CONFERENCE CALL 2Q16 1
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1 CONFERENCE CALL 2Q16 1
2 CONSOLIDATED REVENUE 2Q16 / 1H16 2Q16 2Q15 Δ 1Q16 Δ 1H16 1H15 Δ Health & Dental 3, , % 2, % 5, , % Auto % % 1, , % Other Property & Casualty % % % Life & Personal Accident % % % Insurance Operating Revenues 3, , % 3, % 7, , % Private Pension % % % Savings Bonds % % % Administrative Service Only % % % Asset Management % % % Other Revenues % % % Other Operating Revenues % % % Total 4, , % 3, % 8, , % 2
3 CONSOLIDATED REVENUE 1H16 Other Revenues (4.3%) 0.9% 1H16 3.0% 0.4% 0.3% 0.2% 2.2% 0.3% Operating Revenues (% of total) Other Revenues (4.5%) 2.6% 2.2% 1H15 3.2% 0.4% 0.2% 0.3% 0.4% 18.5% R$8.0 billion 74.1% 21.9% R$7.5 billion 68.8% Insurance Revenues (95.7%) Insurance Revenues (95.5%) Health & Dental Automobile Other Property & Casualty Life & Personal Accident Private Pension Savings Bonds Administrative Services Only Asset Management Other Revenues 3
4 HIGHLIGHTS 2Q16 / 1H16 2Q16 2Q15 Δ 1Q16 Δ 1H16 1H15 Δ Operating Revenues 4, , % 3, % 8, , % Insurance Operating Revenues 3, , % 3, % 7, , % Loss Ratio (%) 77.5% 75.6% -190 BPS 76.7% -80 BPS 77.1% 76.5% -60 BPS Operating Gross Margin (1) (%) 8.5% 9.2% -70 BPS 9.0% -50 BPS 8.7% 8.8% 0 BPS General & Administrative Expenses (1) (%) 8.9% 8.6% -30 BPS 9.6% 60 BPS 9.2% 8.7% -60 BPS Investment Income % % % Net Income % % % ROAE (2) (%) 15.5% 16.5% -100 BPS 15.9% -40 BPS (1) Calculated as ratio of total operating revenues (2) ROAE = Recurring net income (last 12 months) / Average Shareholders Equity 4
5 HEALTH & DENTAL Operating Revenues Loss Ratio (% earned premiums) +15.2% +14.5% +40 BPS +160 BPS 5, , % 82.3% 73.3% 81.7% 82.1% 83.5% 81.9% 2, , Q15 3Q15 4Q15 1Q16 2Q16 1H15 1H16 Gross Margin Members (thousand) +3.0% +6.4% % % ,741 2,799 2,817 2,832 2,917 2,741 2, ,202 1,202 1,180 1,172 1,191 1,202 1,191 2Q15 3Q15 4Q15 1Q16 2Q16 1H15 1H16 Corporate/Affinity Health SME Health Dental Individual Health ASO 5
6 AUTOMOBILE Insurance Operating Revenues 1 Loss Ratio (% earned premiums) -7.6% -10.2% -790 BPS -730 BPS 1, , % 61.0% 62.9% 64.9% 67.6% 58.9% 66.2% Insurance Gross Margin 1 2Q15 3Q15 4Q15 1Q16 2Q16 1H15 1H16 Insured Fleet (Vehicles - thousand -50.9% -43.1% +0.7% +5.0% ,585 1,659 1,692 1,652 1,664 1,585 1, Q15 3Q15 4Q15 1Q16 2Q16 1H15 1H16 (1) Does not consider Other Revenues from the Automobile segment. 6
7 OTHER PROPERTY & CASUALTY Insurance Operating Revenues % % Loss Ratio (% earned premiums) 53.7% -220 BPS 61.5% +1,250 BPS 52.9% % 42.7% 38.4% 40.5% 36.9 Insurance Gross Margin % 2Q15 3Q15 4Q15 1Q16 2Q16 1H15 1H16 Portfolio (% of operating revenues 1H16) 27.0% Homeowners R$64 million Condominium % 36.7% Small Business (1) Does not consider Other Revenues from the Other Property & Casualty segment. 7 7
8 LIFE & PERSONAL ACCIDENT Insurance Operating Revenues 1 Loss Ratio (% earned premiums) -2.5% -10.6% +1,850 BPS +1,500 BPS % 42.1% 43.9% 37.6% 32.7% 50.0% 35.0% Insurance Gross Margin 1 2Q15 3Q15 4Q15 1Q16 2Q16 1H15 1H16 Portfolio (% of operating revenues 1H16) +48.8% -0.9% 5.4% 5.0% 23.0% Individual 13.9 R$177 million 66.5% Group Life Credit Life Insurance Casualty Lump Sum (1) Does not consider Other Revenues from the Life and Personal Accident segment. 8
