IRR310313.pdf - Banco Itaú

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Insurance, Life and Pension Plan & Capitalization Efficiency Ratio In the first quarter, the efficiency ratio, in the full concept (that includes all expenses), reached 36.6%, corresponding to a 350 basis point decrease from the previous period, mainly as a result of decreased non-interest expenses. The risk-adjusted efficiency ratio, which adds to the formula the impacts of risk portions associated with Insurance and Life and Pension Plan (claims), was 70.3% in the first quarter, a decrease of 60 basis points from the fourth quarter of 2012. % Insurance, Pension Plan and Capitalization’s Results (*) 35.4 32.2 32.4 37.8 38.3 40.1 36.6 33.3 34.7 30.8 33.7 28.9 27.0 29.1 29.7 E.R. R.A.E.R. 1Q13 70.3% Income before Tax and Profit Sharing 1Q12 2Q12 3Q12 4Q12 1Q13 Income before Tax and Profit Sharing Retained Claims/ Income Efficiency Ratio (*) Tax expenses for ISS, PIS and Cofins and Other Pro Forma Insurance, Pension Plan and Capitalization Balance Sheet The Balance Sheet of the Insurance, Pension Plan and Capitalization segments is presented below. On March 31, 2013, total assets amounted to R$113.3 billion, an increase of R$3.8 billion from the end of the fourth quarter of 2012. Technical provisions added up to R$99.1 billion, a 5.1% increase from the previous quarter, mainly due to the increase in the technical provisions of the VGBL product. We highlight that these figures do not include the operations of the activities abroad. Insurance Life and Pension Mar 31, 13 Dec 31, 12 Capitalization Total Insurance Life and Pension Capitalization R$ million Variation Mar 31,13 - Dec 31,12 Assets Current and Long-Term Assets 17,343 91,428 3,281 112,051 16,858 88,095 3,303 108,257 3,794 3.5% Cash and Cash Equivalents 125 5 2 132 164 47 14 225 (93) -41.3% Securities 6,502 90,525 3,219 100,246 6,552 87,058 3,214 96,823 3,422 3.5% Other Assets (mainly receivables from insurance) Permanent Assets 10,715 1,116 897 56 60 36 11,673 1,209 10,142 1,109 991 56 75 37 11,208 1,202 465 7 4.1% 0.6% Total Assets 18,459 91,484 3,317 113,259 17,967 88,151 3,340 109,458 3,801 3.5% Liabilities and Equity Current and Long – Term Liabilities 15,967 86,819 3,113 105,899 15,605 83,679 3,136 102,420 3,479 3.4% Technical Provisions – Insurance 10,160 1,029 - 11,189 8,766 978 - 9,744 1,445 14.8% Technical Provisions – Pension Plans and VGBL 980 83,939 - 84,920 988 80,644 - 81,632 3,288 4.0% Technical Provisions – Capitalization 5 - 2,955 2,960 1 - 2,910 2,912 48 1.7% Other Liabilities 4,822 1,851 158 6,830 5,850 2,057 226 8,132 (1,302) -16.0% Allocated Tier I Capital 2,492 4,664 204 7,360 2,362 4,472 204 7,038 322 4.6% Total Liabilities and Equity 18,459 91,484 3,317 113,259 17,967 88,151 3,340 109,458 3,801 3.5% Note: The Insurance, Pension Plan and Capitalization Technical Provisions are different from the Consolidated Technical Provisions, because they do not consider the operations of the activities abroad. The Consolidated does not represent the sum of the parts, because there are transactions between companies that were eliminated. Total Total Management Discussion & Analysis Itaú Unibanco Holding S.A. 56
Insurance The figures presented in this section are part of Itaú Unibanco’s insurance operations. Pro Forma Recurring Income Statement of Insurance Segment 1Q13 4Q12 Variation 1Q13 - 4Q12 Earned Premiums (a) 1,944 1,919 25 1.3% Retained Claims (b) (831) (795) (36) 4.5% Selling Expenses (c) (498) (541) 43 -8.0% Other Operating Income/(Expenses) of Insurance Operations (d) 21 24 (2) -9.5% Underwriting Margin (e=a+b+c+d) 636 607 30 4.9% Result from Insurance 637 608 29 4.7% Managerial Financial Margin 86 148 (62) -41.8% Service Fees 59 56 4 6.3% Non-interest Expenses (392) (426) 35 -8.1% Tax Expenses for ISS, PIS and Cofins and other taxes (62) (54) (8) 15.7% Other Operating Income/(Expenses) (0) (3) 2 - Operating Income 327 328 (1) -0.3% Non-operating Income 6 7 (1) -8.3% Income Before Income Tax and Social Contribution 334 335 (2) -0.5% Income Tax/Social Contribution and Profit Sharing 234 219 15 6.8% Recurring Net Income 205 222 (17) -7.7% (RAROC) — Return on Average Tier I Allocated Capital 68.9% 75.8% -690 bps Efficiency Ratio (ER) 43.3% 46.1% -280 bps R$ million In the first quarter of 2013, we focused on the simplification of the portfolio and processes and sought to explore the many opportunities in the sales channel as an essential part of our strategy of sustainable growth and meeting the real needs of customers by offering the right product for each profile. We offer to individuals and companies products aimed at meeting specific needs, such as the Travel Insurance. In this line of operation, we are one of the market leaders, in accordance with information disclosed by SUSEP in the year. We launched the product Itaú Seguro Acidentes Pessoais com Assistência Familiar (Itaú Personal Personal Accidents Insurance with Extended Family Coverage), which extends the funeral allowance to the customer’s parents. The product can be acquired and paid in a lump sum or in installments. Additionally, we strengthened our relationship with our customers and raised their awareness of the importance of insurance through print media and TV advertising campaigns for Individual Life Insurance. For companies, the highlights were the Group Life and Property Insurance for small and middle market companies, in addition to the products for Corporate Solutions for companies in specific lines of business and projects in the civil construction, chemical and petrochemical, energy generation, infrastructure, transportation, aviation and other areas. The growth in the Corporate Solutions segment poses positive prospects due to the potential for investments in infrastructure and development in Brazil. In line with the strategy of structuring a portfolio that is able to offer the right product for each customer profile, this quarter we increased the offer of personal injury products for very small, small and middle market companies. In addition to the basic coverage, this product also offers an IT support service. In relation to the total accumulated from January to February 2013, our market share reached 13.0%, based on information disclosed by SUSEP (Superintendency of Private Insurance, which regulates all insurance lines, except Health Insurance, which is regulated by ANS, the National Health Agency). In the first quarter of 2013, the Insurance segment’s recurring net income reached R$205 million, a 7.7% decrease from the previous quarter, mainly driven by the decrease in the managerial financial margin and increase in retained claims, mainly due to DPVAT, which is seasonally stronger in the first quarter of the year. Earned Premiums 216 216 990 972 231 243 233 255 1,035 1,074 1,087 1,105 R$ million 231 265 1,211 1,218 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Insurance Life and Pension Plan Note: The charts do not include the proportional consolidation of our 30% interest in Porto Seguro. In the first quarter of 2013, earned premiums totaled R$1,218 million in the Insurance subsegment, an increase of 0.6% from the previous quarter. Earned premiums in the Life and Pension Plan subsegment amounted to R$ 265 million, an increase of 14.7% from the previous quarter. Management Discussion & Analysis Itaú Unibanco Holding S.A. 57
