Bradesco Seguros investor perception study: Extending coverage

Sep 25, 2013

Brazil’s insurance sector is tipped to grow and consolidate say investors and analysts, who would like to see more direct ways of playing the sector

By Ben Miller

When Banco do Brasil raised $5.74 billion from the IPO of its insurance business in April, it did more than just push aside doubts about the Brazilian equity issuance market. The carve-out of the bank’s insurance business, priced at the top of its range and with its overallotment options fully sold, also clearly underscored several trends in Brazil’s growing insurance business.

Insurers have extended their reach across Brazil as a decade of strong GDP growth and rising incomes has given Brazilians a few extra reais each to spend on coverage. As incomes rise, the insurance industry is expected to continue growing, particularly the life segment, which is undersubscribed when compared to other areas of coverage in Brazil.

At the same time, the heft of Banco do Brasil’s insurance business is a function of the bank’s presence across the country: its vast branch network gives it...

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