 (premiums in line with 4Q09). Recurring health insurance premiums increase 13.8% over 1Q09 (up 1.4% over 4Q09), with the group health portfolio expanding 19.0% (up 1.5% over 4Q09), and highlight for the growth of 33.1% in small and medium-sized enterprises (SMEs) segment. Auto insurance premiums climb 22.3% over 1Q09 (down 7.3% over 4Q09) and insured fleet reaches 1.2 million vehicles. Life and personal accident insurance premiums portfolio grows 12.5% over 1Q09 (down 1.5% over 4Q09).
• Total loss ratio of 74.2%, up 70 bps and 180 bps in relation to 4Q09 on a recurring basis. Health insurance loss ratio of 80.7%, increasing 210 bps over 1Q09 (up 160 bps over 4Q09). Auto insurance loss ratio of 63.7%, up 190 bps over 1Q09 (up 920 bps over 4Q09).
• Combined ratio ends quarter at 100.7%, up 270 bps over 1Q09 and 270 bps over 4Q09 on a recurring basis.
• Return on investment portfolio of R$167.0 million, corresponding to an average yield  of 132.8% of the CDI rate.

To view the Entire Earnings Release, click here.

Conference Call

English
May 14, 2010 - Friday
11h AM US EST | 12h (BR)
Phone: + 1 (973) 935-8893
Replay for 7 days: +1 (706) 645-9291
Code: 70580571

Portuguese
May 14, 2010 - Friday
09h AM US EST | 10h (BR)
Phone: +55 (11) 2188-0155
Replay for 7 days: +55 (11) 2188-0155
Code: SulAmérica

Live webcast: click here.

The presentation will be available for download in Company‘s IR website 30 minutes before the conference call.

In compliance with article 157, paragraph 4, of Law no. 6.404/76, and CVM Instruction no. 358/02, Sul América S.A. (BM&FBovespa: SULA11) ("Company" or "SulAmérica") hereby announces to the public that its subsidiary Sul América Companhia Nacional de Seguros entered, on this date,  into a share purchase and sale agreement with BB Seguros Participações S.A. ("Banco do Brasil") which purpose is the sell of its entire participation held at Brasilveículos Companhia de Seguros ("Brasilveículos"), representing 60% of the voting capital stock and 30% of the total capital stock of Brasilveículos, by the amount of R$ 340 million, being the transaction expected to generate non-recurring revenues of approximately R$140 million.

As previously informed, the termination of the association of SulAmérica with Banco do Brasil in the auto insurance segment in no way affects the other businesses and activities of the Company and its subsidiaries in the aforesaid segment, nor in other P&C in which it is active, or still, in business related to life insurance, health, pension plans, and asset management.

The effective transfer hereby informed is subjected to previous approval by the competent regulatory authority.

Moreover, the Company and Banco do Brasil proceed with negotiations related to Brasilsaúde Companhia de Seguros, in which SulAmérica, through a subsidiary company, holds 50,05% of its total and voting capital stock, it being certain that the Company will inform its shareholders and the market in general in case any material act or fact arises in its business activities.

Rio de Janeiro, April 8, 2010 - SulAmérica 2008 Annual Report Online was awarded best Annual Report Online of Latin America in the 12th Annual Edition of the IR Global Rankings, in a ceremony that took place this Thursday in São Paulo. The highlight of 2008 report was a relationship model totally interactive and 100% online.

Pursuant to Article 2 of CVM Instruction 358/2002, Sul América S.A. (BM&FBovespa: SULA11) announces to the public that its indirect subsidiary, Sul América Companhia Nacional de Seguros, has entered into a memorandum of understanding for the sale of the property located at Rua Pedro Avancine nr73, Morumbi in São Paulo.

After the conclusion of the deal, which is subject to due diligence, the Company will continue to occupy the property for a maximum period of 18 months, during which time it will look for a new location to house its São Paulo operations.

This decision is driven by the Company’s constant concern about optimizing its operational efficiency and the rational use of its assets, with the transaction expected to generate non-recurring revenues of around R$41 million.

