Insurance Market Analysis

Claims ratio Gross premiums % of GDP 2.50% 2.00% 1.50% 1.00% R$ 80 R$ 60 R$ 40 R$ 20 R$ 0 Premiums as % of GDP Insurance penetration Penetration 1995 1997 1999 2001 2003 2005 2007 Billions Total premiums (Billions) 1995 1997 1999 2001 2003 90% 70% Claims ratios 50% 30% 10% 1995 1997 1999 2001 2005 Asset 2003 2005 excl. VGBL Total Premiums (100%) Life (52%) Auto (30%) Life excl. VGBL 2007 Assets (8%) Auto Total industry Life - excluding VGBL 2007 Industry analysis Total industry: ☐ Strong growth since 2003 largely driven by VGBL □ VGBL contributed 62% of premiums in 2008 ■ Claims ratios reduced significantly in both life and asset categories Sales expenses for total period remained between 15-20% over the period cenfri

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