Real Seguros doubles assets in 2yrs

Real Seguros, the Brazilian insurance unit of Dutch bank ABN Amro (NYSE: ABN), has doubled its assets to 2bn reais (US$685mn) in two years, local financial daily Gazeta Mercantil quoted the insurer's chairman Julio Bierrenbach as saying. Bierrenbach said the company's rapid growth was largely due to strong sales of complementary pension plans for individuals, which surpassed the 1bn real mark in November. Two years ago, the complementary pension plans only represented 10% of the best-selling segment, auto insurance, but this year pensions have outperformed auto insurance, he added. Real Seguros has also seen "almost spectacular growth" in its reserves this year and these should top 1.3bn reais by end-2003, up 75% compared to last year, Bierrenbach reportedly said. Insurance premiums totaled 836mn reais between January and October, up 18.6% compared to the year-ago period, he said. The insurer's revenues have increased 85% to date and should come in at 530mn reais this year, Bierrenbach said.