9 PRIVATE PENSION Operating Revenues Pension Reserves -0.9% ,988 5, % -6.2% +0.3% , % 1, % -4.1% % , % 2, % +1.7% H % 1,245 1,382 1H16 Traditional PGBL VGBL Traditional PGBL VGBL 9 9
10 SAVINGS BONDS Operating Revenues Reserves -14.9% % % H15 1H16 Gross Margin -36.8% -35.4%
11 ASSET MANAGEMENT Assets Under Management (R$ billion) % % % Assets Allocation Third-Party (% of assets under management 1H16) 19.9% 7.1% 4.6% R$19.0 billion 68.3% % 1H15 1H16 Third-Party Proprietary Total Fixed Income and Private DI Equities & Investments Clubs Multi-Strategy Other Asset Management Revenues -2.0% -5.1% Q15 2Q16 1H15 Management Fee Performance Fee 11 11
12 GENERAL & ADMINISTRATIVE EXPENSES General & Administrative Expenses General & Administrative Expenses Ratio (% of total revenues) -10.7% -13.3% BPS -60 BPS % 9.2% 8.6% 8.7% 12
13 INVESTMENT PORTFOLIO Investment Strategy (Ex-pension) Investment Allocation (Ex-pension) 12.9% 8.0% 0.4% 0.6% 16.1% 0.4% 0.6% R$7.2 billion R$7.2 billion Floating Interest Rate (Selic/CDI) Fixed-rate Other Investment Strategy (Total portfolio) 78.1% Inflation-linked (IPCA) Equities Investment Allocation (Total portfolio) 83.0% Brazilian Government Securities Corporate Debt Equities Other 11.3% 1.4% 0.3% 22.3% 1.4% 0.3% 9.3% 12.9% R$12.8 billion R$12.8 billion 64.8% 76.0% Floating Interest Rate (Selic/CDI) Inflation-linked (IGPM) Equities Inflation-linked (IPCA) Fixed-rate Other Brazilian Government Securities Corporate Debt Equities Other 13
14 This presentation may include declarations which represent forward-looking expectations about events or future results in accordance with Brazilian securities regulation. These declarations are based on certain premises and analyses that are completed by SulAmérica ( Company ), representing exclusively the expectations of management relative to the future of the business and the continued access to resources to finance the business plan of the Company. Further, the real results of the Company and its controlled entities may differ significantly or implicitly from those declarations of expectations about events or future results. Such future considerations, depend, substantially, on changes in market conditions, government regulation, competitive pressures, sector and Brazilian economic performance, among other factors, aside from the risks presented in the reported documents by SulAmérica and are, therefore, subject to change without any prior notice. The information contained in this presentation was not independently verified. No investment decision should be based on the validity, accuracy, or totality of the information contained in this presentation. No advisors to the Company or its affiliates or representatives will have any responsibility for any losses should they occur as a result of the utilization of the content from this presentation. This presentation and its contents are the property of the Company and, therefore, should not be disseminated or reproduced partially or entirely without the consent of SulAmérica. Investor Relations ir@sulamerica.com.br
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