SulAmérica. Brazil 2008 UBS Pactual Ninth Annual CEO Conference February 19, 2008
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1 SulAmérica Brazil 2008 UBS Pactual Ninth Annual CEO Conference February 19, 2008
2 Disclaimer The material that follows is a presentation of general background information about Sul América S.A. ( SulAmérica ) as of the date of the presentation or as otherwise indicated. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors and does not form the basis for an informed investment decision. This presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein. This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of SulAmérica and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements. No person has any responsibility to update any such information. Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act of This presentation is being made only to investors that, by means of their attendance at this presentation, represent that they are Qualified Institutional Buyers as that term is defined in the Securities Act of Any offering of securities to be made in the United States will be made by means of an offering memorandum that will be sent to you at the address you provided today. Such offering memorandum will contain, or incorporate by reference, detailed information about SulAmérica and its business and financial results, as well as its financial statements. Investment decisions should be made on the basis of the offering memorandum and not on the basis of this presentation. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment. 2
3 Agenda SulAmérica - Company Overview Business Highlights 9M07 Earnings Growth Strategy Market Outlook
4 Shareholding Structure SULASA 55% 45% SULASAPAR DIRECTORS AND OFFICERS OTHER MINORITY SHAREHOLDERS FREE FLOAT CURRENT SHAREHOLDING STRUCTURE (1) 33% 21% 5% 4% 37% (1) Last Update on February,
5 High Standards of Corporate Governance Foreign partnership for over 10 years has combined local experience with international best practices Board of Directors composed by 9 highly-qualified professionals, including 3 independent members Oversight of operations by specialized committees Audit Committee Investment Committee Compensation Committee Asset Liability Committee Product Approval and Review Process ensure adherence to pricing guidelines Management compensation structure tied to financial performance and goal achievement 100% Tag-Along Rights 5
6 History of Innovation and Partnership Eurobond & IPO Expansion of joint venture with ING February/2007 US$200 million Senior Notes Founded as a life insurance company 24-Hour Assistance Services Joint venture with AETNA Representation agreement Partnership with Banco do Brasil ING acquires Aetna s participation in SulAmérica Automobile Insurance Healthcare 6
7 Our Mission and Values Assure financial protection and peace of mind to our customers, exceeding their expectations. 7
8 #1 Independent Insurance Group in Brazil Businesses Lines (1) Revenue Breakdown #2 health insurer 1.5 million members #2 auto insurer 1.6 million vehicles HEALTH AUTO R$5.3 billion P&C (2) #5 industrial and commercial risks insurer LIFE & WEALTH Life #2 independent player (non-bank affiliates) 2.3 million members Pension #2 independent player in terms of pension reserves Asset Management #3 independent player R$ 11.5 billion of assets under management Highlights (1) 6 million clients* 6,369 employees 26,500 active brokers* Net Income: R$ million Combined Ratio: 97.2% Source: SUSEP, ANS, ANBID and Company Ranking as of December 2007, except for Health which refers to December 2006 (latest available information) (1) 9M07 figures (2) Other Property and Casualty Insurance * 9M07 approximate figures 8
9 Agenda SulAmérica - Company Overview Business Highlights 9M07 Earnings Growth Strategy Market Outlook
