1. VII INTERNATIONAL LIFE INSURANCE SEMINAR
LIFE INSURANCE - BRAZILIAN EXPERIENCE
BOGOTA – MAY 2017

2. BRAZILIAN INSURANCE MARKET
2016 FIGURES
TOTAL MARKET
USD Bi 2

3. BRAZILIAN INSURANCE MARKET
2016 FIGURES (USD BI)
TOTAL MARKET
120.0
Health
50.0
Pension
35.0
Auto
15.0
Other PC
10.0
Life
10.0
PC Retail
2.0
Insurance
Companies
10.0
Health 40%
Pension 30%
PC 20%
Life 10%
Other
Players
40.0
PC Com/Ind
8.0 3

4. BRAZILIAN INSURANCE MARKET
2016 FIGURES (USD BI)
TOTAL MARKET
120.0
Health
50.0
Pension
35.0
Auto
15.0
Other PC
10.0
Life
10.0
PC Retail
2.0
Insurance
Companies
10.0
Health 40%
Pension 30%
PC 20%
Life 10%
Other
Players
40.0
PC Com/Ind
8.0 4

5. BRAZILIAN INSURANCE MARKET
2016 FIGURES (USD BI)
PENSION
Accumulation Products
TOTAL PENSION
35.0
VGBL
PGBL
Deferred Tax
Tax on Accumulated Results
Tax incentives
Private/Facultative
Bank product
No Risk – Defined Contribution 5

6. Accumulation Products
BRAZILIAN INSURANCE MARKET
2016 FIGURES (USD BI)
PENSION
Accumulation Products
TOTAL PENSION
35.0
Individual
30.0
Group
5.0
participants.
Investment.
participants.
Retention tool.
Tax incentives
Real growth last 5 years of 50% (2016/2011).
Huge reserves. 6

7. BRAZILIAN INSURANCE MARKET
2016 FIGURES (USD BI)
LIFE
Risk Products
TOTAL LIFE
10.0
Group Life
3.0
Individual Term Life
4.0
Credit Life
2.0
Other Life Products
1.0
More sofisticated.
Retention.
Union agreement.
“Bank reciprocity”.
“Compulsory”.
No Tax incentives
Real growth last 5 years of 22% (2016/2011).
Small amount of Reserves/ Investments. 7

8. BRAZILIAN INSURANCE MARKET
2016 FIGURES (USD BI)
LIFE
Risk Products
TOTAL LIFE
10.0
Group Life
3.0
Individual Term Life
4.0
Credit Life
2.0
Other Life Products
1.0
“Bank reciprocity”.
“Compulsory”.
More sofisticated.
Retention.
Union agreement.
Total:
Channel:Bank
NBank
0.0 %
100.0 %
100.0 %
0.0 %
50.0 %
0.0 %
100.0 %
50.0 %
Carrier:
Bank
NBank
33.0 %
67.0 %
100.0 %
0.0 %
50.0 %
0.0 %
100.0 %
60.0 %
40.0 % 8

9. BRAZILIAN INSURANCE MARKET
2016 FIGURES
MAIN PLAYERS
PENSION
LIFE
Banco do Brasil
Bradesco
Itaú
Caixa
Santander
Safra
Icatu
Other (13 Companies)
42%
26%
17% 7%
5% 1% 1%
100%
Banco do Brasil
Bradesco
Santander
Itaú
Caixa
Icatu
Other (65 Companies)
14%
12%
10%
60% 5%
35%
40% 5

10. GRACIAS !

11. BRAZILIAN INSURANCE MARKET
2016 FIGURES (USD BI)
LIFE
Risk Products
TOTAL
10.0
Group Life
3.0
Individual Term Life
4.0
Credit Life
2.0
Other Life Products
1.0
“Bank reciprocity”.
“Compulsory”.
More sofisticated.
Retention.
Union agreement.
Total:
Channel:Bank
NBank
0.0
3.0
4.0
0.0
1.0
0.0
1.0
5.0
Carrier:
Bank
NBank
1.0
2.0
4.0
0.0
1.0
0.0
1.0
6.0
4.0 11