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Washington, DC, May 16, 2013
— IFC, a member of the World Bank Group, announced today that it will invest about $200 million (BRL 400 million) in leading Brazilian insurer Sul América to help expand access to insurance and support the company’s long-term expansion goals. IFC will invest through the purchase of units from the ING Group, tradable at the Sao Paulo BM&F Bovespa stock exchange. Sul América currently serves over seven million customers across Brazil.
“We welcome IFC’s decision to become an important and engaged shareholder of Sul América and the prospect of counting on IFC’s renowned experience to support our growth plans and further strengthen our sustainability approach” said Patrick de Larragoiti Lucas, Chairman of the Board of Directors of Sul América.
IFC’s investment in Sul América takes place during an important transitional period for the company and a dynamic moment in the insurance sector in Brazil. Sul América has a strong presence in Brazil, focused mainly on health, vehicle and life & pension insurance services.
“Promoting access to insurance is essential to improving quality of life, financial inclusion and shared prosperity" said Jin-Yong Cai, IFC’s Executive Vice President and CEO. “Through a market leader like Sul América, this investment is a reflection of IFC's commitment to devote significant resources to sectors critical for Brazil’s development”.
IFC’s strategy in Brazil is focused on improving the country’s competitiveness, supporting job creation, infrastructure development and access to financial services for underserved sectors. IFC’s environmental and social standards aim to support sustainable development in various industries in Brazil. IFC’s new investments this fiscal year in Brazil, including syndications, amount to $2.0 billion.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. IFC helps developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, IFC’s investments reached an all-time high of more than US$20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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About Sul América S.A.
SulAmérica was founded in 1895 and is currently a leading independent Brazilian insurer insurance conglomerate with over seven million customers spread across the country and written earned premiums of over BRL 10.6 billion in 2012. As of May 14, 2013, Sul América S.A. had a market capitalization of BRL 5,114 million (equivalent to approximately USD 2,557 million). In 2007, SulAmérica S.A. went public, offering 25 million units to raise BRL 775 million, and joined the Level 2 governance listing segment of BM&FBovespa. The Company’s products and services distribution business lines are is supported by an active network of more than 30,000 independent insurance brokers, as well as and it has partnerships with more than 20 financial and retail institutions, adding another 16,000 points of sale. The Company has well developed sustainability practices being, for four years in a row part of the BM&FBovespa’s Sustainability Index (ISE). It is also one of the founding signatories of the UN Principles for Sustainable Insurance (“PSI”). For more information, visit:
www.sulamerica.com.br/ir
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