Brazil's SulAmérica posts double-digit earnings growth in Q1
Brazilian insurance company SulAmérica saw a net profit increase of 21% year-on-year in the first quarter, fueled by a rise in health and dental insurance sales.
The company posted a net income of 129mn reais (US$40.5mn), up from 107mn reais in the first quarter of 2016.
SulAmérica's operating revenues increased 9.7% in the period, to 4.26bn reais.
Operating revenues for the health and dental insurance segment increased 11.5% to 3.3bn reais, fueled by the expansion of plans for SMEs.
"The continuous investments in health management, focusing on health promotion and wellness programs, and claims management, aiming at reducing costs and usage frequency, resulted in another quarter of improvement in the medical loss ratio," said the company's CEO Gabriel Portella.
"The segment's loss ratio was the best figure for a first quarter since 2010. Dental plans continued to perform well, both in terms of revenues and insured members, growing 22.9% and 15.0%, respectively, when compared to 1Q16," added Portella in a statement.
Revenue from its auto insurance segment dropped 0.6% in the first quarter to 665mn reais as the sales of new autos has been hit by Brazil's recession.
"The performance of the auto insurance segment, which has shorter cycles, continues to reflect a challenging market, still with high frequency of auto theft and robbery in some important regions of the country and a slow recovery of sales of new vehicles," said Portella.
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