PRIVATE INSURANCE AGENCY

PRIVATE INSURANCE AGENCY

SUSEP CIRCULAR Nº 517 OF JULY 30, 2015

Addresses technical provisions; liability adequacy test; reducing assets; underwriting, credit,

operational and market risk capital; setting up an operating losses database; solvency

regularization plan; registration, custody and handling of assets, bonds and securities held as

collateral against technical provisions; Periodic Information Form (FIP/SUSEP); Accounting

standards and independent auditing of insurance companies, open private pension entities,

investment firms and reinsurers; certification exam and ongoing professional training for

independent auditors; and the technical standards drawn up by the Brazilian Institute of

Actuaries (IBA).

THE SUPERINTENDENT OF THE PRIVATE INSURANCE AGENCY (SUSEP), in Art. 36, items "b",

"f" and "g" of Decree No. 73 of November 21, 1966, together with the provisions of Articles 73

and 74 of Supplementary Law No. 109 of May 29, 2001, together with Articles 2, 5, 6, single

paragraph, subitem II and 12 of Supplementary Law No. 126, of January 15, 2007, together

with Art. 3, § 2 and Art. 4 of Decree No. 261 of February 28, 1967, and considering the

contents of SUSEP Proceeding No. 15414.001684/2015-67,

DETERMINES:

Continuation of SUSEP Circular nº 517 of 2015. 2

Art. 1: To address technical provisions; liability adequacy test; reducing assets; underwriting,

credit, operational and market risk capital; setting up an operating losses database;

registration, custody and handling of assets, bonds and securities held as collateral against

technical provisions; Periodic Information Form (FIP/SUSEP); Accounting standards and

independent auditing of insurance companies, open private pension entities, investment firms

and reinsurers; certification exam and ongoing professional training for independent auditors;

and the technical standards drawn up by the Brazilian Institute of Actuaries (IBA).

Art. 2: For the purposes of this Circular, it shall be considered that:

I - supervised bodies: insurance companies, open private pension entities (OPPE), investment

firms and local reinsurers;

II - the structure in the format contained in this sub-item:

TITLE I: QUANTITATIVE ELEMENTS ............................................................................................. 4

CHAPTER I: Technical Provisions ................................................................................................ 4

Section I: Insurance companies and OPPEs ................................................................................ 4

Section II: Investment firms ........................................................................................................ 8

Section III: Local Reinsurers ……………......................................................................................... 10

Section IV: Insurance companies and OPPEs that do not have sufficient data to use their own

methodology ………......................................................................................................................12

CHAPTER II: Liability Adequacy Test (LAT) …………………...............................................................16

Section I: Current cash flow estimates ......................................................................................16

Section II: Ascertaining the LAT result ………...............................................................................17

Section III: Actuarial study containing the LAT ..........................................................................18

CHAPTER III: Assets that reduce the need for coverage of Technical Provisions …..….….......... 19

Section I: Creditor Rights …………................................................................................................20

Section II: Reducing Reinsurance and Retrocession Assets .......................................................20

Section III: Reducing Judicial Deposits .......................................................................................21

Section IV: Reducing deferred acquisition costs .......................................................................22

CHAPTER IV: Risk Capital ...........................................................................................................22

Section I: Calculating Risk Capital - Transferring Risk and Corporate Transformations ….........22

Section II: Operational Risk Capital - Operating Loss Database ................................................23

Continuation of SUSEP Circular nº 517 of 2015.

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CHAPTER V: Solvency Regularization Plan ………………................................................................ 31

TITLE II: QUALITATIVE ELEMENTS...............................................................................................33

CHAPTER I: Registration, Custody and Handling of Assets, Bonds and Securities held as

Collateral against the Technical Provisions ...............................................................................33

Section I: Registration of Assets securing Technical Provisions and Funds …………....................34

Section II: Authorization of Access to the Investment Portfolio ................................................36

TITLE III: RULES ON TRANSPARENCY AND DISCLOSURE ............................................................ 36

CHAPTER I: Periodic Information Form (FIP/SUSEP) ……………………............................................36

CHAPTER II: Accounting Standards ........................................................................................... 37

Section I: Basic Regulations ...................................................................................................... 37

Section II: Rulings of the Accounting Rules Committee (CPC) .................................................. 58

Section III: Technical Interpretations of the Accounting Rules Committee (CPC) .....................67

Section IV: Review of the documents issued by the Accounting Rules Committee (CPC) ........69

Section V: Procedures for recording reinsurance premiums in the accounts ..........................70

CHAPTER III: Independent Financial Auditing …........................................................................71

Section I: Certification exam and ongoing professional training for independent auditors .... 71

Section II: Minimum procedures to be followed in the comprehensive report on the alignment

of internal controls to the risks incurred by the supervised bodies with respect to auditing .71

CHAPTER IV: Technical rulings of the Brazilian Institute of Actuaries (IBA) .............................75

TITLE IV: FINAL CONSIDERATIONS ........................................................................................... 75


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TITLE I

QUANTITATIVE ELEMENTS

CHAPTER I

Technical Provisions

Art. 3: For each technical provision, the supervised bodies must make an actuarial technical

note specifying the calculation methodology used, signed by the technically responsible

actuary and placed at the disposal of the SUSEP.

I - the actuarial technical note showing the calculation methodology must be submitted to the

SUSEP within five (5) business days from receipt of the request;

II - the SUSEP may, at any time, as may be deemed necessary in each case, determine the

specific methodology to be used by the supervised bodies for calculating the technical

provisions; and

III - as provided for in subsection II, supervised bodies may submit a request to SUSEP to use

their own methodology, the use of which requires prior authorization from SUSEP.

Art. 4: The establishing of Other Technical Provisions (OTP) is only permitted with prior

authorization from SUSEP and must be anticipated in an actuarial technical note signed by the

technically responsible actuary.

Art. 5: For the purposes of Sections I and III of this Chapter, it shall be considered that:

I – premiums: premiums or contributions; and

II – claims: events provided for and covered under the policy or plan.

Section I

Insurance companies and OPPE

Art. 6: To guarantee their operations, insurers and OPPE must, whenever necessary and in

accordance with Addendum I, make the following monthly technical provisions:

I – Provision for Unearned Premiums (PUEP)

II – Provision for Claims reported but not yet settled (RBNS)

III – PROVISION FOR CLAIMS INCURRED BUT NOT YET REPORTED (IBNR)

IV – Mathematical Provision for Future Benefit Payments (PFBP)

V – Mathematical Provision for Benefits Granted (PBG)

VI – Provision for Additional Coverage (PSC)


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VII – Provision for Related Expenses (PRE)

VIII – Provision for Technical Surpluses (PTS)

IX – Provision for Financial Surpluses (PFS) and

X – Provision for Redemptions and other unsettled amounts (PRO)

Subsection I

Provisions for Premiums

Art. 7: A PUEP must be set up for coverage of amounts payable in relation to claims and

expenses still to arise, for the relevant periods, in regard to risks assumed at the calculation

base date, subject to the following criteria:

I – calculation of the provision must consider the portion of unearned premiums at the

calculation base date and is the result yielded by the equation below, for each branch or plan,

from the individual calculations for each policy:

PUEP = Calculation Base x Outstanding Validity Period / Risk Coverage Validity Period

II – the calculation base is the amount of the commercial premium, in the domestic currency,

including accepted coinsurance, gross of reinsurance and net of ceded coinsurance

transactions and the portion of the premium defined as income for recovery of the initial

contract costs;

III – for the period between the issuance date and the risk coverage coming into effect, the

calculation of the provision shall considering the outstanding validity period to be equal to the

risk coverage validity period;

IV – after issuance and the start of the risk coverage period, the allowance shall be calculated

on a pro rata basis, considering, for the outstanding validity period, the provision calculation

base date and the end date of the risk coverage;

V – the provision must include adjustments for exchange rate variations; and

VI – calculation of the provision must include an estimate of the current risks relating to

policies not yet issued (PUEP-RENI);

Single paragraph: The provision does not apply to plans or products structured as funded

schemes.


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Subsection II

Provisions for Claims

Art. 8: An RBNS must be set up for coverage of amounts that are expected to be paid in

settlement of payments relating to claims reported by the calculation base date, including

accepted coinsurance, gross of reinsurance and net of ceded coinsurance transactions, subject

to the following criteria:

I – the provision covers amounts relating to indemnities, savings and outstanding income,

including monetary correction, interest, exchange rate variations and contractual penalties, as

well as estimated figures for lawsuit liabilities and the results of final judicial decisions;

II – the amounts that are expected to be settled in relation to lawsuits for payment of income

coming due in excess of the amounts offered shall be included in the calculation of the RBNS,

while no final decision has been handed down, after which it shall be included in the PBG;

III – the provision must include, whenever necessary, IBNAR (claims incurred but not reported

in time) adjustments for the aggregate treatment of claims reported but not yet paid, whose

values may be changed over the course of the lawsuit up to the final settlement;

IV – the expectation of receiving salvaged goods and recoveries must be calculated using the

methodology determined in the actuarial technical note and recorded as a salvage and

recoveries adjustment under the RBNS;

V – the value of salvaged goods recorded in the books should not be considered as the

expected value to be received from salvage and recoveries; and

VI – for the purpose of adjustment of salvage and recoveries under the RBNS, the calculation

of the expected value to be received from salvage and recoveries must consider only the

estimated recovery value in relation to reported claims that are yet to be settled.

§ 1: The methodology to be developed for calculating the provision must consider the date the

claim was reported as the effective date of registration in the system by the insurer or OPPE.

§ 2: The amounts relating to the claims reported to the insurer or OPPE must be recorded at

the gross value, including the expected salvage and recoveries income.

§ 3: Adjustment of the salvage and recoveries under the RBNS may only be used when the

insurer or OPPE has a sufficient database to allow analysis of the reliability of the recorded

amounts.

§ 4: The event that gives rise to the writing off of the provision is the financial settlement,

confirmed by the proof of payment of the indemnification, savings or due income, or other

confirmation provided for in the law.

Art. 9: A provision for IBNR must be set up for coverage of amounts that are expected to be

paid in relation to claims incurred but not reported by the calculation base date, including

accepted coinsurance, gross of reinsurance and net of ceded coinsurance transactions, subject

to the following criteria:

I – the provision must include estimates of the amounts relating to indemnification, savings

and income due, including estimates of the sum total of claims incurred but not reported and

considering the figures for lawsuits and the results of final judicial decisions;


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II – the amount expected to be received from salvage and recoveries must be calculated using

the methodology determined in the actuarial technical note and recorded as a salvage and

recoveries adjustment to the IBNR provision;

III – the amounts of salvage recorded in the books must not be considered as the amount

expected to be received in salvage and recoveries; and

IV – for the purpose of adjusting the salvage and recoveries in the IBNR provision, the

calculation of the amount expected to be received in salvage and recoveries must only

consider the estimates returns in relation to claims incurred but not reported;

§ 1: The methodology to be developed for calculating the provision must consider the date the

claim was reported as the effective date of registration in the system by the insurer or OPPE.

§ 2: Adjustment of salvage and recoveries in the IBNR provision can only be performed when

the insurer or OPPE has sufficient database to allow analysis of the reliability of the amounts

recorded.

Subsection III

Mathematical Provisions

Art. 10: A PFBP must be set up before the event that generates the benefit has occurred, for

coverage of the commitments to participants or policyholders, and is to be calculated

according to the methodology approved in the actuarial technical note for the plan or product.

Single paragraph: The provision must be set up for coverage of the benefits arising from plans

or products structured according to the capitalization financial method.

Art. 11: A PBG must be set up, once the event that generates the benefit has occurred, for

coverage of the commitments to participants or policyholders, and is to be calculated

according to the methodology approved in the actuarial technical note for the plan or product.

§ 1: The provision only covers the income coming due, and must be set up for coverage of

benefits arising from plans or products structured according to the capitalization financial

method or the terminal funding method.

§ 2: Amounts in the PBG relating to unpaid overdue income should be written down in that

reserve and included in the RBNS.


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Subsection IV

Other Provisions

Art. 12: A PSC must be set up whenever a shortage in technical provisions is ascertained, using

a Liability Adequacy Test (LAT), in accordance with the requirements specified in Chapter II.

Art. 13: A PRE must be set up for coverage of the expected amounts in relation to claims

expenses.

§ 1: In plans structured according to the capitalization financial method, the provision must

cover all the expenses relating to the settlement of indemnities or benefits resulting from

claims that have been incurred or are to occur.

§ 2: In plans structured according to the pay-as-you-go and terminal funding financial

methods, the provision must cover all the expenses relating to the settlement of indemnities

or benefits resulting from claims incurred, whether reported or not.

Art. 14: A PTS must be set up to guarantee the sums for the distribution of technical surpluses

arising from contractual operations, if such is provided for in the contract.

Art. 15: A PFS must be set up to guarantee the amounts for the distribution of financial

surpluses, in accordance with the prevailing regulations, if such is provided for in the contract.

Art. 16: The PRO includes amounts relating to outstanding redemptions, the refunding of

premiums or funds, requested transfers that, for whatever reason, have not yet been passed

on to the receiving insurer or OPPE, as well as premiums received and not yet parceled out.

Single paragraph: Consider outstanding redemptions to be those that have been requested

and, for whatever reason, have not yet been paid, as well as amounts corresponding to

redemptions whose right has not been exercised, in the case of cancellation of the

participant's contract.

Section II

Investment firms

Art. 17: To guarantee their operations, the investment firms must, whenever necessary, set up,

on a monthly basis, the following technical provisions:

I – Mathematical Provision for Capitalization (MPC)

II – Provision for Distribution of a Bonus (PDB)

III – Provision for Redemption (PR)

IV – Provision for Prize Draws (PPD)

V – Supplementary Provision for Prize Draws (SPPD)

VI – Provision for Draws Payable (PDP) and

VII – Provision for Administrative Expenses (PAE)


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Subsection I

Provisions for Redemptions

Art. 18: An MPC must be set up before the event giving rise to redemption has occurred and

must cover the amounts received for capitalization. It should be calculated for each operative

or suspended security that is in force during the period provided for in the actuarial technical

note.

§ 1: Factors giving rise to the setting up of the provision are:

I – the issuing of the capitalization security against a single payment or, in the case of monthly

or periodic payments, against the first installment; or

II – confirmation of the payment by the underwriter, in the case of the other installments.

§ 2: The provision must take into consideration monetary correction and interest as of the

starting date of the validity period.

§ 3: When the acquisition or initial payment date is unknown, the provision must be set up to

include monetary correction and interest based on earliest of the average date between the

beginning and end of commercialization or the 15th (fifteenth) day from the beginning of

commercialization of the series.

§ 4: When a shortfall is found in the remuneration of the securities, investment firms must

correct the amount of the provision based on interest rates that are sufficient to ensure

coverage of the commitments assumed.

Art. 19: A PDB must be set up before the event that gives rise to a bonus distribution has

occurred and must cover the amounts determined for the bonus payment, which should be

calculated for each operative or suspended security whose plan includes the distribution of

bonuses, according to the criteria set out in the actuarial technical note.

§ 1: Events giving rise to the setting up of the provision are:

I – the issuing of the capitalization security against a single payment or, in the case of monthly

or periodic payments, against the first installment; or

II – confirmation of the payment by the underwriter, in the case of the other installments.

§ 2: When the acquisition or initial payment date is unknown, the provision must be set up to

include the bonus remuneration defined in the actuarial technical note, based on earliest of

the average date between the beginning and end of commercialization or the 15th (fifteenth)

day from the beginning of commercialization of the series.

§ 3: When the event that gives rise to the distribution of a bonus has not occurred and the

obligation to pay a bonus has been definitively terminated, the corresponding amount of the

provision must be reversed in the books.

Art. 20: A PR must be set up that is in effect from the date of the event that gives rise to

redemption of the security and/or the event that gives rise to distribution of the bonus until

the date of financial settlement or receipt of the proof of payment of the obligation, or in

accordance with other cases provided for in the legislation, as follows:

I – matured securities, which must be set up for all securities whose validity has expired; and

II – prepaid securities, which must be set up for all securities that have been cancelled after

the suspension period or due to a stipulated event.


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Subsection II

Provisions for Prize Draws

Art. 21: The PPD covers the amounts received for the prize draw and must be set up for each

security whose prize draws has been funded but, on the date provision is set up, has not yet

been carried out.

Single paragraph: The event that gives rise to the reversal of the provision is the holding of the

prize draw.

Art. 22: A SPPD must be set up to supplement the PPD and used for coverage of any shortfalls

in relation to the expected amount to be offered in the draw to be held.

§ 1: The provision should represent the positive difference between the expected amount to

be offered in the draw to be held and the amount held in the PPD.

§ 2: The event that gives rise to the reversal of the provision is the holding of the prize draw.

Art. 23: A PDP must be set up that is in effect from the date the prize draw is held until the

date of financial settlement or receipt of the proof of payment of the obligation, or in

accordance with other cases provided for in the legislation.

Subsection III

Other Provisions

Art. 24: A PAE must be set up for coverage of the anticipated expenses for administration of

the capitalization plans.

Section III

Local Reinsurers

Art. 25: For each technical provision specified in this Section, the local reinsurer must keep a

record of the analytical controls per assignor, updated monthly and available to SUSEP.

Single paragraph: The document to which the above clause refers must be delivered to SUSEP

within a maximum period of 15 (fifteen) days from the date of receipt of the request.

Art. 26: To guarantee their operations, the local reinsurers must, whenever necessary, set up,

on a monthly basis, the following technical provisions:

I – Provision for Unearned Premiums (PUEP)

II – Provision for Claims reported but not yet settled (RBNS)

III – PROVISION FOR CLAIMS INCURRED BUT NOT YET REPORTED (IBNR)

IV – Mathematical Provision for Future Benefit Payments (PFBP)

V – Mathematical Provision for Benefits Granted (PBG)

VI – Provision for Supplementary Coverage (PSC)

VII – Provision for Related Expenses (PRE)

VIII – Provision for Technical Surpluses (PTS) and

IX – Provision for Financial Surpluses (PFS)


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Subsection I

Provisions for Premiums

Art. 27: A PUEP must be set up for coverage of the amounts payable in relation to claims and

expenses to be incurred over the course of the periods relating to the risks assumed on the

calculation base date.

§ 1: The provision must be calculated to include any retrocession.

§ 2: Calculation of the provision must include an estimate for the contracts that are in effect

but haven’t been issued (PUEP-RENI).

§ 3: The provision must include adjustments for foreign exchange variations.

Subsection II

Provisions for Claims

Art. 28: An RBNS must be set up for coverage of the amounts to be settled in relation to claims

reported by the calculation base date, including retrocession.

Single paragraph: The provision must, whenever necessary, include IBNAR (Claims Incurred but

Not Adequately Reported) adjustments to enable the aggregate handling of claims that have

been reported but not yet paid, the amount of which may be altered during the process to

final settlement;

Art. 29: An IBNR claims provision must be set up for coverage of the amounts to be settled in

relation to claims that have been incurred but not yet reported by the calculation base date,

including retrocession.

Subsection III

Mathematical Provisions

Art. 30: The PFBP should cover the amount of the commitments assumed by local reinsurers in

their pertinent contracts, in order to guarantee the reinsured benefits that have not yet

started to be drawn.

Art. 31: The PBG should cover the amount of the commitments assumed by local reinsurers in

their pertinent contracts, in order to guarantee the reinsured benefits that have already

started to be drawn.


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Subsection IV

Other Provisions

Art. 32: A PSC must be set up whenever a shortfall in the technical provisions is ascertained,

using a Liability Adequacy Test (LAT), in accordance with the requirements specified in Chapter

II.

Art. 33: A PRE must be set up for coverage of the anticipated amounts of the expenses in

relation to claims.

Art. 34: A PTS must be set up to guarantee the amounts for the distribution of technical

surpluses arising from contractual operations, if such is provided for in the contract.

Art. 35: A PFS must be set up to guarantee the amounts for the distribution of financial

surpluses, in accordance with the prevailing regulations, if such is provided for in the contract.

Section IV

Insurance companies and OPPEs that do not have sufficient data to use their own

methodology

Art. 36: An insurance company or OPPE that does not have an adequate database to be able to

use its own methodology must calculate the IBNR and PUEP-RENI provisions in accordance

with the criteria set out in this Section.

Subsection I

IBNR Provision

Art. 37: For the purpose of setting up a provision for IBNR claims, insurers should use for their

calculation base the highest value of the application of the percentages set out in Addendum II

to the sum of the premiums base or the claims base, over a period of twelve (12) months,

considering the month the provision is set up plus the eleven (11) preceding months.

§ 1: The insurer that, on the base date that the provision is set up, has been in operation in a

specific insurance class for less than twelve (12) months, should consider the sum of the

premiums base and claims base since the start of its operations in that class.

§ 2: For the purposes of this article, it shall be considered that:

I – premiums base: the sum of the direct written premiums relating to risks assumed and

policies issued and the co-insurance premiums accepted, less the co-insurance premiums

ceded, discounting all cancelled or returned portions of the premiums; and

II – claims base: the sum of the direct claims and co-insurance claims accepted, less the co-

insurance claims ceded, considering all due reappraisals, and reopened and cancelled claims.


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Art. 38: For endowment insurance and life insurance under "Private Individuals", the

calculation of the IBNR provision shall be determined by the highest value from the application

of the percentages defined in Addendum III to the sum of claims paid or premiums over a

period of twelve (12) months, considering the month the provision is set up plus the eleven

(11) preceding months.

§ 1: For the purposes of this article, the sum of the premiums mentioned in the above clause

should consider the commercial premiums for products structured according to the pay-as-

you-go or terminal funding methods, and the pure premiums for products structured

according to the capitalization financial method.

§ 2: Calculation of the sums of the claims paid and premiums mentioned in the above clause

should not include survivors’ insurance coverage.

§ 3: Insurers that, on the date the provision is set up, have been running the specific plan for

less than twelve (12) months, shall consider the sum of the claims paid and premiums since

the start of their operations.

§ 4: The amounts of claims paid and premiums must include reinsurance and accepted co-

insurance and be net of ceded co-insurance.

Art. 39: For the private supplementary pension plans, the calculation of the IBNR provision

shall be determined by the highest value obtained from applying the percentages defined in

Addendum IV to the sum of the benefits paid or the contributions received over a period of

twelve (12) months, considering month the provision is set up plus the eleven (11) preceding

months.

§ 1: For the purposes of this article, the sum of the contributions mentioned in the above

clause must consider the commercial contributions to products structured according to the

pay-as-you-go or terminal funding financial methods, and the pure contributions to products

structured according to the capitalization financial method.

§ 2: Calculation of the sums of the benefits paid and the contributions received, mentioned in

the above clause, shall consider the groups of categories defined in the table in Addendum IV,

applying the percentages shown therein to the total benefits paid and contributions received

for each group.

§ 3: Calculation of the sums of the benefits paid and the contributions received, mentioned in

the above clause, should not include the plans covering survivors’ dependents.

§ 4: In calculating the provision per plan/benefit, the amounts obtained after the application of

the percentages relating to each group shall be apportioned among the plans/benefits that

comprise each group, with the form of allocation chosen at the discretion of the insurer or

OPPE.

§ 5: Any insurer or OPPE that, on the date the provision is set up, has been running the specific

plan for less than twelve (12) months, shall consider the sum of the benefits paid and

contributions since the start of its operations.

§ 6: The amounts of benefits paid and contributions received shall include reinsurance and

accepted co-insurance, less ceded co-insurance.


