Bradesco insurance units increase billing 17% Jan-May

Bnamericas Published: Wednesday, July 19, 2006
The insurance, private pension and savings bonds divisions of Brazil's largest private bank Banco Bradesco (NYSE: BBD) saw total billing rise 16.9% to 7.1bn reais (US$3.25bn) during the first five months of the year compared to the same period in 2005, the insurer said in a statement. Health premiums rose 10.7% to 1.6bn reais, while life premiums climbed 12.6% to 593mn reais compared to January-May 2005. Contributions to the VGBL pension plan shot up 54.9% to 2.2bn reais during the first five months of the year compared to same period last year, the insurer said. However, Bradesco Seguros CFO Samuel Monteiro dos Santos Júnior told BNamericas market regulations prohibited him from discussing financial results with the press before 1H06 results are released next month. Up to April this year, Bradesco insurance, private pension and savings bonds increased billing 17% to 5.6bn reais compared to the same period last year, Monteiro said. The insurance, private pension and savings bonds units held a 24.6% market share and accounted for 30% of the industry's profits at end-April this year, he said. Bradesco is scheduled to release consolidated results on August 7.

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