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MeneameThe insurance, private pension and savings bond businesses of Brazilian bank Bradesco (NYSE: BBD) had net income of 607mn reais (US$351mn) in the third quarter, which was down 3.5% from 3Q08, but grew as a percentage of the overall group's quarterly profits, according to its latest financial statements.
While down from 3Q08, the insurance-related businesses increased their percentage of Bradesco's total income to 33.5% from 32.9% in the same comparison.
The life and private pension unit had 347mn reais in profits, down 11.5% from 3Q08, while P&C and other non-life had 106mn reais in net income, up 82.8%. Health was hurt by higher claims, as net income fell 22.6% to 89mn reais, and the savings bond business had 65mn reais in profits, flat from the same quarter in 2008.
Total premiums and contributions came to 6.69bn reais in the third quarter, up 14.8% from 3Q08, as the combined ratio worsened to 88.9% from 84.4%, in the same comparison.
Despite higher claims in some areas, such as health, the overall 3Q09 ROAE for all the insurance-related businesses of 27.3% was impressive, Deutsche Bank (NYSE: DB) said in a research note.
In related news, Bradesco Seguros received permission from regulator Susep for a 376mn-real capital increase, taking it to 4.29bn reais, Susep said in a regulatory filing.
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