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Subsection II

The portion of the Provision for Unearned Premiums relating to current Risks regarding

policies Not yet Issued (PUEP-RENI)

Art. 40: For the purpose of the insurers setting up a PUEP-RENI, the calculation base must use

application of the percentages defined in Addendum V to the premiums base in the reference

month or to the PUEP for risks assumed in policies already issued in the reference month, for

each specific class.

Single paragraph: For purposes of this article, the premiums base shall be taken as the sum of

the direct written premiums on risks assumed and policies issued and the premiums on

accepted co-insurance, less the premiums on ceded co-insurance, discounting the installments

on canceled or refunded premiums.

Art. 41: For open private supplementary pension products, endowment insurance or life

insurance classified under "Private Individuals", the calculation of the PUEP-RENI should

consider the percentage value 4.1% (four point one percent) applied as follows:

I – for savings and income plans structured according to the pay-as-you-go and terminal

funding financial methods: on the commercial contributions in the reference month,

considering the inclusions and exclusions relating to co-insurance transactions;

II – for endowment insurance and life insurance under "Private Individuals", structured

according to the pay-as-you-go and terminal funding financial methods: on the commercial

premiums in the reference month, considering the inclusions and exclusions relating to co-

insurance transactions.

Single paragraph: In calculating the provision per plan/benefit, the amounts obtained after the

application of the percentages shall be apportioned among the plans/benefits that comprise

each group, with the form of allocation chosen at the discretion of the insurer or OPPE.

Art. 42: Insurers and OPPE may, at their discretion, calculate the PUEP-RENI based on the

difference between the PUEP adjusted for the policy issue delay and the portion of the PUEP -

calculated according to the current regulations - relating to assumed and written premiums.

§ 1: The PUEP adjusted for the policy issue delay represents the PUEP value that would be

calculated if the risk coverage period were displaced by a period equal to the month’s issue

delay.

§ 2: For the purposes of this article, the month’s issue delay will not be zero only when the

policy issue month is later than the month when the risk coverage comes into effect, and in

such cases, the following procedure should be used to determine the amount:

I - consider only the months and years of the dates for the issuing of the policy and the start of

the risk coverage, ignoring the days of those respective dates;

II - determine full value of the difference, in months, between the issuing of the policy and the

start of the risk coverage, respecting the provisions of the preceding item; and

III - consider as the month’s issue delay the number of months obtained in the preceding item.


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§ 3: Calculation of the PUEP adjusted for the policy issue delay is determined according to the

following equation:

PUEP adjusted for the policy issue delay = Premium x 𝐀d𝐣𝐮𝐬𝐭e𝐝 Outstanding Coverage

𝐏𝐞𝐫i𝐨𝐝 / Validity 𝐏𝐞𝐫i𝐨𝐝

I – for the purposes of this article, the premium corresponds to the amount of the

premium/contribution used as a basis for calculating the PUEP, in accordance with the current

regulations;

II – the validity period corresponds to the total risk coverage period;

III – the adjusted outstanding coverage period corresponds to the period between the date the

risk coverage ends, plus the month’s policy issue delay, and the base date of the setting up of

the provision;

IV – if the risk coverage has not yet come into effect, the adjusted outstanding coverage period

will be equal to the validity period;

V – if the base date when the provision is set up is after the date the risk coverage ends, plus

the month’s policy issue delay, the period of the adjusted outstanding coverage will be equal

to zero.

Subsection III

General Provisions of this Section

Art. 43: Insurers and OPPE must inform SUSEP, within thirty (30) days of the setting up of the

provision, for which insurance plans or categories they are using the criteria defined in this

Section.

Art. 44: Using the methodology defined in this Section does not exempt the insurer or OPPE

from the obligation to, from the moment a criterion is seen to be inadequate, apply another

more suitable calculation methodology and set up the appropriate technical provision.

CHAPTER II

Liability Adequacy Test (LAT)

Art. 45: Insurers, OPPE and local reinsurers must perform the Liability Adequacy Test (LAT) to

evaluate the liabilities arising from their contracts and certificates, using statistical and

actuarial methods based on realistic considerations.

Single paragraph: The LAT does not apply to contracts and certificates in relation to DPVAT,

DPEM and Housing Insurance under the National Housing Finance Scheme (SFH).

Art. 46: For the purposes of this Chapter, it shall be considered that:

I – base date: the dates of June 30th and December 31st;


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II – current estimates of cash flows: expected present value of cash flows arising from

fulfillment of the contracts and certificates relating to plans sold by insurance companies,

OPPE and local reinsurers;

III – technical base: the interest rate, biometric life table and price index used; and

IV – recorded premiums and contributions: amounts recorded in accordance with the

accounting principles determined for the posting of income from premiums and contributions.

Section I

Current Estimates of Cash Flows

Art. 47: Current estimates of cash flows must consider all risks assumed up to the test base

date and include reinsurance by insurers and OPPE and retrocession by local reinsurers.

§1: The future premiums and contributions taken into consideration must be kept separate

from the cash flows relating to recorded premiums and contributions and there must be no

offsetting between these two flows in the results of the LAT.

§2: The assumptions made in relation to expenses, redemptions, persistency, portability,

extended insurance, extended benefit, settlement and conversion to income option should be

based on the experience of the insurer, OPPE or local reinsurer, or on the market, when there

is no in-house expertise, up to a maximum period of three (3) years.

Art. 48: Calculation of current estimates of cash flows must consider the cash flows on, at

most, an annual basis.

Art. 49: Calculation of survival and mortality estimates must use the BR-EMS tables in effect at

the time the LAT is performed, adjusted for longevity developments compatible with the most

recent versions disclosed.

Art. 50: Calculation of the estimates of other biometric variables must use tables that are in

line with the proven expertise of the insurers, OPPE and local reinsurers.

Art. 51: Current estimates of cash flows must be discounted to present value based on the risk-

free Term Structure of Interest Rates (TSIR) defined by SUSEP, as shown in the table below:

Index Rate Yield Curve Coupon

IGPM IGPM

IGPDI IGPM

IPCA IPCA

IPC IPCA

INPC IPCA

TR TR

US dollar Forex

Single paragraph: Current estimates of cash flows in nominal terms should use the TSIR free of

predetermined risk.


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Section II

Determining the LAT Result

Art. 52: The result of the LAT will be shown by the difference between the amount of current

estimates of cash flows and the sum of the book balance of the technical provisions on the

base date, less the deferred acquisition costs and intangible assets directly related to the

technical provisions.

§1: The technical provisions mentioned in the above clause include all the technical provisions

set out in Sections I and III of Chapter I, with the exception of the PSC.

§2: From the amount obtained according to the previous clause, if it is positive, one may

deduct the amount corresponding to the difference between the market value and the book

value, on the base date, of the securities pledged as collateral for the technical provisions,

recorded in its assets under the category "held to maturity" and used as the basis for

calculating the financial surpluses.

§3: Until SUSEP reassesses the market conditions and the impact of the new international rules

under discussion, insurers, OPPE and local reinsurers may, exceptionally, extend the deduction

provided for in the preceding paragraph to other securities put forward as collateral assets

against the technical provisions, recorded in its assets under the category "held to maturity"

and effectively used as coverage of the technical provisions.

§4: If the LAT result is positive, it should be recognized in the PSC.

§5: Updating of the LAT is permitted between the calculation base dates and the technical

criteria used in the actuarial study of the LAT must be specified.

Art. 53: When making use of the option provided for in §2 and §3 of Art. 52, the insurer, OPPE

or local reinsurer must disclose in the notes to the financial statements the methods,

procedures, assumptions and suppositions adopted in preparing the LAT, as well as the

amount of the monetary effect resulting from the use of that option.

Single paragraph: The accounting balance of the technical provisions must be increased by the

amount of the monetary effect mentioned in the above clause, for the purpose of pledging the

assets as collateral, as provided for in the specific legislation.


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Section III

Actuarial Study containing the LAT

Art. 54: Insurers, OPPE and local reinsurers must prepare an actuarial study that includes, at

the very minimum, explanations of:

I – the resource inputs and outputs;

II – the actuarial, statistical and financial methodology utilized;

III – the hypotheses and assumptions adopted for the forecasting of each estimated variable;

IV – the partial result of the LAT for each of the following groups of contracts and certificates:

a) products structured according to the capitalization financial method - separated into those

in the benefit concession phase and those in accumulation phase, subdivided by type of

coverage, technical basis and whether or not there is a contractual provision for financial

surplus credits, and also noting the distinction between future and recorded premiums and

contributions;

b) products structured according to the terminal funding financial method - separated into

those in the benefit payments phase and others, subdivided by type of coverage, technical

basis and whether or not there is a contractual provision for financial surplus credits, and also

noting the distinction between future and recorded premiums and contributions; and

c) products structured according to the pay-as-you-go financial method - separated into those

where the event giving rise to the indemnification or benefit has already occurred and those

where the event has not yet occurred, subdivided into property and casualty insurance, life

and personal insurance and open private supplementary pension transactions, and also noting

the distinction between future and recorded premiums and contributions.

V – a statement of the calculation of the difference between the market value and the book

value of the securities considered, as well as the cash flows covered by those securities, in the

event of using the option provided for in §2 and §3 of Art. 52; and

VI – a statement of the calculation of the final LATresult and, if it is positive, the reasons for

that shortfall and the steps taken, where necessary.

Art. 55: The actuarial study containing the LAT must be made available to SUSEP, at the head

office of the insurance company, OPPE or local reinsurer.

Single paragraph: The study relating to the base date of December 31st must be sent to SUSEP,

together with the documents of the independent actuarial audit, as set out in the specific

regulations.

Art. 56: SUSEP may authorize the use of methods, criteria, biometric life tables, TSIR, and any

parameters and assumptions different to those set out in this Circular, upon request and

taking into account the specific characteristics of the operations of the insurer, OPPE or local

reinsurer.

Art. 57: SUSEP may determine, if it ascertains any technical inadequacy in the preparation of

the LAT, that adjustments be made in the methods, criteria, parameters and assumptions

adopted by the insurance companies, OPPE and local reinsurers.


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CHAPTER III

Assets that reduce the need for coverage of Technical Provisions

Art. 58: The following may be offered as collateral assets to offset the need for technical

provision coverage:

I – creditor rights;

II – reducing reinsurance and retrocession assets;

III – reducing judicial deposits; and

IV – reducing deferred acquisition costs.

Single paragraph: The assets provided to reduce the need for coverage of technical provisions

cannot be offered as collateral for other transactions.

Section I

Creditor Rights

Art. 59: From the need for coverage of their technical provisions, insurers, OPPE and local

reinsurers may deduct as collateral assets the amount of creditor rights.

Art. 60: The amount of creditor rights corresponds to the amount of premiums receivable,

relating to the installments not yet due, proportional to the duration of the risk still to elapse

for each installment, at the calculation base date.

§ 1: The amounts of outstanding installments whose risk has already elapsed and installments

due and unpaid cannot be considered in the calculation of the amount of creditor rights.

§ 2: The calculation base used for calculating the amount of credit rights must be the same

base used to calculate the PUEP.

§ 3: Insurers, OPPE and local reinsurers that utilize creditor rights relating to current risks

pertaining to premiums that have not yet been issued must maintain an updated study to

show the adequacy and reliability of the balance that has been set up.

§ 4: The study mentioned in the previous paragraph must be explained in detail in an actuarial

technical note kept by the insurer, OPPE or local reinsurer and, whenever requested by SUSEP,

must be delivered within a maximum of 15 (fifteen) days from the request date.


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Section II

Reducing Reinsurance and Retrocession Assets


reinsurers may deduct as collateral assets the amount of reducing reinsurance assets and

reducing retrocession assets.

Art. 62: For the purposes of this Section, it shall be considered that:

I – assignor: one who transfers part of the assumed risk;

II – assignee: one who assumes part of the transferred risk;

III – counterparty: an assignee in a reinsurance or retrocession contract;

IV – reducing reinsurance assets and reducing retrocession assets: counterparty credits that

may be deducted as collateral assets from the need for coverage of their technical provisions;

V – reinsurance premiums: the portion of premium amounts set out in the assignment

contracts that relate to insurance transactions for which technical provisions have already

been made by the insurance company or OPPE; and

VI – retrocession premiums: the portion of premium amounts set out in the assignment

contracts that relate to reinsurance transactions for which technical provisions have already

been made by the local reinsurer.

Art. 63: Reducing reinsurance and retrocession assets may be defined as:

I – the respective amounts of deferred reinsurance premiums and deferred retrocession

premiums directly related to the assignor’s technical provisions, net of outstanding amounts

payable to the counterparty, both due and yet to come due;

II – the expected amounts of cash flows in relation to claims and benefits incurred and not yet

settled by the assignor, arising from compliance, respectively, with reinsurance and

retrocession contracts; and

III – the amount of the portion of a shortfall in technical provisions, calculated using the LAT,

that is the responsibility of counterparties.

§ 1: Deferred reinsurance premiums and deferred retrocession premiums must be net of any

commissions that the assignee pays to the assignor in relation to the risk assignment contract

and calculated in the same way as the PUEP and according to the type and validity of the risk

assignment contract.

§ 2: Insurers, OPPE and local reinsurers must keep a document showing the separation of the

reducing reinsurance assets and reducing retrocession assets, as the case may be, by

counterparty and by type of contract, updated on a monthly basis and available to SUSEP, and

it must be delivered to SUSEP within a maximum of 15 (fifteen) days from the date of receipt

of the request.

§ 3: Reducing reinsurance assets and reducing retrocession assets relating to Other Technical

Provisions (OTP) that requiring prior approval from SUSEP can only be utilized after following

the same procedure as for approval of the respective technical provision.


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Section III

Reducing Judicial Deposits

Art. 64: From the need for coverage of their technical provisions, supervised bodies may

deduct as collateral assets those portions of judicial deposits relating to technical provisions.

Single paragraph: The amount of the portion described in the above clause must not exceed

the amount of the corresponding outstanding claim, net of the reducing reinsurance or

retrocession asset.

Section IV

Reducing Deferred Acquisition Costs


reinsurers may deduct as collateral assets the deferred acquisition costs in relation to COST OF

BROKERAGE, duly settled, that are directly related to the amount of commercial premiums and

deferred according to the validity period for each risk.

Single paragraph: In the exceptional case of extended warranty insurance in the extension of

guarantee format, deferred acquisition costs relating to the effectively settled expenses of

insurance representatives, directly related to the amount of the commercial premium and

deferred according to the validity period for each risk, can be provided as collateral assets to

reduce the need for coverage of the technical provisions.

CHAPTER IV

Risk Capital

Section I

Calculating Risk Capital - Transferring Risk and Corporate Transformations

Art. 66: In the case of a supervised body that takes over another supervised body or is created

from a merger between supervised bodies, the portions of the risk capital whose calculations

depend on information from periods prior to the business combination shall be calculated

considering the aggregate total of the records of each of the supervised bodies that were

combined.

Art. 67: In the case of a supervised body that transfers or receives transactions to or from

another supervised body by means of a spin-off or portfolio transfer, the portions of the risk

capital whose calculations depend on information from periods prior to the transfer/spin-off

shall be calculated considering the records of the transactions of the portfolios that were

transferred/spun off.

Single paragraph: For the purposes of the calculation, the spun-off portions of the transaction

records referred to in the above clause shall be deducted from the records in the FIP of the

assignor/split-off and added to the records in the FIP of the assignee/receiving company.

Art. 68: In the case of a supervised body that becomes an OPPE insurer, or vice versa, the the

portions of the risk capital whose calculations depend on information from periods prior to the

change shall be calculated considering the records of the transactions of the supervised body

or entity prior to the change.


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Art. 69: A supervised body that receives a portfolio, takes over another supervised body or

spun-off portion of a supervised body or is created through a merger or split shall, by the 10th

day of the month following completion of the transaction, submit a filing to the SUSEP

communicating the event to the Office for Solvency Monitoring General Coordination (CGSOA).

§ 1: For the purposes of this Section, the month of completion of the transaction shall be

considered as:

I – In the case of a portfolio transfer: the month containing the date when the transfer was

agreed, according to the contract between the assignor and the assignee;

II – In the case of a split, merger or takeover: the month in which the decision on the

transaction was taken at a general meeting of the shareholders.

§ 2: The filing referred to in the above clause must contain the number of the prior

authorization procedure and, in cases of portfolio transfer or split (whether taken over or not),

the submission must be preceded by the delivery of the digital files defined in Addendum VI,

using the "File Uploads" system at the SUSEP website.

Art. 70: The amounts reported by the supervised bodies in the FIP may be adjusted, at the

discretion of SUSEP, for the purpose of calculating the risk capital, whenever there is evidence

to indicate such a need.

Section II

Operational Risk Capital - Operating Loss Database

Art. 71: For the purposes of this Section, it shall be considered that:

I – Operating Loss Database (OLDB): a database to be set up by the supervised body for storing

information about its operating losses, according to Addendum VII;

II – operational risk: the possibility of incurring losses as a result of the failure, deficiency or

inadequacy of internal processes, employees or systems, or from fraud or external events,

including legal risk but excluding the risks relating to strategic decisions or the reputation of

the institution;

III – operating loss: the quantifiable amount resulting from the failure, deficiency or

inadequacy of internal processes, employees or systems, or due to fraud or external events,

including legal losses but excluding losses relating to strategic decisions or the reputation of

the institution;

IV – external events: events occurring outside the company, such as stoppages caused by riots,

strikes, revolts, acts of terrorism, uprisings, natural disasters, fires, blackouts or any other

event not directly related to the activities of the institution but that could cause the failure or

collapse of services essential to the performing of its operational activities;

V – legal loss: the quantifiable amount resulting from fines, penalties or reparations as a result

of the action of supervisory and control bodies, as well as losses arising from unfavorable

decisions in judicial or administrative proceedings;


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VI – root event: an operating loss whose existence is independent of other operating losses;

VII – associated loss: a loss resulting from a root event and that would not have otherwise

occurred;

VIII – near loss: a failure, connected to an operational risk event, that did not have a financial

impact, or any operational risk event that might have come about and had a financial impact,

but was avoided;

IX – business function: business area of a supervised body that is responsible for the loss

recorded in OLDB, considering the categories shown in Addendum VII;

X – recovery: when the term refers to a record in the OLDB, it means that it relates to

information about an amount recovered, through insurance, reinsurance, a lawsuit or other

source, in relation to an operating loss already recorded in the database;

XI – update: when the term refers to a record in the OLDB, it means that it relates to a record

that modifies amounts that have previously been attributed to an operating loss, which were

already recorded in the database;

XII – operational risk capital (ORC): variable amount of capital that a supervised body must

maintain, at all times, to guarantee the operational risk to which it is exposed;

XIII – premiums base is equivalent to the following:

a) for insurance and reinsurance products, except those shown in sub-item "b" under earned

premiums: as defined by the applicable accounting standard;

b) for Individual Life, Endowment, VGBL, VAGP, VRPG, VRSA and VRI insurance products, as

well as for pension products: the commercial premiums or contributions, including accepted

co-insurance transactions but excluding ceded co-insurance transactions;

c) for capitalization products: the total of the amounts collected.

XIV – technical provisions: sum of the technical provisions recorded for all the products sold by

the supervised body.

Subsection I

Mandatory Setting Up of an OLDB

Art. 72: Any supervised body that has a simultaneous annual premium base and technical

provisions in excess of R$ 200,000,000 (two hundred million reais) in the two (2) previous

years shall be required to set up an OLEDB.

§ 1: Every year, upon the closing of the accounting balance sheet for the previous year, the

supervised body must check its position with regard to the mandatory setting up of an OLDB.

§ 2: Once the mandatory setting up of an OLDB has been confirmed, the supervised body must

submit a filing to the SUSEP by April 1st of the same year, communicating the fact to the Office

for Solvency Monitoring General Coordination (CGSOA).


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§ 3: Any supervised body that is not obliged to set up an OLDB may nevertheless choose to do

so at any time, applying to itelf the same rights and duties as those institutions that are

required to set up such a database.

§ 4: Any supervised body that chooses to adopt the provisions of § 3 must submit a filing to the

SUSEP, communicating the fact to the CGSOA.

§ 5: Studies into refining the model regulating the operational risk capital must consider the

need to differentiate in the calculation for supervised bodies that have not set up an OLDB, in

order to offset the absence of information and control over the operational risk that would

come about from implementation and use of such a database.

Art. 73: A supervised body may interrupt the implementation of an OLDB or stop feeding

information into it if its annual premium base or technical provisions falls below R$

100,000,000 (one hundred million reais) at the end of the previous year.

§ 1: Upon deciding to adopt one of the options provided for in the above clause, the

supervised body must submit a filing to the SUSEP, communicating the fact to the CGSOA.

§ 2: Interrupting the implementation of or feeding information into an OLDB may only occur

after submitting the required communication mentioned in the preceding paragraph.

Subsection II

Stages and Chronograms for setting up an OLDB

Art. 74: Development of an OLDB shall involve, at the very least, the following stages:

I – Capture and Classification Controls – involves the development of controls for the

identification, capture and classification of material operating losses, recovery events and any

updates associated with same; and

II – Design and Implementation of the Database – involves the physical storage systems for the

operating loss data and mechanisms for consultation, alteration and reports and definitions

relating to the security of these systems.

§ 1: The implementation of the described steps must be documented by the supervised body,

along with the determined procedures and definitions.

§ 2: The controls and systems developed to meet the requirements of items I and II of the

above clause must be compatible with the nature of the transactions of the supervised body

and the complexity of the products and services it provides, as well as being proportionate to

the size of its exposure to operational risk.

Art. 75: The Capture and Classification Controls must be implemented for at least the following

activities:

§ 1: For insurance and reinsurance transactions:

I – underwriting of risk and issuing of policies; and

II – regulation of claims.

§ 2: For pension transactions:

I – underwriting of plans and issuing of certificates; and


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II – concession of benefits.

§ 3: For capitalization transactions:

I – underwriting of savings bonds; and

II – draws, redemption of prizes and bonds.

§ 4: For all transactions:

I – treasury / investments; and

II – following the progress of lawsuits and the estimated amounts involved and reconciling

these with the accounting records.

Art. 76: The deadline for the development of an OLDB is 36 (thirty-six) months, from August 6,

2014, according to the following implementation schedule:

I – 18 (eighteen) months for the development of the Capture and Classification Controls; and

II – 18 (eighteen) months for the development of the Design and Implementation of the

Database.

§ 1: A supervised body may adopt an alternative implementation schedule, as long as it

complies with the following conditions:

I – the total period for the development of the OLDB may not exceed that determined in the

above clause;

II – at least 2 (two) of the steps mentioned in items I and II of Art. 74 must be included;

III – the period for the completion of each of the steps described in items I and II of Art. 74

must not be less than 12 (twelve) months, although the concurrent performing of more than

one step is allowed.

§ 2: If a supervised body opts for an alternative timetable, the communications required under

the provisions of paragraphs 2 and 4 of Art. 72 must include an addendum showing the

proposed timetable.

§ 3: At the end of each stage determined in Art. 74, the supervised body must provide

documentation supporting the internal approval, by a director of the company, of the work

undertaken, and the performing of internal auditing to assess the adequacy of the procedures

defined and systems introduced.

§ 4: In the case of a supervised body that is only classified for the mandatory setting up of an

OLDB after August 6, 2014, the period stated in the above clause shall be counted from the

publication date of the financial statements for the financial year in which it was so classified.

§ 5: In the case of a supervised body that is not classified for the mandatory setting up of an

OLDB but nevertheless chooses to do so, the period stated in the above clause shall be

counted from the first day of the month following the month in which the filing by which it

communicated its choice was registered with the SUSEP.

