ITAÚ UNIBANCO S.A. MANAGEMENT REPORT To our ... - Banco Itaú

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NOTE 10 - INSURANCE, PENSION PLAN AND CAPITALIZATION OPERATIONS a) Composition of the technical provisions INSURANCE PENSION PLAN CAPITALIZATION TOTAL 12/31/2010 12/31/2009 12/31/2010 12/31/2009 12/31/2010 12/31/2009 12/31/2010 12/31/2009 Mathematical provision of benefits to be granted and benefits granted 31,393 35,032 50,509,963 42,458,984 - - 50,541,356 42,494,016 Unearned premiums 3,470,178 3,166,621 - - - - 3,470,178 3,166,621 Unsettled claims 2,521,049 2,247,547 - - - - 2,521,049 2,247,547 Financial surplus 1,572 2,122 479,783 468,529 - - 481,355 470,651 IBNR 640,117 664,204 9,898 12,844 - - 650,015 677,048 Premium deficiency 272,399 245,470 - - - - 272,399 245,470 Insufficient contribution - - 617,085 504,691 - - 617,085 504,691 Mathematical provision for redemptions - - - - 2,553,163 2,197,332 2,553,163 2,197,332 Raffle contingency - - - - 20,420 34,057 20,420 34,057 Other 16,112 72,178 182,861 258,915 29,682 29,347 228,655 360,440 TOTAL 6,952,820 6,433,174 51,799,590 43,703,963 2,603,265 2,260,736 61,355,675 52,397,873
) Assets Guaranteeing Technical Provisions - SUSEP INSURANCE PENSION PLAN CAPITALIZATION TOTAL Interbank investments – Money market Securities and derivative financial instruments PGBL/VGBL fund quotas (1) 12/31/2010 12/31/2009 12/31/2010 12/31/2009 12/31/2010 12/31/2009 12/31/2010 12/31/2009 1,284,608 1,197,759 822,598 1,099,147 1,238,731 737,447 3,345,937 3,034,353 2,933,349 2,488,427 51,175,078 42,937,707 1,407,015 1,562,717 55,515,442 46,988,851 - - 46,320,760 38,626,466 - - 46,320,760 38,626,466 Other Government securities - domestic - - 32,408,482 25,485,128 - - 32,408,482 25,485,128 National Treasury Bills - - 20,296,305 11,961,874 - - 20,296,305 11,961,874 National Treasury Notes - - 10,527,858 7,106,122 - - 10,527,858 7,106,122 Financial Treasury Bills - - 1,584,319 6,417,132 - - 1,584,319 6,417,132 Corporate securities - - 12,960,448 12,592,903 - - 12,960,448 12,592,903 Bank deposit certificates: - - 6,481,482 7,598,106 - - 6,481,482 7,598,106 Debentures - - 4,433,813 2,862,367 - - 4,433,813 2,862,367 Shares - - 1,998,819 1,587,296 - - 1,998,819 1,587,296 Quotas of Funds - - 43,175 441,532 - - 43,175 441,532 Promissory Notes - - 1,672 103,602 - - 1,672 103,602 Securitized real estate loans - - 1,487 - - - 1,487 - PGBL/VGBL fund quotas - - 890,678 458,741 - - 890,678 458,741 Derivative financial instruments - - 36,462 36,261 - - 36,462 36,261 Accounts receivable (payable) - - 24,690 53,433 - - 24,690 53,433 2,933,349 2,488,427 4,854,318 4,311,241 1,407,015 1,562,717 9,194,682 8,362,385 Government 1,814,652 1,735,716 3,651,835 3,340,164 133,844 68,381 5,600,331 5,144,261 Private 1,118,697 752,711 1,202,483 971,077 1,273,171 1,494,336 3,594,351 3,218,124 Receivables from insurance and reinsurance operations (2) 2,868,833 2,091,237 - 302,884 - - 2,868,833 2,394,121 Credit rights 1,261,220 665,717 - 302,884 - 1,261,220 968,601 Reinsurance 1,607,613 1,425,520 - - - 1,607,613 1,425,520 Escrow deposits for loss 42,976 110,172 - 8,809 - 42,976 118,981 TOTAL 7,129,766 5,887,595 51,997,676 44,348,547 2,645,746 2,300,164 61,773,188 52,536,306 (1) The PGBL and VGBL plans securities portfolios, the ownership and embedded risks of which are the customers’ responsibility, are recorded as securities – trading securities, with a contra-entry to