Sul América S.A. (BM&FBovespa: SULA11) announces to its shareholders and to the market that the Board of Directors, in a meeting held today, elected Thomaz Cabral de Menezes as Chief Executive Officer. Mr. Menezes is assuming the position formerly held by Patrick de Larragoiti Lucas who, in line with  best corporate governance practices, decided, in December of last year, to concentrate solely on his role as Chairman of the Board of Directors of the Company, position to which he was reelected today at the Annual Shareholders’ Meeting.

Mr. Menezes holds a degree in business administration and has served for several years as CEO of one of Brazil’s largest insurance brokers.

What is new: (i) Dividend payout ration from previous 25% to 50% should be maintained at least for the next 3 years. (ii) Car insurance currently has ~15% penetration but new cars have almost 100% penetration. (iii) BrasilSaúde and BrasilVeículos are still under negotiation. (vi) ANS higher provisions can help industry consolidation, insurers will suffer less due to already needed higher provisions under SUSEP. (vii) Exit of Mr. Larragoiti as the CEO, maintained in Board. (viii) SULA sees large room for volume growth as insurance penetration gradually moves from current 3% to 5% of GDP going forward.

Key Takeaways: (i) Target MLR for group plans of 75%. (ii) SULA currently pays approximately 8% in broker commissions. (iii) Exchange between ASO and group clients is common. (iv) R$12MN in 2009 costs are related to swine flu outbreak. (v) ANS change in provisions does not affect them as intensely as an HMO. (vi) Opening of reinsurance market in Brazil is positive for insurers as it provides them with more options in terms of risks/prices. (vii) IPI reduction until March 31st, 2010 is an important driver for car insurance in 2010. (viii) SULA will continue to use its cross-selling opportunities inside its own portfolio, dental should be the most benefited segment.

In its initiating coverage report, Goldman Sachs issues a buy recommendation for SulAmérica stock, with prospects for growth in insurance premiums

Goldman Sachs initiated its coverage of Brazil’s insurance market with a buy recommendation for SulAmérica stock. The U.S. bank expects Brazil’s insurance industry to continue growing twice as fast as the country’s GDP, according to its 38-page initiating coverage report for the sector.

The report also highlighted the high dividends SulAmérica will pay this year. The company plans to increase from 25% to 50% the percentage of net income it will distribute to shareholders, which should reach R$200 million. Goldman also highlighted the strong growth potential of SulAmérica’s health plan and auto insurance portfolio.

SulAmérica issued a target price for the stock of R$63.60, for upside of 36%. The stock was recently trading at R$48.20. The bank’s estimate for earnings per share was R$4.87 for this year and R$5.44 for 2011. Last year earnings per share was R$4.38.

According to Goldman Sachs, the outlook for Brazil’s insurance market is favorable given the country’s robust economic growth and still-low penetration of insurance products.

In this scenario, the profitability and margins of insurers should remain attractive. Goldman noted that, in contrast to banks and other financial companies, insurers have not yet made it onto the radar screens of investors.

The Company’s shareholders are hereby convened to the Annual Shareholders’ Meeting to be held on March 31, 2010, at 3:00 p.m. at the SulAmérica Convention Center, annex to the Company’s headquarters, at Rua Beatriz Larragoiti Lucas 121, parte, Cidade Nova, Rio de Janeiro, RJ, to decide on the following Agenda:

I. to verify the Company’s management’s accounts, and to examine, decide and vote on the management report and financial statements related to the fiscal year ended on December 31, 2009;

II. to approve the allocation of net income from the fiscal year ended on December 31, 2009;

III. to elect the members of the Board of Directors; and

IV. to establish management compensation (Board of Directors and Executive Officers).

Pursuant to CVM Instruction 165/91, as amended by CVM Instruction 282/90, and Article 4 of CVM Instruction CVM 481/09, it is informed that the minimum percentage to request the adoption of cumulative voting is 5% (five percent) of the Company’s voting capital.

The rights provided for in items I and II of paragraph 4 and in paragraph 5 of Article 141 of Law 6,404/76, for the election of members of the Company’s Board of Directors are hereby assured.