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financial report March 31, 2013 Ita
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management discussion analysis Ita
Page 5 and 6: Executive Summary Information and f
Page 7 and 8: Executive Summary Effects of the Re
Page 9 and 10: Executive Summary We present below
Page 11 and 12: Executive Summary Banking Services
Page 13 and 14: Executive Summary Credit Portfolio
Page 15 and 16: analysis of net income Itaú Uniban
Page 17 and 18: Analysis of Net Income Managerial F
Page 19 and 20: Analysis of Net Income Banking Serv
Page 21 and 22: Analysis of Net Income Result from
Page 23 and 24: Analysis of Net Income Non-interest
Page 25 and 26: Analysis of Net Income Points of Se
Page 27 and 28: alance sheet, balance sheet by curr
Page 29 and 30: Balance Sheet Short-term Interbank
Page 31 and 32: Balance Sheet Funding Mar 31, 13 De
Page 33 and 34: Balance Sheet by Currency We adopt
Page 35 and 36: Capital Ratios (BIS) Solvency Ratio
Page 37 and 38: Ownership Structure The management
Page 39 and 40: Annual and Extraordinary Stockholde
Page 41 and 42: analysis of segments, products and
Page 43 and 44: Analysis of Segments Pro Forma Adju
Page 45 and 46: Analysis of Segments The pro forma
Page 47 and 48: Analysis of Segments Wholesale Bank
Page 49 and 50: Products and Services Cards Through
Page 51 and 52: anking operations & insurance opera
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Page 55: Insurance, Life and Pension Plan &
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Page 61 and 62: activities abroad Itaú Unibanco Ho
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Page 65 and 66: Activities abroad Latin America - B
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Page 72 and 73: Itaú Unibanco Holding S.A. - Compl
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Page 76 and 77: 3.2) Income R$ billion Statement of
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Mathematical provisions for benefit
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NOTE 5 - CASH AND CASH EQUIVALENTS
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NOTE 7 - SECURITIES AND DERIVATIVE
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c) Trading securities See below the
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e) Held-to-maturity securities See
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I - Derivatives by index Memorandum
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II - Derivatives by counterparty Se
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III - Derivatives by notional amoun
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V - Accounting hedge a) The effecti
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VI - Realized and unrealized gain o
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j) Sensitivity analysis (TRADING AN
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II - By maturity and risk level 03/
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) Credit concentration Loan, lease
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e) Restricted operations on assets
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NOTE 9 - FOREIGN EXCHANGE PORTFOLIO
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c) Deposits received under securiti
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e) Borrowings and onlending BORROWI
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Description Name of security / Curr
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) Assets Guaranteeing Technical Pro
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NOTE 12 - CONTINGENT ASSETS AND LIA
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- Tax and social security lawsuits
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The main discussions related to Leg
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c) Receivables - Reimbursement of c
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) Prepaid expenses Commissions 03/3
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d) Banking service fees 01/01 to 03
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f) Personnel expenses Compensation
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NOTE 14 - TAXES a) Composition of e
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) Deferred taxes I - The deferred t
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III - The estimate of realization a
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d) Taxes paid or provided for and w
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II - Composition of investments 03/
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II) Goodwill CHANGES Amortization p
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NOTE 16 - STOCKHOLDERS’ EQUITY a)
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c) Capital and revenue reserves 03/
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f) Stock Option Plan I - Purpose an
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Summary of Changes in the Share-Bas
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NOTE 17 - RELATED PARTIES a) Transa
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) Compensation of Management Key Pe
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To obtain the market values for the
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c) Defined benefit plan I - Main as
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V- Change in the net amount recogni
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NOTE 20 - INFORMATION ON FOREIGN SU
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I - Market Risk Market risk is the
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II - Credit Risk Credit risk is the
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NOTE 22 -SUPPLEMENTARY INFORMATION
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Report on Review To the Directors a
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ITAÚ UNIBANCO HOLDING S.A. CNPJ. 6
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