SulAmérica

Rio de Janeiro, February 28, 2008 – Sul América S.A. (Bovespa: SULA11) announces today its results for the fourth quarter of 2007 (4Q07) and for the twelve months ending December 31, 2007 (12M07). The Company’s operating and financial information, except where otherwise stated, are based on its financial statements and were prepared in Brazilian Reais (R$), in accordance with Brazilian accounting practices.

- Net income reached R$321.0 million in 2007, up 108.5% over 2006 (increased 120.2% to R$339.0 million, excluding non-recurring items).

- ROAE was 22.3% in 2007 (23.6% excluding non-recurring items).

- Total insurance premiums reached R$7.0 billion in 2007, up 5.9% over 2006 (an increase of 3.9%, excluding the impact of R$136.5 million of additional individual health insurance premium receivables recorded in 2007 but which related to prior accounting periods) and up 10.6% in 4Q07 over 4Q06.

• Health insurance premiums (55.6% of total insurance premiums in 2007) increased 12.8% in 2007 (an increase of 8.8%, excluding the individual health insurance adjustment). Group health insurance premiums (33.3% of total insurance premiums in 2007) increased 13.1% in 2007, including a 42.4% growth in the SME segment (5.5% of total insurance premiums in 2007).
  
  
• Auto insurance premiums (28.3% of total insurance premiums in 2007) returned to growth in 4Q07, increasing 9.8% over 4Q06. The Company was ranked #2 for 2007, with a market share of 14.7% and an insured fleet of 1.6 million vehicles.

- Loss ratio reached 68.4% in 2007, an improvement of 310 bps over 2006 (improved 160 bps to 69.8%, excluding the individual health insurance adjustment).

- Health insurance loss ratio reached 73.2% in 2007, an improvement of 570 bps over 2006 (improved 300 bps to 75.9%, excluding the individual health insurance adjustment).

- Auto insurance loss ratio reached 60.1%, 350 bps better than the average of the market, according to data from SUSEP.

- Combined ratio reached 97% in 2007, an improvement of 140 bps over 2006 (improved 50 bps to 97.9%, excluding the individual health insurance adjustment).

- The return on the investment portfolio reached R$600.3 million in 2007, up 33.1% over 2006 and corresponding to an average yield of 123.8% of CDI. - The operating companies are fully compliant with the new minimum capital requirements determined by the regulator.

Download the Earnings Release here.

Download the Financial Statements here.