In order to participate in the Meeting, the shareholders shall present the following documents, either in original form or as authenticated copy:

Any shareholder (individual or legal entity):

- evidence from custodian agent of Sul América S.A.’s shares or units, issued at least five days in advance of the date of the Meeting, containing information on the title and number of Company’s shares or units, and identity document; and

- in case of a shareholder represented by an attorney-in-fact, identity document of the attorney-in-fact and power of attorney with specific powers, granted pursuant to the terms of paragraph 1 of Article 126 of Law 6,404/76, by public or private instrument, in the latter case with the grantor’s signature authenticated by notary.

In case of a shareholder which is a legal entity, the following additional documents shall be presented:

- updated bylaws or articles of association, duly registered with the pertinent registry;

- document which proves the powers of representation, that is, the minutes of election of the legal representative(s) present or who has(have) signed the power of attorney, if this is the case;

- in case of an investment fund, the regulation and the abovementioned documents with respect to the administrator, and

- identity document of the legal representative(s) or attorney(s)-in-fact present.

Pursuant to Instruction CVM 481/09, the documents pertinent to the Meeting Agenda are available to the shareholders at the Company’s head office and can be viewed in the world wide web, on CVM’s (www.cvm.gov.br) and on the Company’s page (www.sulamerica.com.br/ri).

Rio de Janeiro, March 15, 2010 – Board of Directors.

To view the Entire Call Notice click here.

Highlights:

• In 4Q09, net income reaches R$149.7 million, rising 68.1% from 4Q08. Net income of R$419.1 million in 2009, up 9.8% in relation to recurring net income in 2008. Return on equity reaches 17.6% in 2009 and the Company ends the fiscal year with total assets of R$12.4 billion.
• Insurance premiums in 4Q09 increase 12.6% from 4Q08 (up 1.9% from 3Q09) to R$2.3 billion. In 2009, insurance premiums increase 12.4% to R$8.7 billion. Health insurance premiums in 4Q09 increase 12.6% from 4Q08 (up 3.6% from 3Q09), with the group health portfolio expanding 16.7% (up 4.2% from 3Q09), led by small and midsized enterprises (SMEs), which grew 24.9%. In the year, health insurance premiums grow 10.2% in relation to 2008. Auto insurance premiums rise 35.2% in 4Q09 over 4Q08 (up 5.8% from 3Q09) and by 25.0% in the year. Insured fleet reaches 2.3 million vehicles at the end of 2009.
• Total loss ratio of 70.6% in 4Q09, up 140 bps from 4Q08 (down 340 bps on 3Q09). In 2009, total loss ratio increases 230 bps to end the period at 73.3%. Health insurance loss ratio reaches 79.1% in 4Q09, increasing 380 bps from 4Q08 (down 130 bps from 3Q09). Auto insurance loss ratio reaches 57.2% in 4Q09, down 340 bps over 4Q08 (down 540 bps from 3Q09).
• Combined ratio ends the quarter at 98.1%, down 40 bps from 4Q08 (down 260 bps from 3Q09). In the year, the combined ratio rises 100 bps to 99.4%.
• Return on the investment portfolio reaches R$157.3 million in 4Q09, corresponding to an average yield of 114.5% of the CDI rate. In 2009, this return was equivalent to 115.9% of the CDI.

To view the Entire Earnings Release, click here.

Conference Call

English
February 26, 2010 - Friday
10h AM US EST | 12h (BR)
Phone: + 1 (973) 935-8893
Replay for 7 days: +1 (706) 645-9291
Code: 54342803

Portuguese
February 26, 2010 - Friday
08h AM US EST | 10h (BR)
Phone: +55 (11) 2188-0188
Replay for 7 days: +55 (11) 2188-0188
Code: SulAmérica

Live webcast: click here.

The presentation will be available for download in Company‘s IR website 30 minutes before the conference call.

The Company is glad to communicate to the market the inclusion of Sul América S.A.’s units (BM&FBovespa: SULA11) in the recent review of the IBrX theorical portfolio, which is valid from January to April 2010. IBrX is an index composed by 100 stocks selected among BM&FBovespa’s most actively traded securities and is a reference for the performance of equity funds and managed portfolios. With this inclusion, SulAmérica’s units become part of the portfolios of the following indexes: IGC (Special Corporate Governance Stock Index), ITAG (Special Tag Along Stock Index), SMLL (Small Cap Index), ISE (Corporate Sustainability Index), IFNC (BM&FBovespa Financial Index) e IBrX (Brazil Index).

