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MeneameRecurring net income at the insurance, private pension and savings bond businesses of Brazilian banking group Itaú Unibanco (NYSE: ITUB) was 374mn reais (US$216mn) in the third quarter, the group said in its latest financial statements.
Itaú Unibanco does not provide comparison data for the performance of its insurance operations from the previous because of the group's merger in February this year. On a quarter-over-quarter basis, 3Q09 recurring net income from its insurance operations was 7.5% higher than in 2Q09.
Business by business, life and private pension plans contributed 210mn reais in recurring net income during the third quarter, up 5.5% from 2Q09, while the non-life insurance side took in 88mn reais, down 10.2%.
The so-called "capitalização" savings bond unit produced 76mn reais, which was up 46.2% from 2Q09.
The combined ratio was 91.0% in 3Q09, compared to 90.7% in 2Q09 and 91.8% in 3Q08.
Overall, Itaú Unibanco had 3Q09 net income of 2.27bn reais, down 11.1% from 3Q08, as payments to supermarket Group Pão de Açúcar and its holding company CBD to end an exclusivity clause nipped away at profits.
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