Art. 77: The start of feeding information into the OLDB shall be the first working day following

the deadline set for its development.


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Subsection II

Validation of the OLDB

Art. 78: The supervised body’s internal auditing must set out an auditing program to assess the

activities relating to the development and feeding of information into the OLDB, including the

preparation of reports containing critical analysis of, at least, the following:

I – the ability of the procedures adopted for the identification and capture of operational

losses to cover all the significant exposure to the operational risk associated with the

supervised body’s activities;

II – the adequacy of the procedures for the classification of operating losses;

III – the comprehensiveness, soundness, integrity and reliability of the OLDB data;

IV – the adequacy of the technological infrastructure and the performance of the physical

storage systems comprising the OLDB, as well as the adequacy of its security;

V – the integrity, comprehensiveness and consistency of the documentation pertaining to the

OLDB;

VI – recommendations with respect to any shortcomings;

VII – the statements of those responsible for areas where shortcomings were noted and a

statement of the measures already taken to rectify them;

VIII – a timetable for rectifying the shortcomings identified; and

IX – Any other important detail that was noted.

§ 1: Assessments by internal auditing should take place on at least the following occasions:

I – at the end of each stage in the development of the OLDB, as described in items I and II of

Art. 74;

II – annually, at the end of each financial year, at least 6 (six) months after the start of feeding

information into the OLDB.

§ 2: The supervised body will have a period of 4 (four) months from the completion of each

stage of the development of the OLDB to submit a filing to the SUSEP, forwarding all the

internal auditing reports covered by item I of § 1 of this Article to the CGSOA.

§ 3: The supervised body will have until the last business day in April of each year to submit a

filing to the SUSEP, forwarding the internal auditing reports covered by item II of § 1 of this

Article to the CGSOA.

§ 4: The conclusions, recommendations and statements referred to in items I to IX of the

above clause must be presented to the external auditors, the audit committee and the

supervisory board, if there is one, and to the executive board of the supervised body, in the

absence of a supervisory board.


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Subsection III

Operating Loss Database (OLDB)

Art. 79: The feeding of information into the OLDB should consider the guidelines in the most

recent version of the document, "Standards for Reporting Operating Losses in the OLDB",

available on the SUSEP website, as well as the provisions of Addendum VII, both in relation to

the information to be made available and to its format and possible values.

§ 1: The process of collecting and storing the operating loss data must be continuous and the

discarding of data from the OLDB is only permitted under the following circumstances:

I – in the case of a duly confirmed posting error; or

II – 10 (ten) years after the official closure of a loss, according to the information provided

under "Status of Loss" in the OLDB.

§ 2: The updating of information relating to losses that is already inserted in the OLDB must be

carried out by means of a Recovery or Update procedure in association with the original stored

loss.

Art. 80: The recording of an operating loss in the OLDB must be performed promptly, following

verification of which was the first of the following events:

I – accounting record of any amount in relation to the loss, as a provision or contingency; or

II – carrying out a financial outlay in relation to the loss.

Single paragraph: Recording of a Near Loss in the OLDB should be made at the time the

supervised body that has chosen to work with this type of operational risk event, as provided

for in Art. 85, has tangible evidence that the corresponding event will not result in any of the

effects listed in items I and II.

Art. 81: The supervised body must establish consistent criteria for recording in the OLDB losses

associated with more than one business function.

Art. 82: Operating losses related to the same operational risk event should preferably be

grouped.

§ 1: It is up to the supervised body to determine consistent and verifiable criteria for the

process of grouping mentioned in the above clause.

§ 2: The grouping may be limited to the losses incurred within a specific period of time,

determined by the supervised body.

Art. 83: For the purpose of feeding information into the OLDB, the supervised body may

choose to disregard losses the gross amount of which is less than R$ 5,000 (five thousand

reais).

§ 1: If adopted, the option referred to in the above clause must be documented by the

supervised body and apply to all losses that meet the specified condition.

§ 2: Analysis of the gross amount of the loss, for the purpose of exercising the option provided

for in the above clause, should, where applicable, be preceded by the grouping of the losses

mentioned in Art. 82.


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§ 3: Application of the provisions of the above clause should be confirmed by means of

documentation certifying that, based on the information available on the date the loss was

disregarded, the gross amount was less than R$ 5,000 (five thousand reais) and there were no

other losses deriving from the same origin whose combined gross amounts exceeded that

figure.

Art. 84: Should it be impossible to discern the date of the occurrence that led to the event

being recorded, the process of filling in the space, "Occurrence Date" should follow the

provisions of item V of Art. 91.

Art. 85: Recording Near Loss events in the OLDB and the corresponding use of codes 2 and 4

under "Event Type" is optional and it is up to the supervised body to determine consistent

criteria for their application.

Art. 86: Recording Associated Loss events in the OLDB and the corresponding use of codes 3

and 4 under "Event Type" is optional and it is up to the supervised body to determine

consistent criteria for their application.

Single paragraph: The supervised body that chooses not to consider the concept of Associated

Losses when recording operating losses must record these events as Root Events that are

independent or grouped with each other, according to consistent criteria that it has

determined and duly documented.

Art. 87: The supervised body must document the methodology used to classify the operating

losses in the categories listed under "Category" in the OLDB.

Single paragraph: The methodology cited in the above clause must be:

I – applicable to all operating losses identified in the Capture and Classification Controls stage

described in Art. 74;

II – sufficiently precise for there to be no possibility of the same loss being classified in more

than one category;

III – subject to the analysis provided for in item II of Art. 78.

Art. 88: The supervised body must document the criteria used for relating the existing business

functions in its organization chart with those defined in the space, "Business Function" in the

OLDB.

Single paragraph: The criteria mentioned in the above clause must be included in the analysis

provided for in item II of Art. 78.

Art. 89: The supervised body must document the criteria used for relating the operating losses

to the causes listed in the space, "Cause of Loss" in the OLDB.

Single paragraph: The criteria mentioned in the above clause must be:

I – applicable to all operating losses identified in the Capture and Classification Controls stage

described in Art. 74;

II – sufficiently precise for there to be no possibility of the same loss being associated with

more than one cause;

III – subject to the analysis provided for in item II of Art. 78.


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Subsection IV

Submitting the Information Contained in the OLDB

Art. 90: A supervised body that is required to set up an OLDB or has chosen to do so voluntarily

must send to SUSEP the record of its operational risk events, on the following dates:

I – within 10 business days from the date on which the supervised body completes 1 (one) year

of feeding information into the OLDB;

II – within 10 business days from the date on which the supervised body completes 3 (three)

years of feeding information into the OLDB;

III – within 10 business days from the date on which the supervised body completes 5 (five)

years of feeding information into the OLDB; and

IV – at any time, after the first year of feeding information into the OLDB, at the request of

SUSEP.

§ 1: In any of the cases provided for in items I to IV, the records of operational risk events that

are submitted must contain all the accumulated information since such information began to

be fed into the OLDB, except as provided for in paragraph 1 of Art. 79.

§ 2: The information on operational risk events in the OLDB, no matter whether it is a

confession or acknowledgment of unlawful conduct related to the recorded event.

Art. 91: The records of operational risk events must be submitted in an electronic file, the

means of despatch of which shall be determined by SUSEP, according to the following criteria:

I – delivered in a single digital file that is in text format (.txt);

II – the file must be named "yyyy-mm-ccccc-OLDB .txt", where:

a) yyyy-mm = the year, in the format "yyyy", and month, in the format "mm", corresponding to

the most recent date considered in the forwarded OLDB information to which the controls for

the identification, capture and classification of operating losses have been applied;

b) ccccc = a 5 digit numeric code that identifies the supervised body at the FIPSUSEP.

III – each line of the file must correspond to a single operational risk event and contain the

information described in Addendum VII, without separators and respecting the size, formatting

and possible values determined for each space in the OLDB;

IV – the numeric spaces in the OLDB should contain positive numbers and be filled only with

numbers, with no separators for thousands or decimals accepted; and

V – in the OLDB spaces that it is acceptable not to insert information, or where the information

inserted does not fully occupy the space, as determined in Addendum VII, the space must be

filled in up to its size limit:

a) with spaces on the right, in the case of a textual space; or

b) with zeros on the left, in the case of a numeric space; or

c) with the date "01011900", in the case of a space for a date and the date is unknown.


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CHAPTER V

Solvency Regularization Plan

Art. 92: For the purposes of this Chapter, consider the following definitions:

I – ANE: Adjusted Net Equity;

II – MCR: Minimum Capital Requirement;

III – liquid assets: all the assets accepted by the National Monetary Council (CMN) in 100%

(one hundred percent) coverage of the technical provisions;

IV - liquidity in relation to the RC: a situation where the supervised body holds an amount of

liquid assets that is in excess of the need to cover the technical provisions, equivalent to more

than 20% (twenty percent) of the risk capital (RC), which is the variable amount of capital that

the supervised body must maintain, at all times, to guarantee the risks inherent in its

operations;

V – Solvency Regularization Plan (SRP): a plan that must be sent by a supervised body to the

SUSEP, aimed at restoring a state of solvency when there is a shortfall in the ANE in relation to

the MCR of up to 50% (fifty percent) or when the supervised body has insufficient liquidity in

relation to the RC.

Art. 93: The SRP must be approved by the supervised body’s executive board and, if there is

one, supervisory board or steering committee, before being sent to the SUSEP.

§ 1: The SRP must contain an explicit statement that the plan was approved by the supervised

body’s responsible administrative authorities, in accordance with the terms of the above

clause.

§ 2: Together with the SRP, the supervised body must send to the SUSEP the minutes of the

meeting of the executive board and, if there is one, of the supervisory board or steering

committee wherein the plan was approved.

§ 3: The SRP must be signed by the supervised body’s highest executive authority.

§ 4: The responsible administrative bodies identified in the above clause must demonstrate, in

the SRP, that they have express understanding that, in the event of the SRP being rejected for

the second time or failure to comply with the plan, the supervised body shall be subject to the

special treatment of direct management supervision, even if their ANE shortfall in relation to

the MCR is less than 50% (fifty percent).

§ 5: The requirements of the main clause and its paragraphs shall equally apply to revisions of

the SRP.

Art. 94: It is mandatory that the SRP contains the period, in months, for the resolution of the

shortfall, as well as the quarterly targets for the reduction of the percentage of the ANE

shortfall in relation to the MCR and/or the bi-monthly targets for reducing the percentage of

the liquidity shortfall in relation the RC, observing the minimum details in Addendums VIII and

IX.

Art. 95: In the case of an ANE shortfall in relation to the MCR, the following situations are

considered to represent non-compliance with the SRP:


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I – An ANE that is less than the MCR at the end of the period determined in the plan for

resolution of shortfall;

II – failure to achieve the minimum shortfall reduction, of 30% or 60% respectively, at the end

of the 1st and 2nd six-monthly periods of the SRP;

III – failure to attain two consecutive quarterly targets for the reduction of the percentage of

the ANE shortfall in relation to the MCR, as determined in the plan; and

IV – An ANE less capital funding “awaiting approval” that is less than the MCR at the end of the

period determined in the SRP for resolution of the shortfall.

Art. 96. In the case of a liquidity shortfall in relation to the RC, the following situations are

considered to represent non-compliance with the SRP:

I – liquid assets in excess of the need to cover the technical provisions that are equivalent to

less than 20% (twenty percent) of the RC at the end of the period determined in the plan for

resolution of the shortfall;

II – failure to attain any of the goals set by the National Private Insurance Council (CNSP) for

the reduction of the percentage of the liquidity shortfall in relation to the RC;

III – failure to attain two consecutive bi-monthly targets for reducing the percentage of the

liquidity shortfall in relation to the RC, as determined in the plan.

Art. 97: In cases where a supervised body is in a situation of a simultaneous ANE shortfall in

relation to the MCR and liquidity shortfall in relation to the RC, a single SRP should be

submitted, setting out the deadlines and minimum details provided for in Addendums VIII and

IX.

§ 1: If, while carrying out an SRP in response to an ANE shortfall in relation to the MCR, the

supervised body finds itself with a liquidity shortage in relation to the RC that would require

the submitting of a new SRP, it should instead submit a revision of the original SRP.

§ 2: If, while carrying out an SRP in response to a liquidity shortfall in relation to the RC, the

supervised body finds itself with an ANE shortage in relation to the MCR that would require

the submitting of a new SRP, it should instead submit a revision of the original SRP.

TITLE II

QUALITATIVE ELEMENTS

CHAPTER I

Registration, Custody and Handling of Assets, Bonds and Securities held as Collateral against

the Technical Provisions

Art. 98: For the purposes of this Chapter, it shall be considered that:

I – FIE: specially constituted investment fund or investment fund investing in the shares of

special purpose investment funds whose only shareholders are supervised bodies;


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II - BM&FBOVESPA (Bolsa de Valores, Mercadorias e Futuros S.A.) - the São Paulo Stock

Exchange;

III - CETIP (Cetip S.A.) - Clearing House for the Custody and Financial Settlement of Securities;

IV - SELIC (Sistema Especial de Liquidação e Custódia) - Special System for Settlement &

Custody;

V – custodian: an institution authorized to perform, on behalf of asset-owning investors and

their representatives, the activities of custody and registration of assets with the

BM&FBOVESPA, CETIP and SELIC;

VI – registrar: an institution authorized to access the systems for the registration and financial

settlement of assets managed by institutions authorized by the Brazilian Central Bank (BCB) or

by Brazilian Securities Commission (CVM); and

VII – account linked to the SUSEP: an individual account for the registration or depositing of

collateral assets securing the technical provisions, in relation to which the SUSEP has the

option to grant or cancel the authorization for the free turnover of such assets registered or

deposited there.

Section I

Registration of the Assets Securing the Technical Provisions and Funds

Art. 99: the collateral assets securing the technical provisions and funds of the supervised

bodies are to be registered with the SUSEP.

§ 1: Assets dissociated from their rights and that are not - both the assets and the rights - free

and clear of judicial or extrajudicial liens or encumbrances of any kind may not be offered as

collateral assets to secure the technical provisions.

§ 2: An asset accepted in coverage of the technical provisions, purchased by means of

installment payments, may only be offered as a collateral asset if the provisions of § 1 are met

and for the amount corresponding to its value after deducting the respective outstanding

balance on the transaction at the base date to which the proof of deduction refers, under the

terms set out in this Section.

Art. 100: The collateral assets registered with the SUSEP may not be sold, pledged for sale or

otherwise encumbered in any way without explicit prior authorization from SUSEP, and any

disposals carried out or encumbrances taken on in violation of the terms of this Circular shall

be considered null and void.

Art. 101: Supervised bodies whose guarantees of technical provisions have any basis in real

estate must register the link with the SUSEP at the responsible Real Estate Registry Office.

§ 1: The application to the Real Estate Registry Office for registration of the property offered as

collateral for the technical provisions must be previously submitted to the SUSEP for review

and approval.

§ 2: For the purpose of securing the technical provisions, buildings shall be considered at their

book value, less depreciation.

§ 3: Only urban property owned exclusively by a single supervised body shall be accepted as

collateral assets for securing the technical provisions.


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§ 4: Land and buildings under construction, even if they are urban, shall not be accepted as

collateral assets for securing the technical provisions.

Art. 102: The supervised body must send to the SUSEP the 20-year clearance certificate, issued

by the Real Estate Registry Office, containing an explicit statement confirming the effective link

of the property with the SUSEP.

§ 1: An update of the 20-year clearance certificate or lien should be sent to the SUSEP every 2

(two) years from the date of the last issuance.

§ 2: Whenever there is a change in the contents of a 20-year clearance certificate or lien, the

supervised body must send a new updated certificate to the SUSEP within 90 (ninety) days

from the date of the inclusion in the new registration.

§ 3: Any real estate whose situation, in the opinion of the SUSEP, does not comply with the

conditions set out in this Article shall not be considered as coverage for the technical

provisions.

Art. 103: It is the responsibility of the supervised bodies to ensure that the collateral assets

securing the technical provisions are registered or deposited in accounts at the

BM&FBOVESPA, CETIP and SELIC that are linked to the SUSEP, as per the market for each item.

§ 1: The obligation established in the above clause is conditional upon the assets being

registered or deposited with those systems and offered in coverage of the technical provisions.

§ 2: For the purpose of covering the technical provisions, financial assets shall be considered at

their market value.

Art. 104: The supervised bodies that are in full compliance with the SUSEP requirements as to

economic and financial situation and adequate coverage of the technical provisions may

request authorization of the free turnover of its portfolio of marketable securities offered in

coverage of the technical provisions, provided that:

I – the marketable securities securing the technical provisions are registered or deposited in an

account at the BM&FBOVESPA, CETIP or SELIC that is linked to the SUSEP, as per the market for

each one; and

II – that each sale or redemption of marketable securities corresponds to an immediate

purchase or investment of equal or greater value, except in the event that there is excess

coverage.

§ 1: The authorization of the free turnover of the portfolio of marketable securities offered in

coverage of technical provisions shall be valid for a period of 12 (twelve) months,

automatically renewed, provided that the terms set out in the main clause continue to be met.

§ 2: The authorization of the free turnover of the portfolio of marketable securities offered in

coverage of technical provisions may be cancelled at any time by the SUSEP.

§ 3: Should the authorization of the free turnover of the portfolio of marketable securities

offered in coverage of the technical provisions be cancelled, the supervised bodies must

inform the administrators, custodians and registrars who are responsible for their investment

portfolios of the fact within 24 (twenty-four) hours.

§ 4: The SUSEP authorization provided for in the main clause does not apply to cases where

the portfolio turnover is determined by the National Private Insurance Council (CNSP).


34

Art. 105: Supervised bodies that do not have authorization for the free turnover of the

portfolio of marketable securities offered in coverage of the technical provisions must seek

release from the SUSEP link, by means of a formal request filed with the autonomous entity.

Single paragraph: Supervised bodies must conduct a new asset linkage process in the event of

the renewal or reinvestment of marketable securities, in accordance with the prevailing

legislation.

Section II

Authorization of Access to the Investment Portfolio

Art. 106: The supervised body must request and also authorize the administrators, custodians

and registrars, as well as the centralized deposit systems and asset registration and financial

settlement systems run by institutions authorized by the BCB or the CVM, to grant to the

SUSEP access to the data and information pertaining to the transactions and financial asset

positions that comprise its investment portfolio.

Art. 107: A supervised body that is an FIE shareholder must request and also authorize the

administrators, custodians and registrars, as well as the centralized deposit systems and asset

registration and financial settlement systems run by institutions authorized by the BCB or the

CVM, to grant to the SUSEP access to the data and information pertaining to the transactions

and financial asset positions that comprise the FIE portfolio.

Art. 108: The supervised bodies are obliged to make available for SUSEP inspection all the

documentation supporting their full compliance with the provisions of this Chapter.

TITLE III

RULES GOVERNING TRANSPARENCY AND DISCLOSURE

CHAPTER I

Periodic Information Form (FIP/SUSEP)

Art. 109: The Periodic Information Form (FIP/SUSEP), comprising the statements filled out by

the insurers, investment firms, OPPE, local and admitted reinsurers, reinsurance and self-

regulating brokers, must be in accordance with the provisions of this Chapter.

Art. 110: The FIP/SUSEP statements must be delivered in digital format, always using the most

recent version and its instruction manual, available on the SUSEP website, observing the

deadlines below, unless noted expressly to the contrary in the instruction manual.

§ 1: The statements relating to changes in shareholders’ equity and cash flows must be

submitted by the 20th (twentieth) day of the second month after the reference month.


35

§ 2: The statements relating to local and admitted reinsurers must be submitted by the 20th

(twentieth) day of the second month after the reference month.

§ 3: The other statements, not included in paragraphs 1 and 2, must be submitted by the 20th


Art. 111: The FIP/SUSEP instruction manual indicates the reference months of each table and

periodicity.

Single paragraph: In the event of an update of the version of the FIP/SUSEP, the instruction

manual will determine a deadline, counted as of the availability of the updated version, to

comply with the provisions in the preceding Article with relation to tables that have been

created or changed.

Art. 112: The statements that take June and December as their reference months can be

reloaded up to the final dates for the publication of the respective balance sheets.

Single paragraph: The loading of the tables that use January and July as reference months

should occur in conjunction with the reloading of the tables whose reference months are

December and June, respectively, provided that such reloads are subsequent to the dates laid

down in Article 110 for the loads of the months of January and July, respectively.

Art. 113: When the delivery deadline falls on a Saturday, Sunday or public holiday, the first

subsequent business day is to be considered.

Art. 114: The protocol issued by the system will be considered as proof of receipt from

FIP/SUSEP.

CHAPTER II

Accounting Standards

Art. 115: The supervised bodies must observe the Accounting Standards set out in this Chapter

and in Addendums X and XI.

Section I

Basic Standards

Subsection I

General Principles

Art.116: The guidelines and rules established in this Chapter and in Addendums X and XI do not

represent permission to the practice of operations or services prohibited by law, regulation or

administrative act, or that depend on prior authorization from SUSEP.


36

Art. 117: The SUSEP – CCS Commission is hereby established, with the aim of enhancing the

Accounting Standards of the supervised bodies, and proposing changes, interpretations and/or

related guidelines.

§ 1: The meetings will be preferably be held on a monthly basis and their resolutions will be

recorded in the minutes, which approved, will be made available on the SUSEP website.

§ 2: The Commission shall be composed of representatives of SUSEP and private initiative and

may include other states, temporarily or permanently, as established by SUSEP.

§ 3: SUSEP may invite experts in a specific field, for the purpose of specific discussions.

Art. 118: The standards and procedures, as well as the standardized financial statements, are

compulsory for:

I – insurers;

II – OPPE;

III – investment firms ; and

IV – local reinsurers.

Art. 119: The Basic Standards, the List of Accounts, Publication Model and Approved Standards

are ranked by order of presentation.

§ 1: In the event of doubts about interpretation between the Basic Standards and the List of

Accounts, Basic Standards shall prevail.

§ 2: In the event of doubts about interpretation between the List of Accounts and the

Publication Model, the List of Accounts prevails.

§ 3: In the event of doubts about interpretation between the Publication Model and the

Approved Standards, the Publication Model shall prevail.

§ 4: The questions of interpretation will be clarified by SUSEP through guidance to the market,

based on the minutes of SUSEP’s Accounting Commission.

Subsection II

Bookkeeping

Art. 120: The accounting operations must comply with the norms established by the

Committee of Accounting Pronouncements - CPC and Resolution No. 750/93, of the Federal

Accounting Council – CFC that are not contrary to the provisions of this Chapter and

Addendums X and XI.

Art. 121: Revenues and expenses are booked in the period in which they occur, on the accrual

basis.

§ 1: For risk products, the revenue generating fact is the issuance of the premium/contribution

or the term of validity of the risk, whichever occurs first.

§ 2: For financial accumulation products, the revenue generator fact is the receipt of the

contributions.

§ 3: The booking of revenues from capitalization operations, whose corresponding security is

contracted in a single payment, shall be effected in the form of item I or II, and the criterion

adopted must be justified in the explanatory notes to the financial statements:


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I - deferred in the period between the month of issue and the end of validity, or;

II - full in the month of issue, when the capitalization company submits the technical study

demonstrating the non-relevance of residual expenses related to the securities, and this study

must be:

a) made available to the independent auditor, when it comes to analyzing the financial

statements;

b) kept up-to-date and available to the SUSEP.