Sul América S.A. (BM&FBovespa: SULA11) informs that it has hired KPMG Auditores Independentes, registered under the Brazilian Tax Pay (CNPJ) nr 57.755.217/0003-90, to provide independent audit services for the period of four years, starting 2010. Such change of independent auditors aims to consolidate the respective services among companies that comprise SulAmérica’s conglomerate, also observing circumstances of a commercial nature.

Additionally, we inform that we have obtained the correspondent approval from Deloitte Touche Tohmatsu Auditores Independentes, current independent auditors of the Company, with respect to the aforementioned change.

To view the Entire Notice to the market click here.

Sul América S.A. (BM&FBovespa: SULA11) informs its shareholders and the market in general that its Chief Executive Officer (CEO), Patrick de Larragoiti Lucas, has informed the Board of Directors of his decision of not having his name considered for a new mandate in that position starting March 2010. As a consequence of this decision, and from that date onwards, and once the subject matter has been duly resolved by the corporate bodies of SulAmérica, Mr Lucas will continue to hold the position of Chairman of the Board of Directors, no longer accumulating the positions of CEO and Chairman, a decision that reinforces the Company’s commitment to the best corporate governance practices.

During his term in office, Mr Lucas has led a thorough operational reorganization of SulAmérica. He promoted the restructuring of the Company’s capital structure, with the issue of US$200 million in Eurobonds, in February of 2007. In October of the same year, he coordinated SulAmérica’s initial public offering, which raised R$775 million, fully primary. Recently, he led an update of the group’s strategic plan, in line with the main trends of the insurance and pension markets. Taking into consideration the stage of development the Company has reached, and the qualification and expertise of its management, Mr Lucas considers this the right moment to promote a safe and smooth transition, fully aligned with the normal course of business. He will continue engaged in the monitoring of the Company’s operations, offering his views and experience in the benefit of its greater development.

In the next few weeks, an executive search firm will be hired to advise the Company in the process of identifying a candidate for the position.

São Paulo, November 25, 2009 - Sul América S.A. (BM&FBovespa SULA11) will be part of BM&FBovespa’s Corporate Sustainability Index (ISE) starting from December. The new portfolio was announced by the stock exchange today and SulAmérica is the first insurance company to be included in the index. The portfolio has a total of 43 shares issued by 34 companies from 15 sectors with market cap totaling R$ 730 billion. Eight new companies have been included in the latest portfolio review, adding to the 26 companies that already make up the index.

According to the Corporate Vice President and Investor Relations, Arthur Farme d’Amoed Neto, “This is a very important recognition for SulAmérica and reflects the importance the company has been giving this issue in recent years, both in its strategic priorities and in operations”. He also highlighted out the fact that SulAmérica had entered the stock market a little more than two years ago and has already been included in one of its most important indices. “This makes us even more motivated and shows that our initiatives as part of the sustainability plan were highly coherent”, he adds.

The incentive to use water-based paints in accidented vehicles being repaired by SulAmérica’s Automotive Centers, thereby reducing environmental impacts, and being the pioneer in adopting digital certification in its relations with medical service providers, thereby reducing the traffic of printed documents and helping to reduce several tonnes of paper per year, are a few aspects that demonstrated SulAmérica’s commitment to sustainability. And to give further impetus to the initiatives in this area, the Company recently created a department to coordinate all such efforts at the top echelons.

ISE was created in December 2005 based on the international Triple Bottom Line (TBL) concept, which evaluates the environmental, social, economic and financial components in an integrated manner. Three more facets were added to TBL, namely, corporate governance, general characteristics and nature of the product. The shares making up the ISE are selected from among the 150 most traded on the stock market in terms of liquidity and are weighted in the portfolio by the market value of the shares available for trading. The Index methodology was developed by the Center for Sustainability Studies (Gvces) at the São Paulo Business Administration School of the Getúlio Vargas Foundation (FGV-EAESP) with the financial support of the International Finance Corporation (IFC).