long-term liabilities in the Pension Plan Technical Provisions account, as determined by SUSEP. (2) Recorded under Other receivables and Other assets. c) Results of Operations Income from financial operations Financial income from insurance, pension plan and capitalization operations Financial expenses from insurance, pension plan and capitalization operations Result from insurance, pension plan and capitalization operations Premiums and contributions Changes in technical provisions Expenses for claims Selling expenses Expenses for benefits and raffles Other revenues and expenses TOTAL INSURANCE PENSION PLAN CAPITALIZATION TOTAL 01/01 to 01/01 to 01/01 to 01/01 to 01/01 to 01/01 to 01/01 to 01/01 to 31/12/2010 31/12/2009 31/12/2010 31/12/2009 31/12/2010 31/12/2009 31/12/2010 31/12/2009 235,589 270,961 384,838 249,598 86,677 62,680 707,104 583,239 295,702 346,983 4,186,545 4,034,249 238,494 194,551 4,720,741 4,575,783 (60,113) (76,022) (3,801,707) (3,784,651) (151,817) (131,871) (4,013,637) (3,992,544) 2,245,241 1,733,368 57,968 166,262 338,039 511,590 2,641,248 2,411,220 7,239,587 6,462,201 8,774,311 8,565,858 1,626,773 1,808,249 17,640,671 16,836,308 (473,114) 40,818 (8,679,509) (8,331,339) (1,235,765) (1,217,129) (10,388,388) (9,507,650) (2,866,731) (3,202,451) - - - - (2,866,731) (3,202,451) (1,418,721) (1,283,610) (14,436) (16,227) (11,441) (42,281) (1,444,598) (1,342,118) - - (29,892) (45,644) (41,452) (37,980) (71,344) (83,624) (235,780) (283,590) 7,494 (6,386) (76) 731 (228,362) (289,245) 2,480,830 2,004,329 442,806 415,860 424,716 574,270 3,348,352 2,994,459
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Page 3 and 4: ITAÚ UNIBANCO S.A. Consolidated Ba
Page 5 and 6: ITAÚ UNIBANCO S.A. Consolidated St
Page 7 and 8: ITAÚ UNIBANCO S.A. Consolidated St
Page 9 and 10: The accounting pronouncements issue
Page 11 and 12: The consolidated financial statemen
Page 13 and 14: NOTE 4 - SUMMARY OF THE MAIN ACCOUN
Page 15 and 16: l) Intangible assets - correspond t
Page 17 and 18: p) II - Legal liabilities - tax and
Page 19 and 20: NOTE 6 - SECURITIES AND DERIVATIVE
Page 21 and 22: I- See below the composition of the
Page 23 and 24: II - Accounting hedge a) The purpos
Page 25 and 26: VI - Realized and unrealized gain o
Page 27 and 28: ) By maturity and risk levels 12/31
Page 29 and 30: NOTE 8 - FOREIGN EXCHANGE PORTFOLIO
Page 31 and 32: ) Funds from acceptance and issuanc
Page 33: d) Subordinated debt Funding obtain
Page 37 and 38: - Other Risks These are quantified
Page 39 and 40: c) Receivables - Reimbursement of c
Page 41 and 42: ) Prepaid expenses 12/31/2010 12/31
Page 43 and 44: d) Banking service fees 01/01 to 12
Page 45 and 46: f) Personnel expenses Compensation
Page 47 and 48: i) Other operating expenses Provisi
Page 49 and 50: ) Deferred taxes I - The deferred t
Page 51 and 52: III- The estimate of realization an
Page 53 and 54: ) Fixed and intangible assets NET B
Page 55 and 56: d) Reconciliation of net income and
Page 57 and 58: NOTE 16 - RELATED PARTIES Transacti
Page 59 and 60: ) Defined benefit plan I - Main ass
Page 61 and 62: IV- Changes in net assets, actuaria
Page 63 and 64: NOTA 18 - INFORMATION ON FOREIGN SU
Page 65 and 66: In accordance with the operations c
Page 67 and 68: For managing cash liquidity in loca
Page 69 and 70: j) Exclusion of nonrecurring effect
Page 71 and 72: Independent Auditor’s Report To t

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