SulAmerica, a Brazil-based independent insurance group, has reported premium revenues of R$ 2.4bn in the third quarter of 2011, a 9.6% increase compared to the same period last year, and 6.9% compared to the previous quarter.
The company ended the quarter with net income of R$ 98m, a 227.1% growth compared to 2Q11, but a 19.6% drop compared to the third quarter last year.
In other property/casual lines the company’s premium revenue reached R$ 120m, a 2.4% growth compared to 3Q10.
SulAmerica’s loss ratio in the third quarter of this year was 76.2%, a 5.7% point increase compared to the same quarter in 2010, and a 2 point drop compared to 2Q11.
Auto insurance, responsible for 23.8% of the company’s premium revenue, grew 6.1% compared to 2Q11, but dropped 5.5% compared to the third quarter of 2010, adding up to R$ 581.4m in revenue, with some 1.5m insured vehicles.
SulAmerica CEO Thomaz Cabral de Menezes said the strength of 30 thousand brokers, plus our differentiated products and services make SulAmerica an aspirational brand, especially in health insurance.