Highlights

• Net income reaches R$81.0 million, decreasing 32.9% over the same quarter last year (down 3.7% on 2Q09). In 9M09, recurring net income reaches R$269.4 million, decreasing 8.0% over 9M08. Annualized ROAE reaches 12.9% in the quarter.
• Total insurance premiums in 3Q09 moved up 11.4% over 3Q08 (up 4.4% over 2Q09) to reach R$2.2 billion. In 9M09, insurance premiums increase 12.3% to reach R$6.4 billion. Health insurance premiums move up 8.9% over 3Q09 (up 6.1% over 2Q09) and group health portfolio increases 14.6% (up 7.8% over 2Q09), led by small and mid-sized businesses (SMEs), which increased 22.9%. In 9M09, health insurance premiums increase 9.3% on 9M08. Auto insurance premiums rise 30.4% in the quarter over 3Q08 (up 6.2% over 2Q09) and by 21.5% in 9M09. Insured fleet reaches 2.1 million vehicles at the end of the period.
• Total loss ratio reaches 74.0% in 3Q09, up 140 bps over 3Q08 (down 240 bps on 2Q09). Health insurance loss ratio reaches 80.4% in 3Q09, increasing 210 bps over 3Q08 (down 480 bps on 2Q09). Auto insurance loss ratio reaches 62.6% in the quarter, down 270 bps over 3Q08 (down 30 bps on 2Q09).
• Combined ratio ends the quarter at 100.7%, up 140 bps on 3Q08 (down 40 bps over 2Q09). In 9M09, the combined ratio rises 150 bps to 99.9%.
• Return on the investment portfolio reaches R$165.7 million in 3Q09, corresponding to an average yield of 120.9% of the CDI rate (versus 119.5% of the CDI in 2Q09).

To view the Entire Earnings Release click here.

Conference Call

English
November 13, 2009 - Friday
09h AM US EST | 12h (BR)
Phone: +1 (973) 935-8893
Replay for 7 days: +1 (706) 645-9291
Code: 37057558

Portuguese
November 13, 2009 - Friday
07h AM US EST | 10h (BR)
Phone: +55 (11) 4003-9004
Replay for 7 days: +55 (11) 4003-9004
Code: SulAmérica

Live webcast: click here

The presentation will be available for download in Company‘s IR website 30 minutes before the conference call.

Fitch Ratings-Rio de Janeiro/New York-03 November 2009: Fitch Ratings has affirmed the following International and National ratings assigned to Sul America S.A. (Sasa), the holding company of Sul America Seguros (SAS):

• Long-term Foreign Currency Issuer Default Rating (IDR) at ‘BB‘; Outlook Stable;
• Long-term Local Currency IDR at ‘BB‘; Outlook Stable;
• Short-term Foreign Currency IDR at ‘B‘;
• Short-term Local Currency IDR at ‘B‘;
• Long-term National Rating at ‘AA-(bra)‘; Outlook Stable;
• Short-term National Rating at ‘F1+(bra)‘;
• USD200 million in senior notes at ‘BB-‘.

The IDRs and National Ratings assigned to Sasa reflect a strong franchise within the Brazilian insurance sector, conservative underwriting policies and adequate operating performance. However, Sasa‘s ratings also take into account the concentration of its premium generation in health and auto lines; the possibility that it could lose significant distribution channels, especially in the auto segment; and operating leverage that is still higher than the average for its major competitors, despite a significant reduction since 2007. Sasa‘s issuance of USD200 million of Eurobonds in February 2007, and its IPO in fourth quarter-2007 (4Q‘07), not only enabled a capital injection of BRL775 million, but also allowed improvement of its debt maturity profile, reduction of overall indebtedness and financial costs, and a more consistent operating performance throughout the economic cycle. A larger distribution network and product diversification, in addition to na enhancement of its operating performance could trigger an upgrade of Sasa‘s ratings. However, any deterioration in SAS‘s operating performance and/or a substantial increase of leverage could negatively affect its ratings.