10 Leading Position in All Major Segments Top 5 Players by Business Segment - Market Share (1) Health Auto P&C Bradesco Seguros Porto Seguro AGF Marítima Porto Seguro Bradesco Seguros Itaú Seguros Mapfre Unibanco AIG Itaú Seguros Bradesco Seguros Caixa Seguradora Source: SUSEP and ANS (1) Ranking as of December 2007, except for Health which refers to December 2006 (latest available information) Brazilian Insurance Ranking (2) Competitive Landscape As a multiline insurance group, SulAmérica is well positioned to consolidate its leadership in the industry R$6.6 billion R$19.0 billion Tightening of solvency requirements is expected to accelerate consolidation 73 other Insurance Groups Source: SUSEP, ANS (2006) (2) Excludes VGBL Source: SUSEP, ANS (2006) R$18.4 billion 10
11 Nationwide Presence Regional Presence 105 points of presence with leadership in markets with superior growth potential Room for growth in the Southeast region % SulAmérica Premiums RANKING NORTH MID-WEST SOUTH SOUTHEAST NORTHEAST 1.8% 5.6% 9.0% 69.2% 14.4% Health 1 st 2 nd 2 nd 2 nd 1 st Auto 1 st 1 st 3 rd 2 nd 2 nd Source: SUSEP, ANS Note: Health data as of December 2006, Auto data as of December
12 Strong Distribution Capabilities Revenue Breakdown Revenue breakdown by distribution channel (9M07) Partnerships Joint Ventures Active Brokers Commercial Agreements Source: Companies 12
13 Solid Turnaround JV with ING Eurobond (US$200MM) IPO (100% Primary) Focus on Growth Repositioning of Existing Business Portfolio Implementation of New Strategy and Business Model Commercial area restructuring Debt restructuring Equity capitalization Underwriting and pricing Focus on profitability and shareholder value Clean-up of portfolios with termination of unprofitable business Five business units with full P&L accountability Best practices in risk management Cost control and efficiency Updating of product portfolio Balance sheet strengthening 13
14 Sustainable Improvement in Loss Ratio Consolidated Health Auto P&C 14
15 Increasing Profitability Revenue Combined and Operational Ratios (R$ million) CAGR +7.2% +4.4% (%) Combined Operational Net Income ROAE (R$ million) +218% (%) +2,150 bps Non- Applicable Non- Applicable 15
16 Agenda SulAmérica - Company Overview Business Highlights 9M07 Earnings Growth Strategy Market Outlook
17 Revenue Revenue (R$ million) Consolidated Revenue 9M07 Adjusted (*) 9M06 D% Adjusted Health Insurance 2, , , % 10.5% Auto Insurance 1, , % -4.3% (**) Other Property & Casualty Insurance % - Life Insurance % - Total Insurance Premiums 5, , , % 2.8% (*) Other Revenue % - Total Revenue 5, , , % 2.8% (*) (*) Excludes additional individual health premiums related to prior periods only (**) Excludes RVNE Insurance Premiums 9M07 (R$ million) R$5.2 billion 17
18 Health Financial Highlights Gross Margin Financial Highlights (R$ million) Health 9M06 9M07 D% Insurance Premiums 2, , % Individual 1, , % Group 1, , % Earned Premiuns 2, , % Retained Claims (2,058.1) (2,150.9) 4.5% Acquisition Expenses (124.5) (133.4) 7.2% Gross Margin % +6.8 p.p p.p. Loss Ratio Healthcare Members Breakdown 9M million -6.5 p.p. 18
19 Auto Financial Highlights Gross Margin Financial Highlights (R$ million) Auto 9M06 9M07 D% Insurance Premiums 1, , % +0.2 p.p. Earned Premiuns 1, , % Retained Claims (932.7) (933.4) 0.1% Acquisition Expenses (271.0) (287.0) 5.9% Gross Margin % Loss Ratio Insured Fleet (thousand) -0.9 p.p. +1.5% 19
20 Other Property and Casualty Financial Highlights Gross Margin Financial Highlights (R$ million) Other Property & Casualty 9M06 9M07 D% Insurance Premiums % Earned Premiuns % p.p. Retained Claims (234.2) (186.5) -20.4% Acquisition Expenses (60.7) (54.7) -9.9% Gross Margin % Loss Ratio Insurance Premiums Breakdown p.p. 20
21 Life Financial Highlights Gross Margin Financial Highlights (R$ million) Life 9M06 9M07 D% Insurance Premiums % Earned Premiuns % +1.2 p.p. Retained Claims (150.5) (128.4) -14.7% Acquisition Expenses (48.4) (37.4) -22.7% Gross Margin % Loss Ratio Covered Individuals (thousand) +0.6 p.p. 21
22 Combined Ratio Combined Ratio 100.9% 96.5% 99.6% 97.2% 98.2% (*) (*) Includes direct taxes 22