§ 4: The generating fact of the booking of the revenues relating to capitalization securities

contracted by means of monthly or periodic payments will be:

I - The issuance of the security, for the first installment

II - the information regarding the payment by the subscriber, for the remaining installments

§ 5: When contractual coverage risk is defined in the certificate or the insured item, booking by

the duration of the coverage must obey the period defined in the certificate or the insured

item.

§ 6: For the cases described in the previous paragraph, the mandatory issuances records must

register each certificate or item, individually.

Art. 122: The registration must be complete, maintaining permanent records of all

administrative acts and facts that change or will change, immediately or not, its equity

composition.

Art. 123: The simple accounting record is not a sufficient element of proof, and the registration

must be substantiated on acceptable documents for the faultless validity of administrative acts

and facts.

Art. 124: The accounting books will be centralized at the headquarters of the supervised body,

using auxiliary accounting records, with observance of the provisions foreseen under Laws,

Regulations, CNSP Resolutions and SUSEP Circular Notices.

Art. 125: Inadequate bookkeeping or respective auxiliary records, the submitting of inaccurate

information, failure or delay of the bookkeeping and accounting reconciliations maintained in

arrears for a period exceeding 20 (twenty) days following the closing of each month, shall

subject the supervised body, its administrators, managers, members of the board of directors

and related bodies to the penalties stipulated in specific regulations.

§ 1: For local reinsurers, the deadline referred to in the above clause shall be the 20th


§ 2: For the supervised bodies that operate in categories in which the risk is assumed through

the figure of the representative of insurance companies, the issue of the premium will be

considered to have occurred as of the moment the record of the premium is completed by the

supervised body.

§ 3: The time gap between the date of assuming the risk through the insurance company

representative and the date of registration of the premium by the supervised body must not

exceed 30 (thirty) days.

§ 4: In the cases when co-insurance is accepted, the term contained in § 3(1) also applies

between the date of issue of the premium to the assignee and the date of registration of the

assignee’s premium.


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Art. 126: The reconciliations of accounting headings with the respective analytical controls

must be performed monthly and kept updated, as determined in this Chapter’s own sections.

Single paragraph: The documentation corroborating the accounting records posted must be

kept on file for at least 5 (five) years.

Subsection III

Financial Year

Art. 127: The financial year coincides with the calendar year and the date of its closure,

December 31, shall be established in the bylaws of the supervised body.

Subsection IV

Codification of the Accounting Standards

Art. 128: general encoding standard foresees the use of two separate codes:

I - the first code, comprising a 10 (ten) digit number, indicates, from left to right:

a) the first digit, the category;

b) the second digit, the group;

c) the third digit, the sub-group;

d) the fourth digit, the account;

e) the fifth digit, the sub-account;

f) the sixth digit, the breakdown of the sub-account, when necessary;

g) the seventh digit, the second breakdown of the sub-account, when necessary;

h) the eighth digit, the third breakdown of the sub-account, when necessary;

i) the ninth digit, the fourth breakdown of the sub-account, when necessary; and

j) the tenth digit, the fifth breakdown of the sub-account, when necessary.

II - The second code, for optional use by the supervised bodies, can be used for the

information deemed necessary for operations and accounting, statistical or other types of

reports.

§ 1: Only SUSEP may create accounting codification up to the tenth digit of the first code.

Art. 129: Accounting Rules classify accounting statements into Assets accounts, initiated by the

number 1 (one), Liabilities accounts, initiated by the number 2 (two), and Income Statement

Accounts, initiated by the number 3 (three).


39

§ 1: As a way of segregating the operations, the Assets accounts are subdivided in Current (11),

Non-Current (12) and Compensation (19).

§ 2: The Liabilities accounts are subdivided in Current (21), Non-Current (22), Net Assets (24)

and Compensation (29).

§ 3: The Income Statement Accounts are subdivided in Insurance Transactions (31),

Reinsurance Operations (32), Open Supplemental Pension Operations (33), Capitalization

Operations (34), Administrative Expenses (35), Financial Result (36), Equity Equivalence Result

(37), Gains and Losses With Non-Current Assets (38) and Taxes and Profit Sharing (39).

§ 4: The categories comprise several groups, which are divided into sub-groups, some in

accounts and others in sub-accounts

I - category 1 - Assets - Balance Sheet Accounts:

a) group 11 – CURRENT ASSETS:

1 - sub-group 111 – Cash and Banks;

2 - sub-group 112 – Short-term investments;

3 - sub-group 113 – Credits from Operations;

4 - sub-group 114 – Securities and Credits to Receive;

5 - sub-group 115 – Other Assets;

6 - sub-group 116 – Compulsory Loans and Deposits;

7 - sub-group 117 – Pre-Paid Expenses;

8 - sub-group 118 – Deferred Acquisition Costs;

9 - sub-group 119 – Reinsurance and Retrocession Assets;

b) group 12 – NON-CURRENT ASSETS:

1 - sub-group 121 – Long-Term Receivables;

2 - sub-group 122 – Investments;

3 - sub-group 123 – Fixed Assets;

4 - sub-group 124 – Intangible Assets;

5 - sub-group 125 – Deferred Assets;

c) group 19 – COMPENSATION:

1 - sub-group 191 – Compensation;

II - category 2 – Liabilities - Balance Sheet Accounts:

a) group 21 – CURRENT LIABILITIES:

1 - sub-group 211 – Accounts Payable;

2 - sub-group 212 – Debits through Operations with Insurance and Reinsurance;

3 - sub-group 213 – Debits through Operations Pensions;

4 - sub-group 214 – Debits through Operations Capitalization;


40

5 - sub-group 215 – Third-Party Deposits;

6 - sub-group 216 – Technical Provisions – Insurance and Reinsurance;

7 - sub-group 217 – Technical Provisions – Supplementary Pensions;

8 - sub-group 218 – Technical Provisions – Capitalization;

9 - sub-group 219 – Other Debits;

b) group 22 – NON-CURRENT LIABILITIES:

1 - sub-group 221 – Accounts Payable;

2 - sub-group 222 – Debits of the Operations;

3 - sub-group 223 – Technical Provisions – Insurance and Reinsurance;

4 - sub-group 224 – Technical Provisions – Supplementary Pensions;

5 - sub-group 225 – Technical Provisions - Capitalization;

6 - sub-group 228 – Other Debits;

c) group 24 – NET EQUITY or SHAREHOLDERS’ EQUITY:

1 - sub-group 241 – Net Equity;

2 - sub-group 242 – Shareholders’ Equity of Not-For-Profit Entities;

d) group 29 – COMPENSATION:

1 - sub-group 291 – Compensation;

III - category 3 – Income Statement Accounts:

a) group 31 – INSURANCE TRANSACTIONS:

1 - sub-group 311 – Premiums Earned;

2 - sub-group 312 –Policy Fees and Issuances Income;

3 - sub-group 313 – Claims Incurred;

4 - sub-group 314 – Acquisition Costs;

5 - sub-group 315 – Other Operating Income and Expenses;

6 - sub-group 319 –Reinsurance Operation Income;

b) group 32 – REINSURANCE TRANSACTIONS:

1 - sub-group 321 – Premiums Earned;

2 - sub-group 322 – Claims Incurred;



5 - sub-group 325 – Retrocession Operation Income;

c) group 33 – OPEN PRIVATE SUPPLEMENTARY PENSION TRANSACTIONS:

1 - sub-group 331 – Income from Retained Contributions;

2 - sub-group 332 – Changes in Technical Provisions;


41

3 - sub-group 333 – Income from Management Fee and Others;

4 - sub-group 334 – Benefit and Redemption Expenses;



7 - sub-group 339 –Reinsurance Operation Income;

d) group 34 – CAPITALIZATION TRANSACTIONS:

1 - sub-group 341 – Net Revenue from Capitalization Securities;

2 - sub-group 342 – Changes in Technical Provisions;

3 - sub-group 343 – Prize Draws Income;


5 - sub-group 345 – Other Operating Income and Expenses.

e) group 35 – ADMINISTRATIVE EXPENSES:

1 - sub-group 351 – Personnel Expenses;

2 - sub-group 352 – Expenses on Third-Party Services;

3 - sub-group 353 – Localization and Functioning Expenses;

4 - sub-group 354 – Advertising and Publicity Expenses;

5 - sub-group 355 – Tax Expenses;

6 - sub-group 356 – Expenses on Publications;

7 - sub-group 357 – Donations and Contributions;

8 - sub-group 358 – Other Administrative Expenses;

9 - sub-group 359 – Administrative Expenses on formal DPVAT arrangements;

f) group 36 – NET FINANCIAL INCOME (EXPENSES):

1 - sub-group 361 – Financial Income;

2 - sub-group 362 – Financial Expenses;

g) Group 37 – EQUITY ACCOUNTING INCOME:

1- sub-group 371 – Equity Accounting Revenues;

2 - sub-group 372 – Equity Accounting Expenses;

h) group 38 – NON-CURRENT ASSET GAINS OR LOSSES:

1 - sub-group 381 – Net Income (Expenses) from the Disposal of Fixed Assets;

2 - sub-group 382 – Income from Other Operations;

3 - sub-group 383 – Reduction to Recovery Value;

i) group 39 –TAXES AND PARTICIPATIONS ON INCOME :

1 - sub-group 391 – Taxes and Contributions;

2 - sub-group 392 – Profit Sharing.


42

Subsection V

Financial Statements

Art. 130: The financial statements, for the base date of December 31st, including the

Management Report, Balance Sheet, Income Statement, Statement of Comprehensive Income,

Statement of Changes in Shareholders' Equity, Cash Flow Statement, Notes to the financial

statements and the corresponding report of the independent auditor on the financial

statements must be published by February 28th of each year, in accordance with the provisions

of Brazilian Corporate Law.

§ 1: The financial statements must record the allocation of profits according to the proposal of

the management bodies, under the assumption of its approval by the general meeting of

shareholders.

§ 2: The minimum mandatory dividend, which is effectively characterized by a legal or

statutory obligation, must appear in the liabilities of the supervised body.

§ 3: The dividends proposed by the management bodies to the partners’ meeting that exceeds

the minimum mandatory dividend must be maintained in net equity, until the final resolution

taken by the members.

§ 4: Pursuant to in § 6 of Article 202 of Law nº 6,404/76, as appearing in Law nº 10,303/2001,

the profits of the fiscal period not allocated under the conditions of Articles 193 to 197 of that

legal instrument must be distributed as dividends.

§ 5: The comparability criteria with the amounts relative to end of the preceding fiscal year

shall apply to the financial statements of December 31st.

§ 6: The supervised bodies Must submit copies of publication of the financial statements in the

press to SUSEP, as well as copies of publications in digital media for dissemination on its

electronic site, by March 15, referring to the period from January 1 to December 31.

§ 7: The supervised bodies that do not present a comprehensive financial income statement,

because they do not have other comprehensive financial income for the period, must highlight

this fact in its financial statements.

Art. 131: The supervised bodies must submit their interim financial statements to the SUSEP,

by August 31st, which are to include the Management Report, Balance Sheet, Statement of

Income for the period, Statement of Comprehensive Income, Statement of Changes in

Shareholders' Equity, Cash Flow Statement, Notes to the financial statements and the

corresponding report of the independent auditor on the financial statements

Single paragraph: The SUSEP shall make the interim financial statements it has received

available on its website, and the supervised bodies may also have them published in a widely

circulated newspaper.

Art. 132: The supervised bodies must submit to the SUSEP by March 15th, for disclosure on its

website, their consolidated financial statements, prepared in accordance with the

pronouncements of the International Accounting Standards Board (IASB).


43

§ 1: For the purposes of satisfying the conditions in the caput, the consolidated financial

statements must be drawn up on the basis of pronouncements that are fully convergent with

the international standards, issued by the Accounting Pronouncements Committee - CPC, and

ratified by SUSEP.

§ 2: The early adoption of the international pronouncements or the adoption of alternatives

foreseen therein is conditioned to the prior approval of SUSEP, through a regulatory act.

§ 3: Comparability criteria are to be applied to the consolidated financial statements of

December 31st using amounts relative to the end of the preceding fiscal year.

§ 4: The effects of events that resulted in the difference between the net equity amounts and

the parent company’s results must be disclosed by means of an explanatory note, in the form

of reconciliation, in comparison with the same consolidated amounts.

§ 5: The supervised bodies are exempt from having to prepare consolidated interim financial

statements.

§ 6: The supervised bodies are exempt from having to publish their consolidated financial

statements together with the individual financial statements.

Art. 133: The financial statements of the bodies supervised by the SUSEP must be

accompanied by the opinion of the independent auditor addressing, among other things:

I – adequacy of the individual financial statements in relation to the accounting practices

adopted in Brazil and applicable to the institutions authorized to operate by the SUSEP;

II - adequacy of the consolidated financial statements in relation to pronouncements that are

fully convergent with the international standards, issued by the Accounting Pronouncements

Committee - CPC, ratified by SUSEP.

Subsection VI

Classification as Current or Non-Current

Art. 134: The supervised bodies must, at a minimum for each date of the preparation of the

financial statements for the months of June and December, revise the amounts registered in

Current Assets and Liabilities, for the purpose of transferring to non-current those whose

expirations exceed the period of 12 (twelve) months subsequent to their respective base date.

§ 1: Amounts entered as non-current whose expirations do not exceed the limit of 12 (twelve)

months subsequent to their base date, must be transferred to Current.

§ 2: Management will disclose the criteria and assumptions used for the classification of the

Assets and Liabilities without expiration dates in an explanatory note.

§ 3: Assets essentially maintained for sale must be considered to be Current Assets.


44

Subsection VII

Public Digital Bookkeeping System

Art. 135: The supervised bodies constituted in the form of joint stock companies, regarding

accounting facts occurred as of January 1, 2009, must send their bookkeeping registers in

digital version to the Public Digital Registration System (SPED) under the conditions established

by the administrator of the SPED, without prejudice to other information they are required to

provide, pursuant to the applicable corporate legislation and regulations.

Art. 136: The use of the information must obey the security and access policies that are

established by the administrator of the SPED, dispensing the opening of a tax or equivalent

procedure for full access to the registered books.

Subsection VIII

Subsidiary Accounting Records

Art. 137: The supervised bodies must maintain records of the auxiliary accounting generated,

totaled and reconciled on a monthly basis, in the form established by SUSEP.

Art. 138: The supervised bodies must maintain available to SUSEP, in magnetic media for the

purposes of analysis and supervision, the structure of data concerning the mandatory auxiliary

accounting records of its operations, in accordance with current rules.

Art. 139: The data to be made available to SUSEP must be generated in the format established

by a specific rule and forwarded in CD or DVD, when requested.

Art. 140: The supervised bodies must send the requested data to SUSEP and to provide any

information within 5 (five) business days from receipt of the request.

Art. 141: The supervised bodies may maintain the file of auxiliary accounting records on paper,

microfiche or other electronic or magnetic media, which should be available at the head

offices.

§ 1: In the case of the adoption of microfiche or other electronic or magnetic media:

a) the signature of the director responsible can be replaced by the transcription of his name;

b) the rapid recovery and display of information, on paper or another means that may be

requested for the purpose of analysis, by SUSEP, must be guaranteed.

c) the information requested by SUSEP must always be accompanied by a document that has

been dated and signed by the responsible director.

§ 2: The subsidiary accounting records are to be consolidated on a monthly basis.

§ 3: unified accounting of the movements of the head office and other issuing offices regarding

the formatting of auxiliary records is permitted, obeying the following:

a) perfect identification of the origin of each auxiliary record in the header;

b) the indication of each branch of insurance or benefit plan modality of each office, followed

by highlighted and consolidated postings in the auxiliary record text.

§ 4: In the case of a supervised body adopting electronic or magnetic media, the database used

as the source of the information contained in the auxiliary accounting records must be copied,

upon the closure of each month, in non-rewritable CDs or DVDs so they may only be used for

reading and reproduction, and the respective media must be maintained in the supervised

body.


45

Subsection IX

Accounting for the Insurance Plans

Art. 142: The accounting of the coverage sold under the insurance plans must be recorded in

the respective categories, according to the codification shown in the specific standard.

Subsection X

Issuances Outside Of Period

Art.143: The supervised bodies which, for operational reasons, only are cognizant of a covered

risk after the coverage period has expired, must register the revenues from premiums and

other records arising, even if only an estimate, in the same month they apply,

Single paragraph: Specific sub-accounts existing in the Accounting Rule must be used for the

purpose of compliance with the provisions set forth in the caput, so the accounting values

posted can be reversed when they are from an accounting record of amounts effectively due.

Subsection XI

Benefit Contingency Reserve

Art. 144: The Benefits Contingency Reserve may be constituted only by non-profit entities, at a

minimum base of 50% (fifty percent) of the result of each fiscal period, accrued, up to the

maximum limit of 25% (twenty-five percent) of the sum of the amounts of the following

technical provisions, corresponding to the respective periods:

I - Provision for Claims incurred but not yet reported (IBNR);

II - Mathematical Provision for Future Benefit Payments (PFBP);

III - Mathematical Provision for Benefits Granted (PBG);

IV - Provision for Supplementary Coverage (PSC)

Single paragraph: The reversal of the benefits contingency reserve will occur as the

counterpart of surpluses or deficits accrued upon the occurrence of the taxable event that

triggered its constitution or when the constitution of such reserve is no longer justified.


46

Subsection XII

Management Report

Art. 145: The supervised bodies must disclose in their management report, at the very least,

the following information:

I - policy for reinvesting profit and policy for the distribution of dividends in relation to the

December 31st financial statements;

II - corporate business and major internal and/or external events that influenced the

performance supervised body and/or income during the year;

III - corporate reform, corporate restructuring and/or changes in direct or indirect control;

IV - statement regarding financial capacity and intent to hold until maturity the securities

classified in the held to maturity category.

Single paragraph: Disclosure of the information contained in items of this Article shall not

exempt the supervised bodies of disclosure of other information they deem relevant.

Subsection XIII

Tax Credits, Tax Loss and Negative Social Contribution Base in relation to Net Income

Art. 146: Tax credits arising from income tax losses and/or negative tax bases of social

contribution on net income, and those arising from temporary differences between the

accounting criteria and results of tax calculations should be recorded only when they

cumulatively meet the following conditions:

I - present a history of taxable profits or revenues for income tax and social contribution on

profit purposes, as is the case, evidenced by the occurrence of these situations in least three

(3) of the last five (5) fiscal years, including the year in reference;

II - expectation of generating profits or taxable revenues in the future for income tax and social

contribution purposes, as is the case, in subsequent periods, based on a technical study

showing the probability of future tax and contributions obligations permitting the realization

of a tax credit, within a maximum period of ten (10) years;

Single paragraph: The record of tax credits of a recently constituted supervised body lacking

the history of profits mentioned in paragraph I may be made only when it has expectations for

the generation of taxable profits or revenues based on a technical study and/or business plan

that has been forwarded to SUSEP, which permits obtaining authorization for the startup of its

operations.

Art. 147: The criteria described below must be obeyed for the constitution of tax credits

referred to in the the above Article:

I - the value of the credits must be calculated based on rates in effect at the time of the

preparation of the financial statements and adjusted whenever the rates are changed, and the

record of this adjustment must be posted in the same year in which the tax law that changed

was passed;

Continuation of SUSEP Circular nº 517 of 2015. Logo

47

II - the value of the credits shall be calculated using the basic rate, unless the possibility is high

of recovering the credits at a tax rate that includes the additional percentage to the basic rate.

Art. 148: The management of the supervised body is responsible for the assessment on, at very

minimum, the occasion of the preparation of the financial statements, of the possibilities of

realizing the credits referred to in the main clause of Article 146.

§ 1: The evaluation referred to in the caput, when arising from tax losses and/or negative

social contribution on net income base, must be formalized through the preparation of

projections of taxable income that allow the realization of the tax credits within a maximum of

10 (ten) years, and must be kept at the disposal of the independent auditors and the

shareholders and, whenever requested, sent to the SUSEP, within 5 (five) business days from

the date the request was received.

§ 2: In the event that a reasonable doubt arises regarding the possibility of recovering the

credits, a provision must be made for adjustment to their likely realizable values.

§ 3: The provision referred to in the previous paragraph must be set up on the assumption that

the amounts realized in two consecutive periods shall be less than 50% (fifty percent) of the

amounts anticipated for those periods in the taxable income forecasts mentioned in Article

147, except in the extraordinary event that the supervised body has not been able to make

such estimates in its forecasts.

§ 4: The constitution of the provision referred to in § 2 shall be mandatory in the hypothesis of

determining a tax loss or negative base of social contribution on profits for three consecutive

years, including the year in question, except in relation to newly established supervised bodies

or those undergoing a process of operational restructuring or reorganization, whose history of

losses derived from its previous phase.

§ 5: The credits referred to in the main clause of Article 146 and the respective provisions must

be written off in the period during which it is shown that their recovery will be impossible.

Subsection XIV

Interest on Shareholders’ Equity

Art. 149: The interest referring to the remuneration of own equity capital, paid or credited,

must be posted in the groups of Other Expenses or Financial Revenues.

Art. 150: For the purpose of preparation of the monthly income statements, the amount of

incurred expenditures or revenues earned related to the payment or receipt of interest on

own capital must be adjusted, through reclassification to the Accrued Profit or Loss Account,

so that its effects are eliminated from the monthly results.

Single paragraph: The amount of the adjustment must be shown in the Statement of Changes

in Shareholders’ Equity for the financial year, as allocation of net income.


48

Art. 151: In the event of investment evaluation conducted by the equity method, the interest

referred to in Article 149 should be adjusted for the preparation and publication of the

financial statements for the financial year by the supervised body investors.

Single paragraph: The adjustment referred to in the heading should be achieved by

reclassification of amounts recorded under Other Financial Revenues for the necessary

investment accounts, so that its effects are eliminated from the period’s income statement.

Subsection XV

Portfolio Transfers

Art. 152: Transactions for the transfer of a capitalization, open supplementary pension,

reinsurance or insurance portfolio must be recorded in accordance with the following criteria:

I – for the assignor:

a) the balances of assets and liabilities relating to the contracts or policies transferred must be

written off;

b) in the event of a contractual obligation to proceed with the collection of outstanding

portions of payments or premiums, the corresponding amounts receivable and amounts to

pass on to the assignee are to be recorded in their own accounts, under Non-Current Assets

and Liabilities;

c) the positive or negative income, calculated in the assignment, must be fully recognized in

Income in a specific account on the date of the transaction.

II – for the assignee:

a) all rights and obligations received deriving from the acquisition of the portfolio must be

registered in specific accounts;

b) the amount received in excess of the PUEP balance must be considered to be an insurance

premium, recorded in a specific sub-account as provision complement, and allocated to

income during the remaining period the policies are in effect;

c) if the amount received from the assignor is less than the balance of the PUEP, the

corresponding difference must be posted to Assets Current, in a distinct sub-account, in the

Deferred Acquisition Costs group, and allocated to income during the remaining period the

policies are in effect;

d) the assignee must obtain from the assignor all historical data related to transactions

received in transfer, necessary for any calculation of the technical provisions.

Subsection XVI

Recording the DPVAT in the Accounts

Art. 153: For accounting purposes, the operations arising from DPVAT Consortia should be

treated as co-insurance.

Art. 154: The posting of revenue transfers and Expenses by the Seguradora Líder (DPVAT

Consortia Lead Insurance Company) must always be for their gross amount.


49

Single paragraph: The revenue transfers and recoveries of Expenses transferred to consortium

must be posted in the corresponding adjustment accounts.