The proceeds of the aforementioned IPO not only improved Sasa‘s debt profile and overall leverage, but also contributed to satisfy the capital requirements in place since 2008. SAS leverage has steadily decreased since 2007, being that the total debt to equity ratio improved to 11.2% in June 2009, compared to a high 76.2% in 2005. Liquid assets more than covered all the holding company‘s financial debt at the same date. Fitch believes that this situation should continue, at least in the short term, due to the company‘s good liquidity position. Operating leverage, as measured by net earned premiums/equity, has also declined to 2.7 times (x) in June 2009 from 6.0x in 2005, more aligned with the peer average of 1.8x.

In a way to boost in profitability, on Oct. 6, 2009 Banco do Brasil S.A. (long-term foreign and local currency IDRs of ‘BBB-‘; long-term national rating of ‘AA+(bra)‘ with a Stable Outlook by Fitch) announced its intention to acquire Sasa‘s participation in Brasilveiculos Companhia de Seguros (Brasilveiculos), although no price proposal or pre-contract has yet been published. Upon conclusion of the process, which should progress gradually, Sasa‘s participation in the overall auto business will decrease to around 10% of the total market (currently 16.5%). However, its operational efficiency should not be materially affected, as Brasilveiculos‘s profile is similar to the company‘s other businesses. In addition, its leverage ratios should be reduced, while the cash resulting from the sale should allow room for development of other partnerships and higher organic growth over the long term.

The Brazilian insurance market has become more competitive since 2008, due to mergers and partnership agreements between the largest insurers, in particular those affiliated with large financial conglomerates, which have concentrated most of the market. Sasa is part of the group of large, independent insurance companies in Latin America that lack their own banking distribution channels, and will face a major challenge to establish more partnerships for distribution as it faces increased market competition.

Sasa is part of a traditional insurance group in Brazil, which operates in practically all industry segments. According to the Superintendence of Private Insurance (Susep) and the National Agency of Supplemental Health (ANS), it was the second largest insurance company in the country in health and auto lines, with market shares of 35.8% and 16.5%, respectively, in June 2009, and the largest independent insurance group. It relies on around 26,000 active brokers and has been gradually growing its cross sales and partnerships in the distribution of products and services.

Sasa is 32.9% controlled by Sulasapar Participacoes (Sulasapar) and 21.2% by ING Insurance International BV. An amount equal to 8.5% of Sasa‘s capital is held by affiliated shareholders, which include management, members of the board and other individuals, while the remaining 37.3% is the market float. ING has stated that it is reviewing its global business strategy and intends to sell its insurance operations in the world. Fitch is closely monitoring the development of Sasa‘s shareholding composition, and its possible impacts on the ratings, although it does not incorporate the benefit of ING‘s support into the company‘s ratings.

Fitch‘s national ratings provide a relative measure of creditworthiness for rated entities in countries where the sovereign‘s foreign and local currency ratings are below ‘AAA‘. National ratings are not internationally comparable since the best relative risk within a country is rated ‘AAA‘ and other credits are rated only relative to this risk. They are signified by the addition of an identifier, for the country concerned, such as ‘AAA (bra)‘ for national ratings in Brazil.

Rio de Janeiro, October 28, 2009 - Sul América S.A. (BM&FBovespa: SULA11), complying with the best practices of corporate governance, announces that on October 28, 2009 it will enter into the quiet period, which corresponds to the fifteen-day period prior to the disclosure of its consolidated results for the third quarter of 2009 (3Q09).

The disclosure of results is scheduled for November 12, 2009 after close of the trading session, when the quiet period will end.

See the agenda:

To view the Press Release in PDF, please click here.

For further information, please contact the Sul América S.A. IR department:

Investor Relations
Phone: +55 21 2506-9111
e-mail: ri@sulamerica.com.br
www.sulamerica.com.br/ir

SulAmérica Seguros e Previdência has just won three golds in the 2009 Echo Awards, granted by the Direct Marketing Association (DMA), the most important international awards in the direct marketing sector. A single case won the top award in the “Products and Financial Services” and “Best Utilization of the Direct Mail Channel” categories. It was also chosen by public vote as the best case in its sector, thereby gaining its third gold.

