MD&A and Financial Statements (PDF) - Banco Itaú

Insurance, Pension Plans and Capitalization
Itaú Unibanco Holding S.A.
The pro forma financial statements below were prepared based on Itaú Unibanco internal and managerial information and
are intended to identify the performance of the insurance-related businesses.
The numbers presented in this chapter are from the Commercial Bank segment and do not include results from the Porto
Seguro association.
On September 30, 2010
Pro Forma Insurance, Pension Plans and Capitalization Balance Sheet
Life and Pension
ASSETS
Insurance
Plans
Capitalization
Consolidated
Current and Long-Term Assets 8,719 52,713 2,871 64,279
Cash and Cash Equivalents 71 13 5 89
Securities 3,088 52,027 2,815 57,910
Other Assets (mainly receivables from insurance) 5,560 673 51 6,279
Permanent Assets 725 106 42 866
TOTAL ASSETS 9,444 52,819 2,914 65,146
R$ million
LIABILITIES AND EQUITY
Insurance
Life and Pension
Plans
Capitalization
Consolidated
Current and Long – Term Liabilities 8,447 50,089 2,696 61,200
Technical Provisions – Insurance 4,806 921 - 5,727
Technical Provisions – Pension Plans and VGBL 541 47,901 - 48,443
Technical Provisions – Capitalization - - 2,500 2,484
Other Liabilities 3,099 1,266 195 4,546
Allocated Tier I Capital 997 2,731 218 3,945
TOTAL LIABILITIES AND EQUITY 9,444 52,819 2,914 65,146
Pro Forma Insurance, Pension Plans and Capitalization Income Statement
3 rd Quarter/10 Insurance
Life and Pension
Plans
Capitalization
Consolidated
Earned Premiums (a) 901 199 0 1,095
Result of Pension Plans and Capitalization (b) 1 (1) 112 112
Retained Claims (c) (309) (67) - (376)
Selling Expenses (d) (323) (21) (13) (357)
Other Operating Income/(Expenses) of Insurance Operations (e) (49) (1) (0) (45)
Underwriting Margin (f=a+c+d+e) 219 110 - 330
Result from Insurance, Pension Plans and Capitalization (g=b+f) 220 109 99 428
Managerial Financial Margin 73 174 33 263
Banking fees and charge revenues - 153 - 153
Non-interest Expenses (147) (68) (13) (233)
Tax Expenses for ISS, PIS and Cofins and other taxes (26) (20) (6) (52)
Equity in Earnings of Affiliates and Other Investments 0 (0) (0) 0
Other Operating Income (15) (3) 2 3
Operating Income 104 345 116 562
Non-operating Income 9 (1) 2 10
Income Before Income Tax and Social Contribution 113 344 118 572
Income Tax/Social Contribution (33) (102) (39) (174)
Profit Sharing 0 - - 0
Recurring Net Income 80 242 79 399
(RAROC) – Return on Average Tier I Allocated Capital 32.0% 35.5% 145.9% 40.4%
Efficiency Ratio 55.7% 18.0% 18.1% 40.4%
Note: The information on VGBL was classified together with the pension plan products.
Non-interest Expenses comprise Personnel Expenses, Other Administrative Expenses, Tax Expenses, and Other Operating Expenses.
The Underwriting Margin comprises insurance operations.
The Consolidated figures do not represent the sum of the parts, because there are operations between the companies that were eliminated only in the Consolidated figures.
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Management Discussion & Analysis 3 rd Quarter, 2010