Art. 155: All financial transactions relating to the operation of DPVAT insurance must be made

within the Seguradora Líder, according to the following sequence:

I - the policyholder pays the premium at the bank, which credits the exclusiva current account

for DPVAT insurance transactions, under the name of Seguradora Líder;

II - Seguradora Líder registers the transaction and issues a slip, passing the information on to

the respective consortium, without moving any funds, but establishing through this action a

credit in favour of the consortium, corresponding to premiums received;

III - the consortium registers the transaction and passes the information on to its members,

again without moving any funds, authorizing settlement of the transaction by Seguradora Líder

with the funds received, as per item I.

Subsection XVII

Notes to the Financial Statements

Art. 156. The notes to the financial statements must disclose all the information required

under each accounting pronouncement approved by the CPC and endorsed by the SUSEP, and

in particular the following information, relating to the individual financial statements:

I – disclosure of the ownership structure, to the last level of control;

II - accounting policy:

a) criteria for the recognition of the principal income and expenses;

b) asset reduction to recovery value;

c) depreciation;

d) provisions;

e) appraisal of assets and liabilities;

III - operational context:

a) categories of activities;

b) Brazilian region of operation;

IV - marketable securities:

a) percentage classified in each category;

b) contractual interest rates;

c) market value of securities;

d) security appraisal curve;

V - premiums receivable:

a) average installment period;

b) details of balances, considering the ageing;


50

c) reduction to recovery value;

VI - deferred acquisition costs (DAC):

a) deferment period;

b) assumptions;

c) breakdown of acquisition costs;

VII - salvage and recovery:

a) details of salvage and recovery balances, considering the ageing and the main categories;

VIII - disclosure of the tables, loading fees and interest rates of the main products sold;

IX – percentages of acquisition costs and accidents in the main categories;

X - liability adequacy test (LAT):

a) contractual interest rates for assets and liabilities;

b) expected interest rates for assets;

c) table;

d) accidents;

e) reinsurance;

XI - risk management:

a) information about the insurance risk management (before and after reinsurance);

b) concentration of insurance risks (portfolio, geographical area, currency);

c) breakdown of the reinsurers, at least by category (local, admitted or eventual) and by risk

category, considering exclusively, in the case of local reinsurers, the risk category of the

transaction in Brazil;

d) information on liquidity risk, market risk and credit risk;

e) sensitivity analysis, mainly considering the following variables:

1) accidents;

2) interest rates;

3) convertibility index;

4) mortality (frequency and severity);

5) survival;

6) inflation.

XII - turnover in premiums receivable, technical provisions, financial investments and deferred

acquisition cost (DAC);

XIII - claims development table;

XIV – breakdown of the provisions for judicial claims, similar to that in the FIP/SUSEP quarterly

questionnaire;


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XV - portfolio transfers:

a) assignor;

b) result;

c) class;

d) average duration.

XVI – information on capital adequacy on the date to which the financial statements refer, for

at least the following items:

a) statement of the Adjusted Net Equity calculation;

b) capital base and risk capital, detailing the installments;

c) minimum capital requirement (calculated according to the provisions of the specific ruling);

d) capital sufficiency/shortfall.

Art. 157. The acquisition of shares issued by the supervised body itself must be recorded in the

treasury stock account.

§ 1: In the financial statements, the acquisition of shares must be presented as a deduction

from the Shareholders' Equity account which originated the funds used for the acquisition of

these shares.

§ 2: The notes to the financial statements must show:

a) the purpose of the supervised body in acquiring its own shares;

b) the number of shares acquired and/or sold during the financial year, emphasizing the class

and category;

c) the average weighted cost of the acquisitions, as well as the minimum and maximum costs;

d) the net income from the sales during the financial year;

e) the market value of the classes and categories of the treasury stock, calculated using the

latest market quotation prior to the closing date of the financial year.

Art. 158: The supervised bodies must disclose:

I - the composition and amortization period of the deferred assets;

II - the classes and categories of shares that comprise the share capital, their respective

quantities and nominal values, as well as any privileges and preferences granted to the various

share categories;

III - the composition of the third party deposits and the time they have been in this account

without identification;

IV - the statement of the calculation of proposed dividends and interest on equity, as well as

the policy for payouts for both, the compensations of early dividends in the form of dividends

or interest on equity, as well as the effects on Income and Shareholders' Equity;

V - the assets and technical provisions of the ironclad funds;


52

VI - the real onus on elements of Assets and the guarantees provided to third parties, where

relevant;

VII - all relevant data related to the portfolio transfer operations in the period, containing at

least:

a) - the transaction reasons or objectives and any impact on the businesses of the supervised

body;

b) transaction value, by class;

c) net income from the transaction;

d) the difference between the financial value of the transaction and the balance of the PUEP of

the policies received and their accounting treatment;

e) any liabilities and obligations assumed or guarantees received due to the transfer.

Art. 159: A supervised body whose authorized capital is higher than its subscribed capital must

disclose this fact, with specific details of:

I - increase the authorized limit, in value of capital and number of shares, as well as the types

and categories that may be issued;

II - the appropriate body to decide about issuance (General Meeting or Board of Directors);

III - the conditions to which issuances are subject;

IV - the cases or the conditions under which shareholders will have preemptive rights for

underwriting or the non-existence of this right;

V - the option, if any, of management, employees or individuals who provide services to a

supervised body or company under its control to purchase shares;

Art. 160: In the case of tax credits and tax losses, the explanatory notes must present the

following information, where relevant:

I - the amount of current and deferred taxes recorded under Net Income, Net Equity, Assets

and Liabilities;

II - the nature, grounds and expected timeframe for the realization of each Asset and deferred

tax liabilities, broken down year-by-year, for the first five (5) years and, as of then, grouped in

periods of up to three (3) years, including for the portion of unrecorded deferred tax Assets

that exceed the deadline for payment of ten (10) years;

III - the impact on the Assets, Liabilities, Net Income and Net Equity of adjustments due to

changes in tax rates or changes in the expected realization or settlement of the deferred assets

or liabilities;

IV - the amount of time and tax loss differences that have not been used and for which

accounting recognition of the corresponding deferred tax Assets has not occurred, indicating

the amount of taxes that did not qualify for such recognition;

V - the reconciliation between the amount charged or credited to income as income tax result

and the result of social contributions on net profits and the accounting income before income

taxes, multiplied by the applicable rates, also publishing the rates and their calculation bases;


53

VI - the type and amount of assets whose tax base was lower than their book value;

VII - the effects of any change in the expected realization of deferred tax Assets and the

respective reasons;

VIII - the description of administrative actions that will contribute to the future realization of

deferred tax Assets when they are recently established supervised bodies or undergoing

operational restructuring or corporate reorganization.

Art. 161: Provide details of the composition of the following Income Statement accounts, if

significant:

I - claims incurred;

II - acquisition cost;

III - administrative expenses;

IV - financial income and expenses;

V - property income and expenses;

VI - other operating income and expenses.

Art. 162: In the case of balances of loans or similar transactions, it is necessary to disclose:

I - the date the loan was taken out;

II - the amount of the loan;

III - the name of the creditor;

IV - the agreed financial terms;

V - the period and form of amortization;

VI - the current outstanding balance;

VII - if the debtor is a related party.

Art. 163: The supervised bodies must provide the details of any shortfalls in the assets

provided as collateral for the technical provisions.

Subsection XVIII

Information for Reinsurers

Art. 164: For the purpose of reinsurance contract accountability, the assignors or their

reinsurance brokerages must submit to the local assignees, both admitted and possible, at

least the information listed below, according to the following criteria:

I - For the Proportional Contracts:

a) name of the reinsurer - name and code of the reinsurer in SUSEP;

b) participation of the reinsurer – percentage of participation of the reinsurer in the contract;


54

c) contract description - description containing the contract type and identification code;

d) year of the underwriting - start year of the contract, except for contracts commencing on

December 31, when the underwriting year will be the subsequent one;

e) period of accountability - number of accountability statement;

f) assigned premium - reinsurance premium to be assigned to the contract, net of refunds and

cancellations that occurred in the period;

g) charged assigned premium - premium received by the assignor to be passed on to the

reinsurer, net of refunds and cancellations occurred, as established in the contract;

h) premium to be assigned - premium to be assigned in the coming periods by the assignor;

i) additional fraction at or installment interest - additional fraction or installment interest of

the assigned premium, agreed in the reinsurance contract;

j) reinsurance brokerage commission - reinsurance brokerage commission to be paid to the

reinsurance broker;

k) claims paid to be recovered - claims effectively paid by the assignor to be recovered in the

period, including Expenses with regulatory claims, and net of salvage and recovery;

l) payment of claims – early payment of claims already made by the insurer in the period;

m) Provision for Claims Pending Settlement - claims advised/restated and pending payment, to

be recovered from the reinsurer;

II –For Non-Proportional and Optional Contracts:

a) name of the reinsurer - name and code of the reinsurer in SUSEP;

b) participation of the reinsurer – percentage of participation of the reinsurer in the contract;

c) contract description - description containing the contract type and identification code;

d) year of the underwriting - start year of the contract, except for contracts commencing on

December 31, when the underwriting year will be the subsequent one

e) reinsurance premium – in cases of non-proportional contracts, the minimum premium

amount;

f) reinsurance brokerage commission - commission on reinsurance brokerage to be paid to the

reinsurance broker;

g) claims reported/updated and awaiting payment, to be recovered from the reinsurer;

h) claims paid and to be recovered - claims paid by the assignor that are to be recovered,

including the claims adjustment expenses;

i) salvage and recovery.

§ 1: The information required in item I must be sent to the reinsurer within 60 (sixty) days from

the closing of each reporting period covered by the reinsurance contract.


55

§ 2: The information required in sub-items “a” to “f” of item II must be sent within 60 (sixty)

days from the acceptance of the contract by the reinsurer or from the date the contract comes

into effect, whichever is later.

§ 3: The information required in sub-items “g”, “h” and “i’ of item I shall not be necessary in

the event that the assignor pays to the assignee all the premiums issued during the period and

there is no Issued Premium Pending Assignment.

§ 4: The information required in sub-item “j” of item I and sub-item “f” of item II shall be

obligatory only in the event of participation by a reinsurance broker who is to receive

remuneration under the terms of the contract.

§ 5: The update information required in sub-item “g” of item II must at the very least be sent if

there is any material change in the estimate.

§ 6: The information required in sub-items “g” and “h” of item II must be sent/updated as soon

as the entity knows the current value of the claim covered by the contract, within the

maximum period of 90 (ninety) days from the notification/update.

§ 7: The supervised bodies must keep the information required under this Article updated and

SUSEP may request the same at any time.

Art. 165: When the information is provided through a reinsurance broker, the broker shall

have an additional period of 10 (ten) business days to make the information available to the

reinsurer.

Section II

Rulings of the Accounting Rules Committee (CPC)

Subsection I

The Conceptual Framework for the Preparation and Disclosure of the Accounting-FINANCIAL

Report

Art. 166: In matters not contrary to this Circular Notice, the provisions and criteria set out in

the Basic Conceptual Statement (R1) issued by the Accounting Rules Committee, shall be fully

applicable.

Subsection II

Asset Impairment

Art. 167: The reduction in the recoverable amount must be recognized based on a technical

study that takes into account the history of losses and default risks, among other factors, in

relation to assets of any nature and origin.

Art. 168: The supervised bodies must keep their impairment studies up-to-date and SUSEP may

request such studies at any time.

§ 1: Supervised bodies that have not prepared the studies referred to in the above clause must

effect a reduction to recovery value when the default period passes 60 (sixty) days from the

date the credit came due.


56

§ 2: The period referred to in § 1 shall be 180 (one hundred and eighty) days from the

recording of the credit when such credits are with resinsurers and relate to the return of

claims paid.

§ 3: The reduction, in the cases cited in § 1 and § 2, shall correspond to the total amount of the

credits to which they refer.

Art. 169: In the case of premiums receivable referring to expired risks or premiums receivable

due and unpaid, referring to policies whose validity has expired and which have not been

canceled, a reduction of the recoverable amount must be carried out.

Single paragraph: The amount of the reduction referred to in the above paragraph will

represent all the receivables due from a given debtor, regardless of whether this same debtor

has other amounts falling due.

Art. 170: Except where they conflict with the terms of this Circular, the provisions and criteria

set out in CPC Ruling 01 (R1), issued by the Accounting Rules Committee, are to be fully

applied.

Subsection III

Impact of Exchange Rate Variations and Conversion of the Financial Statements



applied.

Subsection IV

Cash Flow Statement

Art. 172: In the determining of cash equivalents, in addition to the provisions of items 7 to 10

of CPC Ruling 03 (R2), it should be noted that:

I - to be considered a cash equivalent, the investment must have, at the acquisition date, a

maturity that not exceed 90 (ninety) days;

II - investments in equity instruments are not considered to be cash equivalents unless, in their

essence, they fulfill the requirements of CPC Ruling 03 (R2);

III - The supervised bodies must present cash flows for their operating activities, alternately

using the direct or indirect method.



applied.


57

Subsection V

Intangible Assets



applied.

Subsection VI

Related Party Disclosures



applied.

Subsection VII

Commercial Leasing Transactions



applied.

Subsection VIII

Government Assistance and Subsidies



applied.

Subsection IX

Marketable Security Issue Transaction Costs and Premiums



applied.


58

Subsection X

Share-Based Payments



applied.

Subsection XI

Insurance Contracts

Art. 180: Except where they conflict with the terms of this Circular or other CNSP and SUSEP

rules, the provisions and criteria set out in CPC Ruling 11, issued by the Accounting Rules

Committee, are to be fully applied.

Subsection XII

Adjustment to Present Value


set out in CPC Ruling 12, issued by the Accounting Rules Committee, are to be fully applied.

Subsection XIII

Initial Adoption of Law nº 11,638/07 and Provisional Measure nº 449/08



Subsection XIV

Business Combinations



applied.

Subsection XV

Inventory



applied.


59

Subsection XVI

Investments in Affiliates, Subsidiaries and Joint Ventures



applied.

Subsection XVII

Doing Business Together



applied.

Subsection XVIII

Borrowing Costs



applied.

Subsection XIX

Interim Financial Statements



applied.

Subsection XX

Operational Segments




60

Subsection XXI

Accounting Policies, Changes in Estimates and Correction of Errors



Subsection XXII

Subsequent Events



Subsection XXIII

Provisions, Contingent Liabilities and Contingent Assets



Subsection XXIV

Presentation of the Financial Statements



Subsection XXV

Fixed Assets




61

Subsection XXVI

Investment Property



Subsection XXVII

Income



Subsection XXVIII

Non-Current Assets Held for Sale and Discontinued Operations



Subsection XXIX

Taxes on Income



Subsection XXX

Employee Benefits



Subsection XXXI

Separate Financial Statements




62

Subsection XXXII

Consolidated Financial Statements



applied.

Subsection XXXIII

Initial Adoption of the International Accounting Standards



applied.

Subsection XXXIV

Financial Instruments: Recognition and Measurement



Subsection XXXV

Financial Instruments: Presentation



Subsection XXXVI

Financial Instruments: Reporting



applied.


63

Subsection XXXVII

Earnings per Share



Subsection XXXVIII

Initial Adoption of Technical Rulings CPC 15 to 40



applied.

Subsection XXXIX

Disclosure of Shareholdings in Other Entities



Subsection XL

Measuring Fair Value



Section III

Technical Interpretations of the Accounting Rules Committee

Subsection I

Scope of CPC Technical Ruling 10 – Share-Based Payments


set out in ICPC Technical Interpretation 04, issued by the Accounting Rules Committee, are to

be fully applied.


64

Subsection II

CPC Technical Ruling 10 – Share-Based Payments – Transactions involving Shares of the

Group and Treasury Stock



be fully applied.

Subsection III

Hedging of Net Investments in Transactions Abroad



be fully applied.

Subsection IV

Profit Distribution in Kind



be fully applied.

Subsection V

Recording the Proposed Dividend Payment


set out in ICPC Technical Interpretation 08 (R1), issued by the Accounting Rules Committee, are

to be fully applied.

Subsection VI

Individual, Separate and Consolidated Financial Statements and Applying the Equity Method


set out in ICPC Technical Interpretation 09 (R1), issued by the Accounting Rules Committee, are

to be fully applied.


65

Subsection VII

Interpretation of the Initial Application to Fixed Assets and Investment Property – CPC

Technical Rulings 27, 28, 37 and 43

Art. 216: The option of assigning cost (deemed cost) in the initial application, contained in

items 22 and 51 of ICPC 10, to fixed assets and investment property, provided for in CPC

technical rulings 27, 28, 37 and 43, is not allowed.

Single paragraph: Supervised bodies may not alter the acquisition cost of assets that have been

recorded in the books.

Art. 217: Fixed assets are tangible items held for use in providing services and must be

maintained in the performing of its business activity for more than one financial year.

Single paragraph: Tangible items held for rental to third parties cannot be classified as fixed

assets and should be recorded as investment property.

Art. 218: Investment properties are tangible items not used in the performance of a business

activity, regardless of any income generated or the possibility of future capital gain.



be fully applied.

Subsection VIII

Receiving Assets Transferred from Clients



be fully applied.

Subsection IX

Changes in Liabilities due to Decommissioning, Restoration and Similar



be fully applied.


66

Subsection X

Shareholding Rights in relation to Decommissioning, Restoration and Environmental

Rehabilitation Funds



be fully applied.

Subsection XI

Extinguishing Financial Liabilities by issuing Equity Instruments



be fully applied.

Section IV

Revision of documents issued by the Accounting Rules Committee


set out in the Revisions of Technical Rulings nº 1, 2, 3 and 4, issued by the Accounting Rules



set out in the Revision of Technical Interpretation nº 1, issued by the Accounting Rules


Section V

Procedures for the Recording of Reinsurance Premiums

Art. 226: Insurers, OPPE and local reinsurers must follow the procedures for the recording in

the books of reinsurance premiums set out in this Section.

Single paragraph: For the purposes of this Section, it shall be considered that:

I - moment of contract acceptance: the time when the assignor and the reinsurer, either

directly or through a reinsurance broker, assume the responsibility, whether formally or not,

for the reinsurance contract; and

II - moment of agreement between the parties: the time when the parties agree upon the

technical bases involved.

Art. 227: Insurers, OPPE and local reinsurers must record reinsurance premiums in the books

according to the characteristics of each type of contract.

Art. 228: Premiums for automatic, non-proportional and optional contracts must be

recognized upon acceptance of the contract or when it comes into effect, whichever comes

first, for the amount of the premium agreed in the contract.

Single paragraph: Additional premiums relating to subsequent adjustments after the contract

has come in effect must be recognized at the moment of agreement between the parties.


67

Art. 229: Assignors must recognize the contract premiums proportional to the amount of each

risk to be ceded, as well as proportional to the assignment thereof.

Art. 230: Local reinsurers must recognize the premiums for automatic contracts proportional

to the estimated amount informed by the assignor.

§ 1: The local reinsurers may apply a cut-off factor to the estimated premium amounts,

according to a specific study carried out by the reinsurer.

§ 2: The premium mentioned in the main clause should be appropriated for every month that

the contract is in force.

§ 3: The local reinsurers may use seasonal estimates for the apportionment mentioned in § 2,

according to a study carried out by the reinsurer.

§ 4: The local reinsurers must adjust the estimated premiums that have been recognized, as

soon as they obtain the information on the effective premiums.

§ 5: The studies mentioned in paragraphs 1 and 3 are to be kept up-to-date and available to

the SUSEP and the independent auditors on digital media and, upon request, be delivered

within 5 (five) business days from the date the request was received.

Art. 231: The reinsurance premiums must be allocated among the categories or group of

categories covered by the contract, in accordance with the premium exposure estimated by

the assignor.

Art. 232: The reinsurance premiums should be deferred over the course of the contract.

§ 1: The assignors should defer the premiums of automatic and optional contracts in

proportion to the period that the risk is in effect.

§ 2: The validity period of a reinsurance contract may be longer than the contractual term that

was determined, depending on the characteristics of each type of contract.

CHAPTER III

Independent Financial Auditing

Section I

Certification Exam and Ongoing Professional Training for Independent Financial Auditors

Art. 233: The independent auditor’s certification exam, required under the present rules

covering independent auditing and regulated by CFC Resolution nº 1,109/2007, as amended, is

limited exclusively to the first license and should be followed up by ongoing educational

process, along the lines set out by the Federal Accounting Board (CFC).

Art. 234: Maintaining the qualifications of the independent auditors to perform their auditing

activities at the supervised bodies is corroborated by exercising the independent auditing

functions at these supervised bodies and compliance with the relevant requirements for

ongoing professional learning, as provided for in CFCNBCPG Resolution nº 12/2014, which

approved the NBC PG 12 that addresses ongoing professional education.


68

Art. 235: To comply with item 10 of NBC PG 12 - Ongoing Professional Education, as from

January 1, 2015, independent auditors need to obtain a minimum of 10 points per year from

ongoing professional education related to specific activities concerning the independent

auditing of the supervised bodies.

Section II

The minimum procedures to be followed in the comprehensive report on the adequacy of

the internal control of risks incurred by the supervised body in relation to its auditing

Art. 236: The comprehensive report on the adequacy of the internal control of the risks

incurred by the supervised body should assess the effectiveness and efficiency of the same in

relation to the risks incurred, highlighting any shortcomings found and taking into account the

main processes at the supervised body and addressing the control environment, risk

assessment, control activities and procedures, information and communication processes and

monitoring.

Art. 237: For the purposes of this Section, it shall be understood that:

I – the control environment is the control culture of the supervised body, in which the business

activities are carried out, and particularly the posture of the supervised body and the control

awareness of its personnel;

II – risk assessment is the identification and analysis of the risks associated with the business

goals, both within the environment of the supervised body and in the processes themselves;

III – control activities are the policies and procedures to ensure that the necessary action to

manage the risks is being properly carried out;

IV – the information and communication processes are those that ensure the identification,

capture and communication of the information needed to manage the supervised body; and

V – monitoring is the process of assessing the quality of the system’s performance over time,

by means of the continual overseeing of activities and independent evaluations, or a

combination of the two.

Art. 238: Assessment of the control environment should include elements such as integrity and

ethical values, management expertise and experience, strategic planning, aspects of

governance and organizational structure, the management style and philosophy, the allocation

of responsibilities, and human resources practices and policies.

Art. 239: The risk assessment analysis must include the supervised body’s ability to analyze

internal and external factors and take into consideration the likelihood of an event and its

impact on the operations.

Art. 240: The information and communication processes must enable all the employees to

understand their responsibilities within the internal control structure, as well as the way each

one’s activities relate to the activities of the others.


69

Single paragraph: Assessment of the processes mentioned in the above clause should take into

consideration the ability to keep effective communication, in a broad sense, flowing

throughout the entire organization, both vertically and horizontally.

Art. 241: The monitoring assessment should take into account the independence of the

internal auditing, the frequency of inspections and whether the supervised body implements

its recommendations.

Single paragraph: The continual oversight should be evaluated in terms of its independence, its

effectiveness and its efficiency.

Art. 242: With regard to the activities set out in item III of Art. 237, the report should contain

observations about the existence, effectiveness and efficiency, at the very least, of the

following control activities:

§ 1: For insurance transactions:

I – Processes for underwriting risks and issuing policies:

a) confirmation of the existence of the policyholder, whether a private individual or a legal

entity, through the CPF and CNPJ registries;

b) cross checking of the proposal data with those of the policy;

c) technical and financial analysis, based on the proposal, statistical data and third-party

registers;

d) compliance with the supervised body’s retention limit for isolated risk;

e) timely inclusion in the official records of policies issued;

f) reconciliation of the official operational records with the accounting records; and

g) separation of functions and establishing of levels of authority in the various activities of the

process.