The insurance company won with the “Picasso” case, developed by the CRM (Customer Relationship Management) area in conjunction with SUN-MRM and aimed at building customer loyalty and ensuring the renewing of residential insurance. In a pioneering initiative, the CRM team sent a copy of Pablo Picasso’s “Portrait of Suzanne Bloch” to clients in the residential segment in a reference to the theft of artworks from the São Paulo Museum of Art (Masp) in December 2008. The idea was that these artworks would be safer if kept in the homes of SulAmérica’s clients. The campaign won clients’ sympathy and 78% renewed their insurance policies with SulAmérica. “Thanks to this award, SulAmérica has put Brazil on the map in terms of the world’s best one-on-one marketing practices,” declared Fabrício Saad, head of the Company’s Relationship and Development area. In addition to this international acknowledgment, the area has recently been granted other global awards, such as Short List, in Cannes, Wave Festival and El Ojo, as well as national awards from the Brazilian Association of Direct Marketing (Abemd) and the Clube de Criação.

About the award

The International Echo Awards were founded 79 years ago in America by the Direct Marketing Association, which represents the leading direct marketing companies in the USA. However, as the name implies, the awards accept entries from other countries and foreign members are invited to sit on the jury. Once a year, there is a selection of the best campaigns or initiatives from round the world in several categories. This year, the award ceremony was held in San Diego.

Standard & Poor’s Ratings Services has just announced that it has raised SulAmérica S.A.’s rating from ‘B+’ to ‘BB-’ and that of Sul América Companhia Nacional de Seguros from ‘BB’ to ‘BB+’ with stable outlook. The agency believes that the insurance company has turned in solid performance consistently in recent years and has a strong cash position to sustain future growth.

According to the agency, the raise is consistent with the company’s track record of good margins in the vehicle and health insurance segments and the strengthening of its balance sheet.

The agency’s release adds that SulAmérica’s ratings also reflect the challenges it faces in Brazil’s highly competitive insurance sector after the recent mergers. This unfavorable scenario is offset by the company’s solid financial condition and its excellent competitive niche in Brazil’s vehicle and health insurance segments. SulAmérica has been improving profitability in recent years and reducing its debt as it benefits from ample cash generation. The management’s effective strategy of focusing on profitability and brand recognition has helped the company achieve these results.

Pursuant to article 2 of CVM Instruction 358 of January 3, 2002, and CVM Instruction 10 of February 14, 1980, as amended, Sul América S.A. hereby informs its shareholders and the market in general that the Company’s Board of Directors, at the meeting held on October 7, 2009, approved the share buy-back program, within the following conditions:

Objective: to acquire share depository certificates (units), each representing one common share and two preferred shares issued by the Company, to be held in treasury and later use it to back the exercise of options granted through the Company’s Stock Option Plan. The management considers that such operation is in the best interest of the Company. The acquisition will be carried out at BM&FBOVESPA S.A. at market prices, been the management’s duty to decide the moment and amount of shares to be acquired, either in a single or in a series of operations, within the limits laid down by the applicable law.

Number of shares to be acquired: up to 1,046,872  units, which represent 1,046,872  common shares and 2,093,744 preferred shares, corresponding to 3% of free float and approximately 1.1% of the total number of shares issued by the Company as on September 30, 2009.

Deadline for acquisition: the period for the acquisition is 365 days from today, ending on October 7, 2010.

Free float: 34,941,890 common shares and 69,791,881 preferred shares, compounding 34,895,740 units.

Treasury Stock: currently, the company has 857,835 shares in treasury, from which 285,945 are common shares and 571,890 preferred shares.

Authorized Brokers:

BTG PACTUAL CTVM S.A.
Av. Brigadeiro Faria Lima 3729, 10º andar, parte, São Paulo, SP, Brazil, CEP 04538-905

MERRILL LYNCH S.A. CTVM
Av. Brigadeiro Faria Lima 3400, 16º andar, parte A, São Paulo, SP, Brazil, CEP 04538-132

SANTANDER BRASIL S.A. CTVM
Rua Hungria 1400, 4º andar, São Paulo, SP, Brazil, CEP 01455-000

ITAÚ CORRETORA DE VALORES S.A.
Av. Brigadeiro Faria Lima 3400, 10° andar, São Paulo, SP, Brazil, CEP 04538-132

To access the material fact in PDF format, click here.

