SulAmérica

SulAmérica’s results up by 272%, to R$ 66.2 million

SÃO PAULO – Insurance company SulAmérica closed the third quarter of 2007 with a net income of R$ 66.2 million, a 272% upturn over the R$ 17.8 million registered in the same period last year. With this, the company recorded a R$ 259 million net income in the first nine months of 2007, a 218% growth year-on-year.

In the 3Q07, total revenue amounted to R$ 1,749 billion, a 1.5% growth year-on-year. Revenue in the health segment increased by 9%, to R$ 966 million. In the auto segment, revenue moved down by 10.8%, to R$ 480 million, just as in the Life Insurance segment, which went down by 2.3%, to R$ 86.5 million.

Quarter’s total loss ratio stood at 70.4%, showing a 6.3 percentage points improvement compared to the third quarter of 2006.

The combined ratio (premiums minus indemnities and expenses) stood at 96.5%, representing an upturn of 4.4 p.p. compared to the same quarter in the previous year.

Last month, the company raised approximately R$775 million through an issue of 25 million units (share certificate deposits) at R$ 31 each, on the Bovespa (Bolsa de Valores de São Paulo).

Source: Valor Online