II – Claims regulation process:

a) reconciliation of the report data with those of the policy;

b) verification of the identities of the beneficiaries;

c) in the case of outsourcing of the compliancy process, or parts thereof, the contracts must

ensure the existence of proper internal controls on the part of the service provider;

d) a remuneration policy that has no link to the number of claims denied;

e) timely inclusion in the official records of reported claims;



process.

§ 2: For pension transactions:

I – Processes for underwriting plans and issuing certificates:

a) confirmation of the existence of the pension plan participant and the beneficiary, through

the CPF registry;

b) cross checking of the proposal data with those of the certificate;


70

c) feasibility study of the pension plans on offer, considering the appropriate mortality table,

monetary correction indices, interest rates, etc.;

d) analysis of the concentration of plans in the life annuity format;

e) timely inclusion in the official records of the certificates issued;



process.

II – Process of granting benefits:

a) cross checking of the benefit request data with those of the certificate;

b) verification of the identities of the beneficiaries;

c) reconciliation of the official operational records with the accounting records; and

d) separation of functions and establishing of levels of authority in the various activities of the

process.

§ 3: For capitalization transactions:

I – Processes for underwriting savings bonds:

a) confirmation of the existence of the bondholder, in the case of nominative savings bonds,

whether a private individual or a legal entity, through the CPF and CNPJ registries;

b) study into the marketing of the full series, so that, depending on the amount of

cancellations, no financial distress will be caused to the supervised body;

c) feasibility study of the savings bonds issued, particularly those with long-term maturities;

d) timely inclusion in the official records of the savings bonds issued;

e) reconciliation of the official operational records with the accounting records; and

f) separation of functions and establishing of levels of authority in the various activities of the

process.

II – Process for draws and the redemption of prizes and securities:

a) for carrying out the contractual draws, there should be procedures to ensure that they go

smoothly;

b) reconciliation of the official operational records with the accounting records; and

c) separation of functions and establishing of levels of authority in the various activities of the

process.

§ 4: For all transactions:

I – Treasury and investment process:

a) separation of functions and establishing of levels of authority for the effecting of payments

and receipt.

b) analysis of the investment risk-return ratio;

c) matching of assets and liabilities;

d) investing of financial assets in compliance with the prevailing legislation and at the current

market rates;


71

e) reconciliation of financial assets with the respective custodians; and

f) link with the respective collateral assets.

II – Legal process:

a) following the jurisprudence inherent to the activity;

b) following the contingent processes;

c) making reasonable estimates for the contingent processes;

d) reconciliation of the estimates for the contingent processes with the accounting records;

and

e) following the development of new products and information materials.

CHAPTER IV

Technical Rulings of the Brazilian Institute of Actuaries (IBA)

Art. 243: The SUSEP adopts the Technical Ruling “CPA-001 – Actuarial Principles” drawn up by

the IBA, to the extent that it does not conflict with the applicable regulations, and with the

following caveats:

I – the references to reinsurance transactions should be extended to retrocession transactions;

II – within the sphere of technical provisions, the realistic parameters mentioned under "11 –

REALISTIC PARAMETERS" should be obtained using reliable unbiased current values that are

consistent with the most up-to-date information, so as to reflect the best estimate at the time

of the calculation, without considering the likelihood of any future fluctuations in these

parameters;

III – the terms "income" and "expenditure" shown in parentheses under "15 – AREA OF RISK"

are not to be understood as respective synonyms of "reception" and "payment"; and

IV – With respect to item "17 – SEPARATION OF ASSETS", it should be emphasized that analysis

of the actuarial balance of the plans and portfolios, performed on the basis of the separate

identification and appraisal of cash flows, does not involve the asset separation of those plans

and portfolios.

Art. 244: The SUSEP adopts Technical Ruling "CPA-002 - Independent Actuarial Auditing",

prepared by the Brazilian Institute of Actuaries (IBA), in as much as it does not conflict with the

applicable rules, and with the following caveat: the time for the periodic replacement of the

independent auditor, provided for in item 10, begins in 2015, in relation to the 2014 financial

year.


72

TITLE IV

FINAL CONSIDERATIONS

Art. 245: The insurance companies, OPPE, investment firms and reinsurers must comply with

the other complementary guidelines issued by the SUSEP.

Art. 246: This Circular shall come into effect on its publication date, with the simultaneous

revoking of SUSEP Circular nº 280, of December 30, 2004; SUSEP Circular nº 364, of May 23,

2008, SUSEP Circular nº 452, of December 4, 2012; SUSEP Circular nº 457, of December 14,

2012; SUSEP Circular nº 461, of January 31, 2013; SUSEP Circular n.º 462, of January 31, 2013;

SUSEP Circular nº 469, of June 19, 2013; SUSEP Circular nº 474, of August 22, 2013; SUSEP

Circular nº 484, of January 6, 2014; SUSEP Circular nº 485, of January 6, 2014; SUSEP Circular

nº 486, of January 23, 2014; SUSEP Circular nº 492, of July 31, 2014; SUSEP Circular nº 498, of

October 15, 2014; SUSEP Circular nº 501, of December 9, 2014; articles 2 and 3 of SUSEP

Circular nº 503, of December 15, 2014; SUSEP Circular nº 507, of December 22, 2014; SUSEP

Circular nº 508, of January 9, 2015, SUSEP Circular nº 509, of January 15, 2015; and SUSEP

Circular nº 511, of February 19, 2015.

ROBERTO WESTENBERGER

Superintendent


73

ADDENDUM I

Technical Provisions – Insurance companies and OPPE

Technical Provisions Financial Method

Simple

Apportionment

Allocation of

Coverage

Capital

Capitalization

PUEP - Provision for

Unearned Premiums Single Payment

Income upon

Disability or

Death

PSC - Provision for

Supplementary Coverage Single Payment

Income upon

Disability or

Death

Single Payment or

Income

RBNS - Provision for Claims

reported but not yet settled Single Payment

Income upon

Disability or

Death

Single Payment or

Income

IBNR - PROVISION FOR

CLAIMS INCURRED BUT NOT

YET REPORTED

Single Payment

Income upon

Disability or

Death

Single Payment or

Income upon Disability

or Death

PFBP - Mathematical

Provision for Future Benefit

Payments

Single Payment or

Income

PBG - Mathematical

Provision for Benefits

Granted

Income upon

Disability or

Death

Income

PRE - Provision for Related

Expenses Single Payment

Income upon

Disability or

Death

Single Payment or

Income

PTS – Provision for Technical

Surpluses Single Payment

Income upon

Disability or

Death

Single Payment or

Income

PFS - Provision for Financial

Surpluses Single Payment

Income upon

Disability or

Death

Single Payment or

Income

PRO - Provision for Single Payment Income upon Single Payment or

Redemptions and Other

Outstanding Amounts

Disability or

Death

Income


74

ADDENDUM II

Setting up an IBNR provision – all insurance categories except life insurance under “Private

Individuals” and endowment insurance

Art. 1: For the categories that are in ‘run-off’, the percentage of corresponding new categories

should be used.

Description Class

Code Class Description

% of

Premiums

Base

% of

Claims

Base

01 - Property 0112 Assistance – Goods in General 2.2% 8.4%

0114 Homeowners insurance 1.5% 7.1%

0115 Theft 0.9% 3.4%

0116 Condo insurance 2.3% 4.6%

0118 Business insurance 2.3% 4.3%

0141 Loss of Profit 2.8% 24.1%

0167 Engineering Risks 4.6% 16.0%

0171 Sundry Risks 2.2% 8.4%

0173 Bank insurance 3.7% 10.3%

0195 Extended Warranty / Warranty

Extension - Goods in General 1.6% 11.0%

0196 Named and Operational Risks 11.5% 15.6%

02 - Special

Risks 0234 Petroleum Risks 7.7% 6.3%

0272 Nuclear Risks 7.7% 6.3%

0274 Satellite insurance 7.7% 6.3%

03 - Civil

Liability 0310

Directors and Officers (D&O) Civil

Liability 2.1% 42.3%

0313 Environmental Risk Civil Liability 7.7% 20.9%

0351 General Civil Liability 7.7% 20.9%

0378 Professional Civil Liability 22.0% 55.1%

05 - Auto 0520 Personal Accident - Passengers 7.3% 59.8%


Extension – Auto 0.6% 7.7%

0525 Green Card international insurance

certificate 4.5% 7.3%

0526 Popular Used Car insurance 2.7% 4.1%

0531 Auto body insurance 2.7% 4.1%

0542 Assistance and Other Coverage -

Auto 2.2% 8.4%

0553 Optional Civil Liability – Vehicles 10.6% 16.5%

06 - Transport 0621 Transport in Brazil 5.8% 8.2%

0622 International Transport 9.9% 18.7%

0623 Interstate and International Road

Carrier Civil Liability – Buses 2.4% 3.8%

0628 Optional Civil Liability – Buses 10.6% 16.5%


75

Description Class


% of

Premiums

Base

% of

Claims

Base

0632 International Carrier Civil Liability –

Cargo 8.0% 7.8%

0638 Rail Carrier Civil Liability – Cargo 6.2% 7.1%

0644

International Carrier Personal Injury

Civil Liability – Blue Card international

certificate

11.2% 15.6%

0652 Air Carrier Civil Liability – Cargo 7.5% 11.8%

0654 Road Carrier Civil Liability – Cargo 7.1% 9.4%

0655 Carrier Civil Liability – Cargo Deviation 4.5% 7.0%

0656 Waterway Carrier Civil Liability – Cargo 7.1% 36.7%

0658 Multimodal Carrier Civil Liability – Cargo 10.0% 15.6%

07 - Financial

Risk 0743 Stop Loss 2.2% 8.4%

0746 Rental Surety insurance 3.7% 8.2%

0748 Domestic Credit insurance 17.6% 27.1%

0749 Export Credit insurance 1.5% 9.2%

0775 Guarantee insurance – Public Sector 1.4% 7.2%

0776 Guarantee insurance – Private Sector 1.4% 7.2%

09 – Personal

- Group 0929 Funeral Assistance 5.4% 17.6%

0936 Loss of Pilot’s License 6.4% 45.4%

0969 Travel insurance 8.9% 29.8%

0977 Credit insurance (except Mortgage and

Rural) 9.0% 26.2%

0980 Educational insurance 29.4% 36.1%

0982 Accident insurance 6.4% 45.4%

0984 Serious or terminal illness 13.9% 32.5%

0987 Unemployment/Loss of Income 5.4% 17.6%

0990 Random events 5.4% 17.6%

0993 Life insurance 13.9% 32.5%

10 - Mortgage 1061 non-SFH mortgage insurance – Lenders 9.0% 26.2%

1065 non-SFH mortgage insurance – Other

Coverage 9.7% 41.0%

11 - Rural 1101 Agricultural insurance (without FESR

coverage) 3.3% 11.9%

1102 Agricultural insurance (with FESR


1103 Livestock insurance (without FESR


1104 Livestock insurance (with FESR


1105 Aquaculture insurance (without FESR


1106 Aquaculture insurance (with FESR



76

Description Class


% of Premiums

Base

% of Claims

Base

1107 Forest insurance (without FESR


1108 Forest insurance (with FESR


1109 Rural Product Note insurance 3.3% 11.9%

1130 Farm Products and

Improvements insurance 6.4% 7.3%

1162 Rural Lien 2.6% 8.8%

1164 Animal insurance 0.1% 0.2%

1198 Farmers Life insurance 9.0% 26.2%

12 - Others 1279 Insurance Abroad 4.1% 5.6%

1285 Health - Local Reinsurer 4.1% 5.6%

1299 Branches Abroad 4.1% 5.6%

13 - Private

Individuals 1329 Funeral Assistance 7.0% 32.7%

1336 Loss of Pilot’s License 7.0% 32.7%

1369 Travel insurance 7.0% 32.7%

1377 Credit insurance (except

Mortgage and Rural) 7.0% 32.7%

1380 Educational insurance 7.0% 32.7%

1381 Accident insurance 7.0% 32.7%

1384 Serious or terminal illness 7.0% 32.7%

1387 Unemployment/Loss of Income 7.0% 32.7%

1390 Random events 7.0% 32.7%

14 – Marine 1417 Port Operator insurance 4.0% 6.6%

1428 Optional Civil Liability –

Watercraft 7.7% 20.9%

1433 Marine (Hull) 4.0% 6.6%

15 - Aviation 1528 Optional Civil Liability – Aircraft 7.7% 20.9%

1535 Aviation (Hull) 28.3% 36.8%

1537 Hangar Civil Liability 16.1% 26.7%

1597 Air Carrier Civil Liability 28.3% 36.8%


77

ADDENDUM III

Setting up an IBNR provision – life insurance under “Private Individuals” and endowment

insurance

Coverage/Financial Method % of

Premiums

% of Claims

Paid

Death – Capitalization 1.6% 14.5%

Death – Simple Apportionment and Allocation of Coverage

Capital 19.9% 43.1%

Disability – All methods 5.7% 16.9%

Survivors’ dependents Not applicable Not applicable


78

ADDENDUM IV

Setting up an IBNR provision – private supplementary pension plans

Benefit/Financial Method % of Contributions % of Benefits Paid

Pecúlio – Simple Apportionment 4.0% 13.9%

Pecúlio – Capitalization 2.7% 18.9%

Pension – Allocation of Coverage Capital 4.5% 9.7%

Pension – Capitalization 0.2% 0.8%

Disability – All methods 5.7% 16.9%

Survivors’ dependents Not applicable Not applicable


79

ADDENDUM V

Setting up a PUEP-RENI estimate

Art. 1: For the categories that are in ‘run-off’, the percentage of corresponding new categories

should be used.

Description Class


% to be

Applied Application Base

01 - Property 0112 Assistance – Goods in General 11.1% PUEP - already written

0114 Homeowners insurance 4.8% PUEP - already written

0115 Theft 13.6% PUEP - already written

0116 Condo insurance 5.6% PUEP - already written

0118 Business insurance 7.9% PUEP - already written

0141 Loss of Profit 13.7% PUEP - already written

0167 Engineering Risk 19.5% PUEP - already written

0171 Sundry Risks 14.1% PUEP - already written

0173 Bank insurance 37.1% Premiums Base


Extension - Goods in General 1.4% PUEP - already written

0196 Named and Operational Risks 35.7% PUEP - already written

02 - Special

Risks 0234 Petroleum Risk 40.0% PUEP - already written

0272 Nuclear Risk 43.7% PUEP - already written

0274 Satellite insurance 43.7% PUEP - already written

03 - Civil

Liability 0310

Directors and Officers (D&O) Civil

Liability 30.2% PUEP - already written

0313 Environmental Risk Civil Liability 17.7% PUEP - already written

0351 General Civil Liability 12.3% PUEP - already written

0378 Professional Civil Liability 14.5% PUEP - already written

05 - Auto 0520 Personal Accident - Passengers 5.3% PUEP - already written


Extension – Auto 5.3% PUEP - already written

0525 Green Card international insurance

certificate 5.3% PUEP - already written

0526 Popular Used Car insurance 4.8% PUEP - already written

0531 Auto body insurance 4.8% PUEP - already written

0542 Assistance and Other Coverage -

Auto 7.9% PUEP - already written

0553 Optional Civil Liability – Vehicles 5.2% PUEP - already written

06 - Transport 0621 Transport in Brazil 22.9% Premiums Base

0622 International Transport 42.5% Premiums Base

0623 Interstate and International Road

Carrier Civil Liability – Buses 11.5% PUEP - already written

0628 Optional Civil Liability – Buses 10.9% PUEP - already written

0632 International Carrier Civil Liability –

Cargo 1.1% Premiums Base

0638 Rail Carrier Civil Liability – Cargo 11.5% Premiums Base


80

Description Class


% to be


0644

International Carrier Personal Injury

Civil Liability – Blue Card international

certificate

11.5% PUEP - already written

0652 Air Carrier Civil Liability – Cargo 11.5% Premiums Base

0654 Road Carrier Civil Liability – Cargo 11.0% Premiums Base

0655 Carrier Civil Liability – Cargo Deviation 2.4% Premiums Base

0656 Waterway Carrier Civil Liability – Cargo 11.5% Premiums Base

0658 Multimodal Carrier Civil Liability –

Cargo 11.5% Premiums Base

07 - Financial

Risks 0743 Stop Loss 15.6% PUEP - already written

0746 Rental Surety insurance 13.5% PUEP - already written

0748 Domestic Credit insurance 15.6% PUEP - already written

0749 Export Credit 15.6% PUEP - already written

0775 Guarantee insurance – Public Sector 17.2% PUEP - already written

0776 Guarantee insurance – Private Sector 72.4% PUEP - already written

09 – Personal

- Group 0929 Funeral Assistance 4.3% Premiums Base

0936 Loss of Pilot’s License 7.8% Premiums Base

0969 Travel insurance 7.0% Premiums Base

0977 Credit insurance (except Mortgage and

Rural) 14.0% Premiums Base

0980 Educational insurance 6.6% Premiums Base

0982 Accident insurance 8.8% Premiums Base

0984 Serious or terminal illness 2.4% Premiums Base

0987 Unemployment/Loss of Income 12.0% Premiums Base

0990 Random events 7.8% Premiums Base

0993 Life insurance 6.6% Premiums Base

10 - Mortgage 1061 non-SFH mortgage insurance – Lenders 14.0% Premiums Base

1065 non-SFH mortgage insurance – Other

Coverage 1.5% Premiums Base

11 - Rural 1101 Agricultural insurance (without FESR

coverage) 15.7% PUEP - already written

1102 Agricultural insurance (with FESR


1103 Livestock insurance (without FESR


1104 Livestock insurance (with FESR


1105 Aquaculture insurance (without FESR


1106 Aquaculture insurance (with FESR


1107 Forest insurance (without FESR


1108 Forest insurance (with FESR coverage) 15.7% PUEP - already written

1109 Rural Product Note insurance 15.7% PUEP - already written

1130 Farm Products and Improvements

insurance 14.9% PUEP - already written


81

Description Class


% to be


1162 Rural Lien 12.7% PUEP - already written

1164 Animal insurance 15.7% PUEP - already written

1198 Farmers Life insurance 6.6% Premiums Base

12 - Others 1279 Insurance Abroad 10.7% PUEP - already written

1285 Health - Local Reinsurer 10.7% PUEP - already written

1299 Branches Abroad 10.7% PUEP - already written

13 - Private

Individuals 1329 Funeral Assistance 4.3% Premiums Base

1336 Loss of Pilot’s License 7.8% Premiums Base

1369 Travel insurance 7.0% Premiums Base

1377 Credit insurance (except

Mortgage and Rural) 14.0% Premiums Base

1380 Educational insurance 6.6% Premiums Base

1381 Accident insurance 9.7% Premiums Base

1384 Serious or terminal illness 2.4% Premiums Base

1387 Unemployment/Loss of Income 12.0% Premiums Base

1390 Random events 7.8% Premiums Base

14 – Marine 1417 Port Operator insurance 24.6% PUEP - already written

1428 Optional Civil Liability –

Watercraft 24.6% PUEP - already written

1433 Marine (Hull) 21.3% PUEP - already written

15 - Aviation 1528 Optional Civil Liability – Aircraft 26.5% PUEP - already written

1535 Aviation (Hull) 32.4% PUEP - already written

1537 Hangar Civil Liability 26.5% PUEP - already written

1597 Air Carrier Civil Liability 6.3% PUEP - already written


82

ADDENDUM VI

FILES TO BE SENT AFTER THE CONCLUSION OF SPIN-OFFS OR PORTFOLIO TRANSFER

OPERATIONS

Art. 1: The file EARNEDPREMIUM.DBF, defined in Table 1, will have to be sent after the

conclusion of every single spin-off or portfolio transfer operation.

Single paragraph: In the file EARNEDPREMIUM.DBF, monthly values of transferred

portfolio /spin off company’s Earned Premiums will have to be informed, divided by segment

(life and non-life) following the rules of CNSP Resolution nº 321/15, including the month of

conclusion of the operation and the 23 (twenty-three) previous months.

Table 1 – Structure of the file EARNEDPREMIUM.DBF

Field Type Description

COD_TRANSFEROR varchar(5) FIP code of transferor/parent

company

COD_TRANSFEREE varchar(5) FIP code of transferee/spin-

off company

MRFMONTHYEAR datetime Reference month

EARNED_ PRE_LIFE float

Earned Premium Values (life

segment) corresponding to

transferred /spin-off portfolio

EARNED_ PRE_NON_LIFE float

Earned Premium Values (non-

life segment) corresponding

to transferred /spin-off

portfolio

Art. 2: The files RETAINEDPREMIUM.DBF and RETAINEDCLAIM.DBF, defined

respectively in tables 2 and 3, will have to be sent after the conclusion of portfolio transfers

and spin-off operations involving transmission of rights and obligations regarding:

I – Insurance following the Pay As You Go financial system, except for classes DPVAT,

DPEM and classes excluded in Article 39 of CNSP Resolution nº 321/15;

II – Reinsurance following the Pay As You Go financial system.

Single paragraph: In the files RETAINEDPREMIUM.DBF and RETAINEDCLAIM.DBF, the

monthly values of transferred portfolio/spin-off companies’ Retained Premiums and Retained

Claims will have to be informed, divided by class and region following Addendum III of CNSP

Resolution nº 321/15, including the 12 previous months before the conclusion of the

operation.


83

Table 2 – Structure of the file RETAINEDPREMIUM.DBF



company


off company


GROUP_CLASS varchar(4)

Group and class’ code in the

FIP, where the 2 first digits

correspond to the group and

the 2 last to the class.

Observation 1: In case of

proportional reinsurance

premiums, the reinsurers will

have to fill in the last 2 digits

with 0

Observation 2: In case of non-



have to fill in all digits with 0

REGION varchar(1)

Code of the region of

operation, following table 3 of

Addendum III of CNSP

Resolution nº 321/15




have to fill in 2




have to fill in 0

RETAINED_PRE float

Earned Premium Values

corresponding to transferred

portfolio /spin-off company

PROP_NPROP varchar(1)

1 for proportional insurance

and reinsurance premiums

and 0 for non-proportional

reinsurance premiums

Table 3 – Structure of the file RETAINEDCLAIM.DBF



company


off company


GROUP_CLASS varchar(4)

Group and class FIP code,

where the 2 first digits

correspond to the group and

the 2 last to the class.



claims, the reinsurers will

have to fill in the last 2 digits

with 0



claims, the reinsurers will

have to fill in all digits with 0

CLAIM_RETAINED float

Retained claim value

corresponding to transferred

/spin-off portfolio

PROP_NPROP varchar(1)

1 for proportional insurance

and reinsurance claims and 0

for non-proportional

reinsurance claims

Art. 3: The file DIRECTPREMIUM.DBF, defined in Table 4, will have to be sent after spin-

offs and portfolio transfer operations involving the transmission of rights and obligations

regarding:

I – Insurances following the Pay As You Go financial system excluded in Article 39 of

CNSP Resolution nº 321/15;

II – Insurances following the Terminal Funding and Capitalization financial systems;

III – Private pension plans in general;

Single paragraph: In the file DIRECTPREMIUM.DBF, Direct Premiums (insurances) or

Contributions (private pension plans) corresponding to transferred portfolio /spin-off will have

to be informed, divided by type of coverage, covering the month of conclusion of the

operation and the 11 (eleven) previous months.

