Brasilveículos boosts Q1 profits 18%
Bnamericas Published: Tuesday, May 25, 2004
Brazilian auto insurer Brasilveículos increased first quarter net profits 18% to 6.6mn reais (US$2.1mn) compared to the same quarter last year, local financial daily Gazeta Mercantil reported. Premiums grew 21% during the three first months to 167mn reais, compared to the same period in 2003. Brasilveículos' fleet of insured vehicles increased from 458,000 at the end of the first quarter last year to 520,000 at March 31 this year. Brasilveículos is jointly controlled by local insurer SulAmérica and the country's largest bank, federally owned Banco do Brasil.
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