23 Financial Income Net Financial Income (R$ million) Net Financial Income 9M07 9M06 D% Return on Investment Portfolio % Income from Insurance and Pension Operations (68.4) (35.9) 90.7% CPMF % Other 1.1 (27.3) - Net Financial Income % Investment Portfolio Fixed Income Government (9M07) (9M07) 23
24 Cash Flow Cash Flow (R$ million) Cash Flow 6M07 9M07 Initial Cash and Cash Equivalent (+) Operating Activities (-) Investing Activities (206.1) (256.8) (+) Financing Activities (20.8) (34.1) Final Cash and Cash Equivalent Indebtedness (R$ million) 82.2% -52.8% 13.3% Debt / Equity Average tenor 1,272 days Average tenor 1,507 days 24
25 Agenda SulAmérica - Company Overview Business Highlights 9M07 Earnings Growth Strategy Market Outlook
26 Growth Strategy New Bancassurance Agreements Expansion of JVs with Banco do Brasil Expansion of Sales Network Increased Investment in Marketing Campaign 26
27 Agenda SulAmérica - Company Overview Business Highlights 9M07 Earnings Growth Strategy Market Outlook
28 Market Performance Latest update February 12,
29 Analyst Coverage Highlights SULA11 price: R$26.74 per Unit - February 12, 2008 Market Capitalization: R$2,507,284,398 Banks Average: P/BV 2007E1.3x P/E 2008E 6.4x Latest report: December 3, Recommendation: Buy Target-price: R$ month from report date: December 2008 P/BV 2007E 1.3x P/E 2008E 7.1x Contact: Bruno Pereira Phone: bruno.pereira@ubs.com Latest report: January 11, Recommendation: Buy Target-price: R$ year-end P/BV 2007E 1.3x P/E 2008E 6.3x Contact: Daniel Mourão Phone: daniel.mourao@unibanco.com.br Latest report: December 10, Recommendation: Buy Target-price: R$ year-end P/BV 2007E 1.3x P/E 2008E 5.9x Contact: Henrique Navarro Phone: havieira@santander.com.br Contact: Boris Molina Phone: bmolina@schny.com 29
30 Investor Relation Contact Sul América S.A. Rua da Quitanda 86 7 th floor Centro Rio de Janeiro, RJ Investor Relations Department Arthur Farme D Amoed Neto Phone: ri@sulamerica.com.br
31 Appendix
32 Income Statement Year Ended December 31, Nine Months Ended Sept 30, R$ million Insurance premiums , ,207.6 Reinsurance premiums ceded Other ceded premiums, net Retained premiums , ,893.2 Changes in insurance and reinsurance technical reserves Earned premiums , ,917.5 Retained claims and benefit expenses , ,399.2 Acquisition costs Other insurance operating income (expenses) Net operating income from private pension business Net operating income from ASO business Net operating income from asset management business Administrative expenses Tax expenses Net financial income Equity income from non-consolidated subsidiaries and others Non-operating income (expenses) Income before income tax, social contribution and profit sharing Income tax and social contribution Profit sharing Minority interest Interest on shareholders' equity Net income (loss) Selected Operating Ratios (%): Loss ratio (Retained Claims / Earned Premiums) 77,8 75,1 71,4 73,4 69,1 Health 84,9 81,3 78,9 80,4 73,9 Auto 67,8 68,3 60,5 63,2 62,3 Other property and casualty 55,1 55,8 66,2 71,5 60,5 Life 93,7 77,9 65,2 63,8 64,0 Combined ratio (Loss ratio plus Underwriting Expense ratio) 106,5 101,3 98,4 99,6 97,2 32
33 Balance Sheet As of December 31, As of Sept 30, R$ million Current assets Cash, cash equivalents and marketable securities Receivables from insurance and reinsurance operations Deferred acquisition costs Other current assets Non-current assets Marketable securities Judicial deposits Deferred acquisitions costs Other non-current assets Permanent assets Total assets Current liabilities Loans and financing Other accounts payable Payables for insurance, reinsurance and private pension operations Technical reserves for insurance, reinsurance and private pension Accrued liabilities for contingencies Non-current liabilities Taxes and contributions payable Loans and financing Other accounts payable Technical reserves for insurance and private pension Accrued liabilities for contingencies Minority interest Shareholders' equity Total liabilities and shareholders' equity
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