Table 4 – Structure of the file DIRECTPREMIUM.DBF



company


off company

MRFMONTHYEAR Datetime Reference month

DIRECT_PRE_SURVIV float

Values of Direct Premiums

and Contributions (regarding

survival coverage)

corresponding to the


DIRECT_PRE_OTHER float

Values of Direct Premiums

and Contributions (regarding

types of coverage other than

survival) corresponding to the


Art. 4: The file INSUREDAMOUNT.DBF, defined in Table 5, will have to be sent after the

conclusion of portfolio transfers and spin-off operations involving transmission of rights and

obligations regarding:

I – Insurance following the Pay As You Go financial system excluded in Article 39 of

CNSP Resolution nº 321/15;

II – Insurance following the Terminal Funding financial system;

III – Private Pension Plans following the Pay As You Go or Terminal Funding financial

systems;

Single paragraph: In the file INSUREDAMOUNT.DBF Insured Amount (in case of Pay As

You Go products) or Monthly Income (in case of Terminal Funding Products), net of

reinsurance, for all valid risks in the last day of the conclusion of the operation, grouped by

validity start and end date, type of coverage and financial system.


85

Table 5 – Structure of the file INSUREDAMOUNT.DBF



company


off company

DATE_START datetime Start date of risk’s validity

DATE_END datetime End date of risk’s validity

TYPE_COVERAGE varchar(1) 1 for death or 2 for disability

FIN_SYSTEM varchar(1)

2 for Pay As You Go or 3 for

Terminal Funding (similar to

the codes used in the

registration of plans)

INSURED_AMOUNT float

Insured amount value or

monthly income

corresponding to the


Art. 5: The file NETREVENUE.DBF, defined in table 6, will have to be sent after the

conclusion of portfolio transfers and spin-off operations involving transmission of rights and

obligations regarding capitalization plans.

Single paragraph: In the file NETREVENUE.DBF, monthly values of Net Revenue of the

transferred/spin-off plans, including the month of conclusion and the 11 previous months.

Table 6 – Structure of the file NETINCOME.DBF



company


off company


NET_REV float

Net revenue value (total

collected with capitalization

bonds, net value from returns

and cancellations)

corresponding to

transferred/spin off plans

86-87

ADDENDUM VII

OPERATING LOSSES DATABASE (OLDB)

OPERATING LOSSES DATABASE

Version: 2014/03/31

VALID VALUES FOR FILLING IN EACH

KIND OF EVENT

FIELD DESCRIPTION FORM

AT Loss Recovery Update

COMPANY FIP code that identifies the company in SUSEP. I5 FIP Code FIP Code FIP Code

REGISTRAT

ION DATE

Date of the event registration in the operating

losses database.

ddmm

yyyy

Registration

date

Registration

date

Registrati

on date

OCCURREN

CE DATE

Date of occurrence of the generating fact of the

event. If it is impossible to identify the

occurrence date, the field must be filled in with

the date ‘01011900’

ddmm

yyyy

Occurrence

date

Occurrence

date

Occurren

ce date

RECOGNITI

ON DATE

Date when the expense with provisions or cash

settlement of the event being recorded is

recognized.

ddmm

yyyy

Recognition

date

Recognition

date

Recogniti

on date

EVENT Nº

Sequential number, starting by 1 (one), which

identifies, for a “COMPANY/REGISTRATION

DATE”, the registration of an event in the

database..

I5 [1.99999] [1.99999] [1.99999]

EVENT

TYPE(1) (2)

Fill in with the code that identifies the event

type entered in the database:

1 – Root Event

2 – Near Loss

3 – Associated Loss

4 – Near Associated Loss

5 - Recovery

6 - Update

I1 [1.4] {5} {6}

ROOT

EVENT

Corresponds to the registration date in the

database related to a loss to which the event

being recorded refers. Must be filled in with the

date ‘01011900’ in case of a ROOT EVENT

ddmm

yyyy

Root event

register date

Root event

register date

Root

event

register

date

ROOT

EVENT

Corresponds to the nº of the event in the

database related to which the loss being

recorded refers to. Must be fill in with zeros in

case of registration of a root event.

I5 [0.99999] [1.99999] [1.99999]

CATEGORY (3) (4)

Classifies the loss event in categories, based on

the following codes:

0 – Not applicable

1 – Internal fraud

2 – External fraud

3 – Labor practices or labor security

4 – Clients, products or business practices

5 – Damage to physical assets

6 – Interruption of the business or system fail

7 – Mistake in the execution, delivery or

management of business activities

I1 [1.7] {0} [1.7]

OPERATING LOSSES DATABASE

Version: 2014/03/31


KIND OF EVENT



LEGAL

LOSS (3)

Indicates if the loss is related to a lawsuit, based

on the following codes:


1 – The loss is related to a lawsuit

2 – The loss is not related to a lawsuit

I1 [1.2] {0} [1.2]

RECORDED

IN THE

RBNS (3)

Indicates if the loss is recorded in the RBNS

(Provision for Claims reported but not yet

settled), based on the following codes:

0 - Not applicable

1 – The loss is recorded in the RBNS

2 - The loss is not recorded in the RBNS

I1 [1.2] {0} [1.2]

BUSINESS

FUNCTION (3) (4)

Classifies the loss event in the correspondent

business function, based on the following

codes:

0 - Not applicable

1 - Management

2 – Corporate finance

3 – Negotiations and Sales

4 – Payments and Cash settlement

5 – Systems

6 - Underwriting

7 - Outsourcing

I1 [1.7] {0} [1.7]

LOSS

CAUSE (3) (4)

Classifies the loss event according to its cause,

based on the following codes:


I1 [1.4] {0} [1.4]

1 - People

2 - Processes

3 – IT Systems

4 – External Event

LOSS

STATUS (3)

Indicates the status of the loss, i.e., if it is still

available for change or recovery (open loss), or

if the value associated to it, as well as inherent

information about its registration cannot be

modified anymore (closed loss).


1 – Open loss

2 – Closed loss

I1 [1.2] {0} [1.2]


88

OPERATIONAL LOSSES DATABASE

Version: 2014/03/31


KIND OF EVENT



GROSS

VALUE

Amount in reais (R$) calculated for net loss

(including financial costs), filled in in accordance

with the EVENT TYPE to which the registration

refers to, based on the following specifications:

ROOT EVENT, NEAR LOSS, ASSOCIATED LOSS

OR NEAR ASSOCIATED LOSS: fill in with amount

(or best estimate) of gross loss, before any

deduction of amount recovered by legal means,

insurance, etc.

Recovery: Fill in with the total of recovered

values, since the initial record of the loss in the

database, because of insurance compensation,

judicial means, or any other means. This value

will replace all values informed in previous

recovery events recorded in the database.

Update: Fill in with the new total gross value,

before deduction of any recovered amount. If

the change does not cause a change in the

GROSS VALUE informed up to this moment, fill

in with the actual value.

I1 [0. 100b] [0. 100b] [0. 100b]

EVENT

DESCRIPTI

ON

Description of the event that is being recorded. char(5

00)

<description

>

<description

>

<descripti

on>

EVENT

INTERNAL

ID

Identification of the event in the company

records. This record will enable the association

(FROM-TO) between the registration in the

database and the internal process conducted by

the company with the details of the event (a

lawsuit, an internal control document, etc.).

This identification will enable a validator, or an

auditor, to check the values entered in the

database and those in the documents that

originated the record.

char(5

00)

< internal id

>

< internal id

>

< internal

id >

Notes:

(1) The event recovery informs values recovered by means of insurance, reinsurance, or any

other means (ex.: legal pursuit).

(2) The event update can indicate a change in loss value or an adjustment of the initial

estimate, both for higher and lower amounts than it was initially estimated. This event can also

inform any change regarding other fields on a loss event recorded in the database.

(3) In case of registration of recovery events, this field must be filled in with “0”. In case of

update, the field must be filled in with information already recorded regarding the

correspondent loss, or with a new value to be considered after this update.

(4) If the loss being recorded does not fit well in any of the categories, or if it fits in more than

one category, the most representative one must be chosen.


89

ADDENDUM VIII

MINIMUM ELEMENTS OF THE SRP, WHEN MOTIVATED BY SHORTAGE OF ANE REGARDING

MCR

Art. 1: The SRP will be identified by the supervised body’s name, by the CNPJ and by the

supervised body’s code in SUSEP.

Art. 2: The supervised body will have to describe the following items in the SRP:

I – supervised body’s strategic objectives;

II – main products, classes and operating regions, as well as their respective importance in the

results of the supervised body;

III – distribution channels of the main products;

IV – broker commission payment policy;

V – investment policy;

VI – reinsurance policy;

VII – underwriting risks management policy;

VIII – credit, market, operational and legal risks management policy;

IX – assets and liabilities management policy (ALM);

X – policy regarding the pay of executives and professionals involved with risk management;

XI – profit distribution policy;

XII – outsourcing policy; and

XIII – other relevant information.

Single paragraph: Sub-item XI does not apply to non-profit complementary pension entities.

Art. 3: The supervised body has to identify in its SRP, precisely and in details, the factors that

contributed to the shortage of ANE regarding MCR.

Art. 4: The supervised body will have to describe in its SRP, precisely and in details, the

procedures and corrective actions to be taken for solving the shortage of the ANE regarding

MCR.

§ 1: If the proposal to solve the shortage needs financial resource contributions, the

supervised body will have to indicate the term and the way those financial resources will be

provided and identify the origin of these resources.

§ 2: If the procedures and corrective actions proposed to solve the shortage involve changes in

one of the topics described in the sub-items of Art. 2 of this addendum, the supervised body

will have to, in the respective item, identify and explain in details the changes to be made and

the expected results.

§ 3: In case of portfolio transfer or change in the geographic operating area, the supervised

body has to indicate the registration number of the proceeding opened in SUSEP for this

purpose.

§ 4: If the proposal to solve the shortage involves property alienation, the supervised body has

to present a detailed list of the properties it wants to sell, describing at least their book value,

the alienation’s expected value and the profit/loss expected as a result, which will have to be

included in the projections cited in Art. 5 of this addendum.


90

Art. 5: The supervised body will have to present in its SRP the following actuarial and financial

projections:

I – balance sheet and demonstration of the period’s results following the same pattern of

information rendered in the FIP (Periodic Information Form)

II – ANE’s expected value;

III – expected value of the venture capital and of each one of its installments; and

IV – MCR’s expected value.

§ 1: The projections of values in sub-items I to IV have to be provided quarterly, all through the

term established for the solution of the shortage.

§ 2: The supervised body will have to describe and justify technical criteria and economic

scenarios used in the projections.

§ 3: The supervised body will have to perform a sensitivity analysis of the factors that have the

biggest impact on projections.

Art. 6: With the purpose of monitoring the procedures and corrective actions to be adopted

for solving the shortage, the supervised body has to indicate in its SRP the control variables

used, as well as their respective margin of safety and the corrective measures to be adopted in

case of identification of planning variances.


91

ADDENDUM IX

MINIMUM ELEMENTOS OF THE SRP, WHEN MOTIVATED BY LIQUIDITY SHORTAGE RELATED

TO VC

Art. 1: The SPR will be identified by the supervised body’s name, CNPJ and by the supervised

body’s code at SUSEP.

Art. 2: The supervised body has to describe the following items in its SRP:

I – investment policy;

II – credit and market risk management policy;

III – assets and liabilities management (ALM) policy;

IV – policy regarding the pay of executives and professionals involved with risk management;

and

V – other relevant information.

Art. 3: The supervised body will have to describe, in its SRP, precisely and in details, the factors

that contributed to liquidity shortage regarding VC.

Art. 4: The supervised body will have to describe in its SRP, precisely and in details, the

procedures and corrective actions to be taken for solving the shortage of liquidity regarding

VC.

§ 1: If the proposal to solve the shortage needs financial resource contributions that will be

used to buy net assets, the supervised body will have to indicate the term and the way those

financial resources will be provided and identify the origin of these resources.


one of the topics described in the sub-items presented in Art. 2 of this addendum, the

supervised body will have to, in the respective item, identify and explain in details the changes

to be made and the expected results.


one of the topics described in the subparagraphs presented in Art. 2 of Addendum I, not

provided for in Art. 2 of the present addendum, the supervised body will have to, in the

respective item, identify and explain in details the changes to be made and the expected

results.

§ 4: In case of portfolio transfer or change in the geographic operating area, the supervised

body has to indicate the registration number of the proceeding opened in SUSEP for this

purpose.

§ 5: If the proposal to solve the shortage involves property alienation, the supervised body has

to present a detailed list of the properties it wants to sell, describing at least their book value,

the alienation’s expected value and the profit/loss expected as a result, which will have to be

included in the projections cited in Art. 5 of this addendum.

Art 5: The supervised body will have to present in its SRP the following actuarial and financial

projections:

I – VC’s expected value;


92

II – expected value of the liquidity sufficiency regarding VC; and

III – expected value of the need of coverage of technical provisions.

§ 1: The value projections referred to in sub-items I to III have to be provided monthly, all

through the term established for the solution of the shortage.

§ 2: The supervised body will have to describe and justify technical criteria and economic

scenarios used in the projections.

§ 3: The supervised body will have to perform a sensitivity analysis of the factors that have the

biggest impact on projections.

Art. 6: With the purpose of monitoring the procedures and corrective actions to be adopted

for solving the shortage, the supervised body has to indicate in its SRP the control variables

used, as well as their respective margin of safety and the corrective measures to be adopted in

case of identification of planning variances.