SUL AMÉRICA S.A. (the “Company” or “SulAmérica”), in compliance with the provisions of CVM Instruction 358/02 and article 157 par. 4 of Law no. 6.404/76, publicly informs its shareholders and the market as a whole that, in the present day, the Company received a letter from Banco do Brasil S.A. (along with its subsidiary BB – Banco de Investimento S.A., “Banco do Brasil”), in which Banco do Brasil expressed a declaration of intent in acquiring all of the shares held by a subsidiary of the Company in Brasilveículos Companhia de Seguros (“Brasilveículos”), representing 60% of the voting capital stock and 30% of the total capital stock.

In case discussions between the parties progress, the potential transaction involving Brasilveículos will be submitted in due course to the Company’s appropriate management bodies, it being clear that any agreement in that respect is still subject to negotiations between the parties and to the relevant corporate and regulatory approvals, there being so far no proposed price, preliminary contract, commitment or warranty whatsoever regarding the conclusion of such transaction.

In 2008, Brasilveículos represented 13.5% of SulAmérica’s combined revenues and 3.7% of its recurring net profit, based on the stake held by SulAmérica’s subsidiary. Any possible termination of the joint venture between the Company and Banco do Brasil in the auto insurance segment shall not modify in any way the other businesses and activities of SulAmérica and its subsidiaries, either in the auto insurance business, or in the other property and casualty insurance business lines or yet in the health insurance, pension and asset management business lines.

With respect to Brasilsaúde Companhia de Seguros, in which SulAmérica holds a stake of 50,05% of the total and voting capital stock through a subsidiary, SulAmérica and Banco do Brasil have expressed mutual interest in reviewing both the company’s business model and capital structure.

Lastly, in compliance with the provisions of CVM Instruction 358/02, the Company will inform its shareholders and the market as a whole should any material fact or act occur with respect to the Company’s business as a result of the information disclosed herein.

To access the material fact in PDF format, click here.

Highlights

• Net income totals R$84.1 million on a recurring basis in 2Q09, increasing 57.8% over the same quarter previous year (down 19.3% versus 1Q09). In 6M09, recurring net income reaches R$188.4 million, up 9.5% on 6M08. Annualized ROAE was 14.0% in the quarter.
• Total insurance premiums moved up 16.1% in 2Q09 reaching R$2.1 billion (up 7.6% over 1Q09). In 6M09, insurance premiums increased 12.8% to R$4.1 billion. Health insurance premiums increased 9.0% over 2Q08 (up 2.0% over 1Q09), with group health portfolio up 16.1% (up 4.4% on 1Q09), led by growth of 21.8% in policies to small and medium-sized enterprises (SMEs). Auto insurance premiums climb 22.5% over 2Q08 (up 23.1% over 1Q09), while insured fleet expands to 2.0 million vehicles in the quarter. Life insurance premiums grow 1.6% over 2Q08 (up 1.0% over 1Q09).
• Total loss ratio reaches 76.5%, increasing 410 bps over 2Q08 and 420 bps over 1Q09. Health insurance closes 2Q09 with a loss ratio of 85.2%, up 700 bps over 2Q08 and 650 bps on 1Q09. Auto insurance loss ratio declines to 62.9%, 290 bps down over 2Q08 (down 100 bps over 1Q09). Total loss ratio for the 6M09 reaches 74.4%, increasing 340 bps over 6M08.
• Combined ratio reaches 101.1%, up 60 bps on 2Q08 and 320 bps on 1Q09. In 6M09, the combined ratio increased 150 bps to 99.5%.
• Return on the investment portfolio comes to R$ 172.4 million in 2Q09, corresponding to an average yield of 119.5% of the CDI rate (versus 108.1% of the CDI rate in 1Q09).

To view the Entire Earnings Release click here.

Conference Call

English
August 13, 2009 - Thursday
11h AM US EDT | 12h (BR)
Phone: +1 (973) 935-8893
Replay for 7 days: +1 (706) 645-9291
Code: 19800316

Portuguese
August 13, 2009 - Thursday
09h AM US EDT | 10h (BR)
Phone: +55 (11) 2188-0188
Replay for 7 days: +55 (11) 2188-0188
Code: SulAmérica

Live webcast: click here