Insurance Market Analysis

Industry analysis Premium breakdown: Brazil Group Credit Group Extended Multi PA life life Warranty Peril n/a n/a 30% n/a n/a 30% Investment income 10% 30% 30% 10% 10% n/a 10% 22% Management 30% 13% expenses 25% 51% 10% Net claims 16% 50% 52% 37% Sales expenses 20% 21% Source: SUSEP database (year ending June 2008) Significant variation in sales expenses High sales expense in bundled sales (credit life, ext warranty) Claims ratios very low for Group PA, Credit life, Extended Warranty High potential underwriting surpluses cenfri

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