Brasilprev's net income soars in H1

Brasilprev, one of Brazil's largest private pension plan providers, posted net income of 724mn reais (US$209mn) in the first half, up 113%.

The company, whose main channel of distribution is Banco do Brasil, saw a 35.5% rise in assets under management, to 133bn reais from 98.1bn reais in the first half of 2014.

Brasilprev's revenue grew 33.2% to 19.3bn reais in January-June 14.5bn reais in 1H14.

The VGBL was responsible for most of the income with 18bn reais, a growth of 35.8%. The PGBL also increased 5% to 1.1bn reais.

"The first half was positive for Brasilprev, despite the challenging macroeconomic environment," said the company's director of planning and control Nelson Katz. "The company maintained its leadership in net funding with 51% market share in the last 12 months."