IRR310313.pdf - Banco Itaú

Insurance, Life and Pension Plan & Capitalization
The Pro Forma financial statements below were prepared based on Itaú Unibanco’s managerial information and are intended to explain
the performance of the insurance-related businesses.
Pro Forma Statement of Recurring Income of the Insurance, Life and Pension Plan and Capitalization Segment
R$ million
Variation
1Q13
4Q12
1Q13 - 4Q12
Earned Premiums, Pension Plan Contributions and Capitalization Revenues 2,382 2,326 55 2.4%
Retained Claims (951) (878) (73) 8.3%
Selling Expenses (527) (569) 42 -7.4%
Other Operating Income/(Expenses) of Insurance Operations 31 47 (16) -34.9%
Result from Insurance, Pension Plans and Capitalization 935 927 8 0.9%
Managerial Financial Margin 225 314 (89) -28.2%
Service Fees 302 292 10 3.3%
Non-interest Expenses (515) (594) 79 -13.3%
Tax Expenses for ISS, PIS and Cofins and other taxes (99) (88) (11) 12.4%
Operating Income 848 850 (2) -0.3%
Non-operating Income 10 10 1 6.0%
Income Before Income Tax and Social Contribution 858 859 (2) -0.2%
Income Tax/Social Contribution and Profit Sharing (312) (299) (13) 4.4%
Recurring Net Income 546 561 (15) -2.7%
(RAROC) — Return on Average Tier I Allocated Capital 36.6% 39.3% -270 bps
Efficiency Ratio (ER) 36.6% 40.1% -350 bps
Note: Retained Claims are different from Consolidated Retained Claims, because they do not consider the operations of the activities abroad.
Non-interest Expenses comprise Personnel Expenses, Other Administrative Expenses, Tax Expenses, and Other Operating Expenses.
Recurring Net Income
84
88
71
194
261
155
82
189
70
160
61
139
R$ million
69 53
222
205
Composition of Recurring Net Income of Insurance, Life and
Pension Plans and Capitalization
1Q13
4Q12
208
280
268
268
263
267
270
287
9.8%
52.6%
12.3%
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
Life and Pension Plan Insurance Capitalization
37.6%
39.6%
48.2%
In the first quarter of 2013, the Insurance, Life and Pension Plan
and Capitalization recurring net income totaled R$546 million, a
2.7% fall from the previous quarter. The return on allocated
capital reached 36.6% in the period, a 270 basis point decrease
from the previous quarter.
When compared to the previous quarter, the main factors of the
impact on net income are the increase in expenses with retained
claims and the decrease in the managerial financial margin,
partially offset by the decrease in non-interest expenses.
Life and Pension Plan Insurance Capitalization
In this quarter, the Life and Pension Plan subsegment increased
its share in the composition of the recurring net income by 440
basis points in relation to the previous quarter.
Management Discussion & Analysis
Itaú Unibanco Holding S.A.
55