93

ADDENDUM X

ACCOUNT ITEMS

1

11

111

1111

11111

1112

11121

11122

1113

11131

11132

11137

1115

11151

11152

112

1121

11211

112111

1121111

1121112

112112

1121121

1121122

112119

11212

112121

1121211

1121212

112122

1121221

1121222

112129

ASSETS

CURRENT ASSETS

LIQUID ASSETS

CASH

CASH

AMOUNTS IN TRANSIT

AMOUNTS IN TRANSIT

CHEQUES ISSUED

BANK ACCOUNT DEPOSITS

BANK ACCOUNT DEPOSITS - TURNOVER - BRAZIL

BANK COLLECTION ACCOUNT

BANK ACCOUNT DEPOSITS - TURNOVER - ABROAD

INVESTMENTS - CASH EQUIVALENT

ORIGINAL VALUE

ADJUSTMENT TO MARKET VALUE

SHORT TERM INVESTMENTS

FIXED-INCOME SECURITIES - PRIVATE

PLEDGED AS COLLATERAL FOR TECHNICAL PROVISIONS

ISSUED BY FINANCIAL INSTITUTIONS

ORIGINAL VALUE


ISSUED BY NON-FINANCIAL INSTITUTIONS

ORIGINAL VALUE


REDUCTION TO RECOVERY VALUE

NOT PLEDGED AS COLLATERAL FOR TECHNICAL PROVISIONS

ISSUED BY FINANCIAL INSTITUTIONS

ORIGINAL VALUE


ISSUED BY NON-FINANCIAL INSTITUTIONS

ORIGINAL VALUE




94

1122

11221

FIXED-INCOME SECURITIES - PUBLIC


112211

1122111

1122112

112212

1122121

1122122

112213

1122131

1122132

112218

1122181

1122182

112219

11222

112221

1122211

1122212

112222

1122221

1122222

112223

1122231

1122232

112228

1122281

1122282

112229

1123

11231

112311

1123111

1123112

112312

1123121

1123122

112313

1123131

1123133

1123135

112318

1123181

1123182

112319

DOMESTIC PUBLIC DEBT SECURITIES – FEDERAL

ORIGINAL VALUE


DOMESTIC PUBLIC DEBT SECURITIES – STATE

ORIGINAL VALUE


DOMESTIC PUBLIC DEBT SECURITIES – MUNICIPAL

ORIGINAL VALUE


FOREIGN PUBLIC DEBT SECURITIES

ORIGINAL VALUE




DOMESTIC PUBLIC DEBT SECURITIES – FEDERAL

ORIGINAL VALUE


DOMESTIC PUBLIC DEBT SECURITIES – STATE

ORIGINAL VALUE


DOMESTIC PUBLIC DEBT SECURITIES – MUNICIPAL

ORIGINAL VALUE


FOREIGN PUBLIC DEBT SECURITIES

ORIGINAL VALUE



VARIABLE INCOME SECURITIES


SHARES IN LISTED COMPANIES

ORIGINAL VALUE


SHARES IN OTHER COMPANIES

ORIGINAL VALUE


FINANCIAL DERIVATIVES

FORWARD MARKET

FUTURES AND OPTIONS MARKETS

SWAP TRANSACTIONS

OTHER VARIABLE INCOME SECURITIES

ORIGINAL VALUE



11232

112321

1123211

1123212

112322

1123221


SHARES IN LISTED COMPANIES

ORIGINAL VALUE


SHARES IN OTHER COMPANIES

ORIGINAL VALUE


95

1123222

112323

1123231

1123233

1123235

112328

1123281

1123282

112329

1126

11261

112611

1126111

11261111

11261112

1126112

11261121

11261122

1126113

11261131

11261132

112612

1126121

1126122

11262

112621

1126211

11262111

11262112

1126212

11262121

11262122

1126213


FINANCIAL DERIVATIVES

FORWARD MARKET

FUTURES AND OPTIONS MARKETS

SWAP TRANSACTIONS

OTHER VARIABLE INCOME SECURITIES

ORIGINAL VALUE



SHARES IN INVESTMENT FUNDS


SHARES IN SPECIAL PURPOSE INVESTMENT FUNDS

SPECIAL PURPOSE INVESTMENT FUNDS - BENEFIT PLAN GUARANTORS

ORIGINAL VALUE


SPECIAL PURPOSE INVESTMENT FUNDS - LIFE INSURANCE

GUARANTORS

ORIGINAL VALUE


SHARES IN OTHER SPECIAL PURPOSE INVESTMENT FUNDS

ORIGINAL VALUE


SHARES IN OTHER INVESTMENT FUNDS

ORIGINAL VALUE



SHARES IN SPECIAL PURPOSE INVESTMENT FUNDS

SPECIAL PURPOSE INVESTMENT FUNDS - BENEFIT PLAN GUARANTORS

ORIGINAL VALUE


SPECIAL PURPOSE INVESTMENT FUNDS - LIFE INSURANCE

GUARANTORS

ORIGINAL VALUE

11262131

11262132

112622

1126221

1126222

1127

11271

112711

112712

112719

11272

112721

112722

112729

1128


SHARES IN OTHER SPECIAL PURPOSE INVESTMENT FUNDS

ORIGINAL VALUE


SHARES IN OTHER INVESTMENT FUNDS

ORIGINAL VALUE


SHORT TERM INVESTMENTS ABROAD


ORIGINAL VALUE




ORIGINAL VALUE



OTHER SHORT TERM INVESTMENTS


96

11281

112818

1128181

1128182

1128189

11282

112821

112822

112828

1128281

1128282

1128289

113

1131

11311

113111

113113

11312

113121

113123



ORIGINAL VALUE



NOT PLEDGED AS COLLATERAL FOR RESERVES

REINSURERS – INTEREST-BEARING RETENTION OF CLAIMS PROVISION

REINSURERS – DEPOSIT ACCOUNT – FOREIGN CURRENCY


ORIGINAL VALUE



OPERATING CREDITS

PREMIUMS RECEIVABLE

DIRECT

PREMIUMS - EXISTING RISKS FOR WHICH POLICIES HAVE BEEN ISSUED

UNEARNED INTEREST

ACCEPTED CO-INSURANCE

PREMIUMS

UNEARNED INTEREST

11315

11316

113161

113162

113163

11319

1132

11321

113211

113218

11322

113221

113223

113224

113225

113228

11323

113231

1132311

1132312

113232

1132321

1132322

113233

1132331

1132332

113234

PREMIUMS - EXISTING RISKS FOR WHICH POLICIES HAVE NOT YET BEEN ISSUED

RETROCESSIONS

LOCAL REINSURER

ADMITTED REINSURER

EVENTUAL REINSURER


INSURERS - BRAZIL

ACCEPTED CO-INSURANCE

PREMIUMS

OTHER CREDITS

CO-INSURANCE CEDED

PREMIUMS

UNEARNED INTEREST

CLAIMS

SALES EXPENSES

OTHER CREDITS

REINSURANCE ACCEPTED - LOCAL REINSURER

ACTUAL PREMIUMS

ACTUAL REINSURANCE PREMIUMS

(-) ACTUAL REINSURANCE COMMISSIONS

ESTIMATED PREMIUMS

ESTIMATED REINSURANCE PREMIUMS

(-) ESTIMATED REINSURANCE COMMISSIONS

EXISTING RISKS FOR WHICH POLICIES HAVE NOT YET BEEN ISSUED

PREMIUMS - RENI

(-) REINSURANCE COMMISSIONS - RENI

CLAIMS


97

113235 SALES EXPENSES

113238 OTHER CREDITS

11328 PORTFOLIO TRANSFER - INSURANCE

11329 REDUCTION TO RECOVERY VALUE

1133 INSURERS - ABROAD

11331 INSURERS – ABROAD – ACCOUNT FOREIGN CURRENCY TURNOVER


1134 REINSURERS

11341 REINSURER - LOCAL

113411 PREMIUMS

1134111 ACTUAL PREMIUMS

11341111 GROSS ACTUAL PREMIUMS

11341112 (-) ACTUAL COMMISSIONS

1134112 ESTIMATED PREMIUMS

11341121 GROSS ESTIMATED PREMIUMS

11341122 (-) ESTIMATED COMMISSIONS

1134113 RISKS IN EFFECT BUT NOT ISSUED (RENI)

11341131 PREMIUMS - RENI

11341132 (-) COMMISSIONS ON RENI

113414 CLAIMS

1134142 CLAIMS SETTLED


11342 REINSURER - ADMITTED

113421 PREMIUMS










113424 CLAIMS



11343 REINSURER - EVENTUAL

113431 PREMIUMS











98

113434 CLAIMS




1135 AMOUNTS RECEIVABLE - PRIVATE SUPPLEMENTARY PENSION

11351 CONSIGNMENTS BY REGISTRATION BODIES

11352 BANK CONSIGNMENTS

11353 AMOUNTS TO BE SETTLED

11354 CONTRIBUTIONS ON RISKS IN EFFECT BUT NOT YET RECEIVED

11358 OTHER CREDITS


1136 REINSURANCE TRANSACTIONS AND TRANSFERS - PRIVATE SUPPLEMENTARY PENSION

11361 PRIVATE SUPPLEMENTARY PENSION REINSURANCE CREDITS

113611 CONTRIBUTIONS RECEIVABLE

1136111 LOCAL REINSURER

1136112 ADMITTED REINSURER

1136113 EVENTUAL REINSURER

113612 BENEFITS TO BE RECOVERED




113618 OTHER PRIVATE SUPPLEMENTARY PENSION REINSURANCE CREDITS





11362 PRIVATE SUPPLEMENTARY PENSION TRANSFERS


1136211 PRIVATE SUPPLEMENTARY PENSION ENTITIES

1136212 INSURERS

1136218 OTHER INSTITUTIONS



1136222 INSURERS


113627 PORTFOLIO TRANSFER - PRIVATE SUPPLEMENTARY PENSION

113628 OTHER PRIVATE SUPPLEMENTARY PENSION TRANSFER CREDITS


1136282 INSURERS



1137 CREDITS FROM CAPITALIZATION TRANSACTIONS


113711 SAVINGS BONDS - SINGLE PAYMENT

113712 SAVINGS BONDS - MONTHLY PAYMENTS

113713 SAVINGS BONDS - PERIODIC PAYMENTS

11372 CREDITS FROM TRANSACTIONS WITH PARTNER INSTITUTIONS




11378 PORTFOLIO TRANSFER - CAPITALIZATION



99




1138 OTHER OPERATING CREDITS

11381 AGENTS AND CORRESPONDENTS

11383 BROKERS

11384 DPVAT

11386 BRANCHES ABROAD

11387 FESA/FCVS PAYMENTS

113871 INDEMNITIES PAID

113872 INSURER MANAGEMENT FEES

113873 FINANCIAL AGENT COMMISSIONS

113878 OTHER PAYMENTS

11388 OTHER CREDITS


114 SECURITIES AND CREDITS RECEIVABLE

1141 CREDITS RECEIVABLE

11411 RENTS RECEIVABLE

11412 PROFIT SHARING RECEIVABLE

11413 DIVIDENDS AND INTEREST ON CAPITAL RECEIVABLE

11414 RIGHTS DERIVING FROM THE SALE OF PROPERTY

11417 FESA/FCVS AMOUNTS RECEIVABLE

11418 OTHER CREDITS RECEIVABLE


1142 SECURITIES RECEIVABLE

11421 INSURANCE PROMISSORY NOTES BEING COLLECTED

11422 PROMISSORY NOTES

11428 OTHER SECURITIES RECEIVABLE


1143 LOANS

11431 MORTGAGE LOANS

11432 SECURED LOANS

11433 LOANS BACKED BY SECURITIES

11435 COMPULSORY LOANS


1144 TAX AND SOCIAL SECURITY CREDITS

11441 INCOME TAX CREDITS

114411 INCOME TAX TO BE OFFSET

114412 PRE-PAID INCOME TAX

114413 INCOME TAX REFUNDS

114414 INCOME TAX WITHHELD AT SOURCE – INTEREST ON CAPITAL

114415 TIMING ADJUSTMENTS

114416 TAX LOSSES

11442 SOCIAL CONTRIBUTION CREDITS

114421 SOCIAL CONTRIBUTION TO BE OFFSET

114422 PRE-PAID SOCIAL CONTRIBUTION

114423 SOCIAL CONTRIBUTION REFUNDS


114426 TAX LOSSES


100

11444 SOCIAL SECURITY CREDITS

114441 MATERNITY PAY

114442 FAMILY ALLOWANCE

114443 OTHER SOCIAL SECURITY CREDITS

11445 COFINS AND PIS CREDITS

114451 COFINS TO BE OFFSET

114453 PIS TO BE OFFSET

11448 OTHER TAX AND SOCIAL SECURITY CREDITS


1145 ADVANCES TO EMPLOYEES

11451 PAY

11452 VACATION PAY

11453 13th SALARY

11458 OTHER ADVANCES

1146 ADMINISTRATIVE ADVANCES

11461 ADVANCES FOR TRAVEL

11462 ADVANCES TO SUPPLIERS

11468 OTHER ADVANCES

1147 JUDICIAL DEPOSITS AND TAX CONTINGENCIES

11471 DEPOSITS LEGAL EXPENSES - CLAIMS

11472 JUDICIAL DEPOSITS AND TAX CONTINGENCIES - TAXES

11473 JUDICIAL DEPOSITS AND TAX CONTINGENCIES - SOCIAL SECURITY CONTRIBUTIONS

11474 JUDICIAL DEPOSITS AND TAX CONTINGENCIES - BENEFITS

11475 JUDICIAL DEPOSITS AND TAX CONTINGENCIES - LABOR

11476 JUDICIAL DEPOSITS AND TAX CONTINGENCIES - CAPITALIZATION

11477 JUDICIAL DEPOSITS AND TAX CONTINGENCIES - CIVIL LIABILITY CONTINGENCIES

11478 OTHER DEPOSITS

1148 OTHER CREDITS

11481 BANK ACCOUNTS FROZEN BY COURT ORDER

11488 SUNDRY CREDITS


1149 FINANCIAL ASSISTANCE TO PARTICIPANTS

11491 MORTGAGE GUARANTEE

11492 SECURITY GUARANTEE

11493 REGISTERED GUARANTEE

11494 OTHER GUARANTEES

11498 (-) INCOME FOR ALLOCATION


115 OTHER ASSETS

1151 NON-CURRENT ASSETS HELD FOR SALE

11511 SALVAGE FOR SALE

11512 INVESTMENTS FOR SALE

11513 PROPERTY FOR SALE

11518 OTHER ASSETS FOR SALE


1152 INVENTORY

11521 INVENTORY



101

1153 PREMISSES IN BRAZIL



1154 SOCIAL, CULTURAL AND OTHER ADVANCES

11541 SOCIAL, CULTURAL AND OTHER ADVANCES


1155 CHEQUES AND ORDERS RECEIVABLE

11551 THIRD PARTY CHEQUES


1158 OTHER ASSETS

11581 OTHER ASSETS


116 COMPULSORY LOANS AND DEPOSITS


11611 LOANS

11612 COMPULSORY DEPOSITS

116121 DEPOSITS COVERING RENTAL PAYMENTS

116122 OTHER COMPULSORY DEPOSITS


117 PRE-PAID EXPENSES

1171 OPERATING EXPENSES

11711 PRE-PAID OPERATING EXPENSES

1172 ADMINISTRATIVE EXPENSES

11721 PRE-PAID ADMINISTRATIVE EXPENSES

118 DEFERRED ACQUISITION COSTS

1181 DEFERMENT - RISK TERM

11811 ACQUISITION COSTS - INSURANCE

118111 INSURANCE COMMISSIONS

118112 ACCEPTED CO-INSURANCE COMMISSIONS

118114 ACCEPTED RETROCESSION COMMISSIONS




118115 INSURANCE AGENCY

118116 ACCEPTED CO-INSURANCE AGENCY

118118 OTHER DEFERRED ACQUISITION COSTS

11812 BROKERAGE COMMISSIONS – REINSURANCE

118123 REINSURANCE BROKERAGE

118124 ACCEPTED RETROCESSION BROKERAGE


102

11813 ACQUISITION COSTS - PRIVATE SUPPLEMENTARY PENSION

118131 PRIVATE PENSION COMMISSIONS

118132 PRIVATE PENSION AGENCY

11814 DEFERRED ACQUISITION COSTS - CAPITALIZATION

118141 DEFERRED CAPITALIZATION COMMISSIONS


118142 DEFERRED CAPITALIZATION AGENCY




1182 DEFERMENT - OTHER



118212 COMMISSIONS ON ACCEPTED CO-INSURANCE

118214 COMMISSIONS ON ACCEPTED RETROCESSIONS







11822 BROKERAGE COMMISSIONS – REINSURANCE













119 REINSURANCE AND RETROCESSION ASSETS DEFERRED

1191 PREMIUMS - REINSURANCE

11911 DEFERRED REINSURANCE PREMIUM - PUEP

119111 DEFERRED REINSURANCE PREMIUM - PUEP

119112 DEFERRED COMMISSIONS - REINSURANCE PREMIUMS CEDED

11912 DEFERRED REINSURANCE PREMIUM - RENI

11915 MATHEMATICAL PROVISION FOR FUTURE BENEFIT PAYMENTS

11917 PROVISION FOR ADDITIONAL COVERAGE

11918 OTHER DEFERRED PREMIUMS



103

1192 PREMIUMS - RETROCESSION

11921 DEFERRED RETROCESSION PREMIUMS - PUEP

119211 ESTIMATED


1192112 DEFERRED COMMISSIONS - RETROCESSION PREMIUMS CEDED

119212 ACTUAL


1192122 DEFERRED COMMISSIONS - RETROCESSION PREMIUMS CEDED

11922 DEFERRED RETROCESSION PREMIUMS - RENI


119222 DEFERRED COMMISSIONS - RETROCESSION PREMIUMS CEDED - RENI


11926 PROVISION FOR TECHNICAL SURPLUS


11928 OTHER PREMIUMS DEFERRED

1193 CLAIMS - REINSURANCE

11931 CLAIMS - PENDING PAYMENT


119312 IBNAR

11932 IBNR

11934 MATHEMATICAL PROVISION FOR BENEFITS GRANTED

11935 PROVISION FOR RELATED EXPENSES

1194 CLAIMS - RETROCESSION



119412 IBNAR

11942 IBNR



1197 OTHER TECHNICAL PROVISIONS

1198 OTHER REINSURANCE AND RETROCESSION ASSETS DEFERRED


12 NON-CURRENT ASSETS

121 LONG TERM

1211 SHORT TERM INVESTMENTS

12111 FIXED-INCOME SECURITIES - PRIVATE

121111 PLEDGED AS COLLATERAL FOR TECHNICAL PROVISIONS

1211111 ISSUED BY FINANCIAL INSTITUTIONS

12111111 ORIGINAL VALUE

12111112 ADJUSTMENT TO MARKET VALUE

1211112 ISSUED BY NON-FINANCIAL INSTITUTIONS




121112 NOT PLEDGED AS COLLATERAL FOR TECHNICAL PROVISIONS



104







12112 FIXED-INCOME SECURITIES - PUBLIC


1211211 DOMESTIC PUBLIC DEBT SECURITIES - FEDERAL



1211212 DOMESTIC PUBLIC DEBT SECURITIES - STATE



1211213 DOMESTIC PUBLIC DEBT SECURITIES - MUNICIPAL



1211214 FOREIGN PUBLIC DEBT SECURITIES





1211221 DOMESTIC PUBLIC DEBT SECURITIES - FEDERAL



1211222 DOMESTIC PUBLIC DEBT SECURITIES - STATE



1211223 DOMESTIC PUBLIC DEBT SECURITIES - MUNICIPAL



1211224 FOREIGN PUBLIC DEBT SECURITIES




12113 VARIABLE INCOME SECURITIES


1211311 SHARES IN LISTED COMPANIES



1211312 SHARES IN OTHER COMPANIES



1211313 FINANCIAL DERIVATIVES

12113131 FORWARD MARKET

12113133 FUTURES AND OPTIONS MARKETS

12113135 SWAP TRANSACTIONS

1211318 OTHER VARIABLE INCOME SECURITIES





105


1211321 SHARES IN LISTED COMPANIES



1211322 SHARES IN OTHER COMPANIES







1211328 OTHER VARIABLE INCOME SECURITIES




12115 TAX INCENTIVE INVESTMENTS

121151 DEPOSITS

12116 INVESTMENT FUND SHARES


1211611 SHARES IN SPECIAL PURPOSE INVESTMENT FUNDS

12116111 SPECIAL PURPOSE INVESTMENT FUNDS - SECURING BENEFIT PLANS



12116112 SPECIAL PURPOSE INVESTMENT FUNDS - SECURING LIFE INSURANCE



12116113 SHARES IN OTHER SPECIAL PURPOSE INVESTMENT FUNDS



1211612 SHARES IN OTHER INVESTMENT FUNDS




1211621 SHARES IN SPECIAL PURPOSE INVESTMENT FUNDS







12116213 SHARES IN OTHER SPECIAL PURPOSE INVESTMENT FUNDS






12117 SHORT TERM INVESTMENTS ABROAD




106







12118 OTHER SHORT TERM INVESTMENTS






121182 NOT LINKED TO COVERING RESERVES

1211821 REINSURERS – INTEREST-BEARING RETENTION OF CLAIMS PROVISION

1211822 REINSURERS – DEPOSIT ACCOUNT – FOREIGN CURRENCY





12119 SHORT TERM FINANCIAL INVESTMENTS FROZEN BY COURT ORDER




1212 OPERATING CREDITS

12121 PREMIUMS RECEIVABLE

121211 DIRECT

1212111 PREMIUMS

1212112 INTEREST TO BE ALLOCATED

121212 ACCEPTED CO-INSURANCE

1212121 PREMIUMS

1212122 UNEARNED INTEREST

121213 RETROCESSIONS





12122 INSURERS - BRAZIL


1212211 PREMIUMS


121222 CO-INSURANCE CEDED

1212221 PREMIUMS


1212223 CLAIMS



121223 ACCEPTED REINSURANCE - LOCAL REINSURER


12122311 ACTUAL REINSURANCE PREMIUMS


107

12122312 (-) ACTUAL REINSURANCE COMMISSIONS


12122321 ESTIMATED REINSURANCE PREMIUMS

12122322 (-) ESTIMATED REINSURANCE COMMISSIONS

1212233 EXISTING RISKS FOR WHICH POLICIES HAVE NOT YET BEEN ISSUED


12122332 (-) REINSURANCE COMMISSIONS - RENI

1212234 CLAIMS





121231 INSURERS - ABROAD – ACCOUNT TURNOVER


12124 REINSURERS


1212411 PREMIUMS


121241111 ACTUAL GROSS PREMIUMS



121241121 ESTIMATED GROSS PREMIUMS




121241132 (-) COMMISSIONS - RENI



1212421 PREMIUMS












1212431 PREMIUMS


121243111 ACTUAL GROSS PREMIUMS



121243121 ESTIMATED GROSS PREMIUMS





108




12125 AMOUNTS RECEIVABLE - PRIVATE SUPPLEMENTARY PENSION







121261 PRIVATE SUPPLEMENTARY PENSION REINSURANCE CREDITS









1212618 OTHER PRIVATE SUPPLEMENTARY PENSION REINSURANCE CREDITS





121262 PRIVATE SUPPLEMENTARY PENSION TRANSFER CREDITS



12126212 INSURERS




12126222 INSURERS



1212628 OTHER PRIVATE SUPPLEMENTARY PENSION TRANSFER CREDITS


12126282 INSURERS








121273 CREDITS FROM TRANSACTIONS WITH PARTNER INSTITUTIONS








109





121282 BROKERS




1213 SECURITIES AND CREDITS RECEIVABLE



121314 RIGHTS DERIVING FROM THE SALE OF PROPERTY



121321 INSURANCE PROMISSORY NOTES BEING COLLECTED

121322 PROMISSORY NOTES

121328 OTHER SECURITIES RECEIVABLE


12133 LOANS


121332 SECURED LOANS

121334 LOANS BACKED BY SECURITIES




121341 INCOME TAX CREDITS

1213411 INCOME TAX TO BE OFFSET

1213412 INCOME TAX REFUNDS


1213416 TAX LOSSES

121342 SOCIAL CONTRIBUTION CREDITS

1213421 SOCIAL CONTRIBUTION TO BE OFFSET

1213422 SOCIAL CONTRIBUTION REFUNDS

1213423 SOCIAL CONTRIBUTION OFFSET BY COFINS


1213426 TAX LOSSES

121344 SOCIAL SECURITY CREDITS

121345 COFINS AND PIS CREDITS

1213451 COFINS TO BE OFFSET

1213452 PIS TO BE OFFSET

121348 OTHER TAX AND SOCIAL SECURITY CREDITS


12135 JUDICIAL DEPOSITS AND TAX CONTINGENCIES

121351 JUDICIAL DEPOSITS - CLAIMS

121352 JUDICIAL DEPOSITS AND TAX CONTINGENCIES - TAXES

121353 JUDICIAL DEPOSITS AND TAX CONTINGENCIES - SOCIAL SECURITY CONTRIBUTIONS

121354 JUDICIAL DEPOSITS AND TAX CONTINGENCIES - BENEFITS


110

121355 JUDICIAL DEPOSITS AND TAX CONTINGENCIES - LABOR

121356 JUDICIAL DEPOSITS AND TAX CONTINGENCIES - CAPITALIZATION

121357 JUDICIAL DEPOSITS AND TAX CONTINGENCIES - CIVIL LIABILITY

121358 0THER DEPOSITS


121381 BANK ACCOUNTS FROZEN BY COURT ORDER




121391 MORTGAGE GUARANTEE

121392 SECURITY GUARANTEE

121393 REGISTERED GUARANTEE

121394 OTHER GUARANTEES



1214 OTHER ASSETS

12141 OTHER ASSETS

121411 SALVAGE NOT AVAILABLE FOR SALE

121418 OTHER ASSETS




121511 LOANS

121512 COMPULSORY DEPOSITS

1215121 DEPOSITS COVERING RENTAL PAYMENTS

1215122 OTHER COMPULSORY DEPOSITS


1216 PRE-PAID EXPENSES

12161 OPERATING EXPENSES

121611 PRE-PAID OPERATING EXPENSES


121621 PRE-PAID ADMINISTRATIVE EXPENSES

12168 OTHER EXPENDITURE

1217 DEFERRED ACQUISITION COSTS

12171 DEFERMENT - RISK TERM




1217114 RETROCESSION COMMISSIONS







121712 REINSURANCE BROKERAGE COMMISSIONS



111












12172 DEFERMENT - OTHER




1217214 RETROCESSION COMMISSIONS







121722 REINSURANCE BROKERAGE COMMISSIONS













1218 REINSURANCE AND RETROCESSION ASSETS

12181 DEFERRED REINSURANCE PREMIUMS

121811 DEFERRED REINSURANCE PREMIUMS - PUEP

1218111 DEFERRED REINSURANCE PREMIUMS - PUEP

1218112 (-) DEFERRED COMMISSIONS - REINSURANCE PREMIUMS CEDED

121812 DEFERRED REINSURANCE PREMIUMS - RENI




12182 DEFERRED RETROCESSION PREMIUMS


1218211 ESTIMATED


12182112 (-) DEFERRED COMMISSIONS - RETROCESSION PREMIUMS CEDED

1218212 ACTUAL


112


12182122 (-) DEFERRED COMMISSIONS - RETROCESSION PREMIUMS CEDED



1218222 (-) DEFERRED COMMISSIONS - RETROCESSION PREMIUMS CEDED - RENI








1218312 IBNAR

121832 IBNR






1218412 IBNAR

121842 IBNR




12188 OTHER REINSURANCE AND RETROCESSION ASSETS DEFERRED


122 INVESTMENTS

1221 EQUITY HOLDINGS - INVESTMENTS IN BRAZIL

12211 SHARES IN FINANCIAL OR EQUIVALENT COMPANIES - FULLY-OWNED SUBSIDIARIES

122111 BOOK VALUE

122112 PREMIUM

12212 SHARES IN FINANCIAL OR EQUIVALENT COMPANIES - SUBSIDIARIES

122121 BOOK VALUE

122122 PREMIUM

12213 SHARES IN FINANCIAL OR EQUIVALENT COMPANIES - AFFILIATES

122131 BOOK VALUE

122132 PREMIUM

12215 SHARES IN NON-FINANCIAL OR NOT EQUIVALENT COMPANIES - FULLY-OWNED SUBSIDIARIES

122151 BOOK VALUE

122152 PREMIUM

12216 SHARES IN NON-FINANCIAL OR NOT EQUIVALENT COMPANIES - SUBSIDIARIES

122161 BOOK VALUE

122162 PREMIUM

12217 SHARES IN NON-FINANCIAL OR NOT EQUIVALENT COMPANIES - AFFILIATES

122171 BOOK VALUE


113

122172 PREMIUM

12218 OTHER INVESTMENTS


1222 EQUITY HOLDINGS - INVESTMENTS ABROAD

12221 SHARES IN FINANCIAL OR EQUIVALENT COMPANIES - FULLY-OWNED SUBSIDIARIES

122211 BOOK VALUE

122212 PREMIUM

12222 SHARES IN FINANCIAL OR EQUIVALENT COMPANIES - SUBSIDIARIES

122221 BOOK VALUE

122222 PREMIUM

12223 SHARES IN FINANCIAL OR EQUIVALENT COMPANIES - AFFILIATES

122231 BOOK VALUE

122232 PREMIUM


12225 SHARES IN NON-FINANCIAL OR NOT EQUIVALENT COMPANIES - FULLY-OWNED SUBSIDIARIES

122251 BOOK VALUE

122252 PREMIUM

12226 SHARES IN NON-FINANCIAL OR NOT EQUIVALENT COMPANIES - SUBSIDIARIES

122261 BOOK VALUE

122262 PREMIUM

12227 SHARES IN NON-FINANCIAL OR NOT EQUIVALENT COMPANIES - AFFILIATES

122271 BOOK VALUE

122272 PREMIUM



1223 TAX INCENTIVES

12231 TAX INCENTIVE SHARES

12232 SHARES IN INVESTMENT FUNDS


1224 INVESTMENTS IN GOLD

12241 SHORT TERM INVESTMENTS IN GOLD


1225 URBAN PROPERTY NOT INTENDED FOR OWN USE

12251 URBAN LAND

122511 ACQUISITION COST

122512 REVALUATION


12252 URBAN BUILDINGS


122523 REVALUATION


12259 URBAN BUILDINGS - ACCUMULATED DEPRECIATION

122591 DEPRECIATION OF ACQUISITION COST

122592 DEPRECIATION OF REVALUATION

1226 RURAL PROPERTY

12261 RURAL LAND


114


122612 REVALUATION


12262 RURAL BUILDINGS


122623 REVALUATION


12269 RURAL BUILDINGS - ACCUMULATED DEPRECIATION

122691 DEPRECIATION OF ACQUISITION COST

122692 DEPRECIATION OF REVALUATION


12281 MARKETABLE EQUITY SECURITIES

12282 WORKS OF ART



1229 ADVANCE FOR INVESTMENT ACQUISITION

12291 EQUITY HOLDINGS - INVESTMENTS IN BRAZIL

12292 EQUITY HOLDINGS - INVESTMENTS ABROAD

12293 URBAN PROPERTY

12294 RURAL PROPERTY



123 FIXED ASSETS

1231 PROPERTY FOR OWN USE

12311 LAND

123111 LAND – ACQUISITION COST

123112 LAND – REVALUATION


12312 BUILDINGS

123121 BUILDINGS – ACQUISITION COST

123122 BUILDINGS – REVALUATION


12319 ACCUMULATED DEPRECIATION

123191 BUILDINGS – ACQUISITION COST

123192 BUILDINGS - REVALUATION

1232 EQUIPMENT

12321 INFORMATION TECHNOLOGY

123211 HARDWARE

123212 APPLICATION SYSTEMS

12322 TELECOMMUNICATIONS

12323 COOLING

12328 OTHER

12329 ACCUMULATED DEPRECIATION / AMORTIZATION


123292 ACCUMULATED AMORTIZATION

1233 FURNITURE, MACHINERY AND UTENSILS




115

1234 VEHICLES

12341 VEHICLES


1235 CONSTRUCTION IN PROGRESS

12351 BUILDINGS UNDER CONSTRUCTION

12352 EQUIPMENT IMPORTED OR ON ORDER

12358 OTHER WORK IN PROGRESS

1238 OTHER FIXED ASSETS

12383 IMPROVEMENTS TO THIRD-PARTY PROPERTY


12389 ACCUMULATED AMORTIZATION / DEPRECIATION



124 INTANGIBLE ASSETS

1243 PREMIUM ON PORTFOLIO TRANSFER


12438 AMORTIZATION


1248 OTHER INTANGIBLE ASSETS

12481 TRADEMARKS AND PATENTS

12482 EXPENDITURE ON DEVELOPMENT OF THE INFORMATION TECHNOLOGY SYSTEM

12487 OTHER INTANGIBLE ASSETS

12488 AMORTIZATION


125 DEFERRED

1251 PRE-OPERATING EXPENSES

1252 RESTRUCTURING COSTS


19 COMPENSATION

191 COMPENSATION

1911 AMOUNTS RECEIVABLE - PRIVATE PENSIONS




19118 OTHER CREDITS

1912 INVOICES ISSUED IN ADVANCE


1913 IOF TAX FOR THE FINANCIAL YEAR


1914 CAPITALIZATION TRANSACTIONS


116

19141 TOTAL REVENUE

1915 FESA/FCVS TRANSACTIONS - SFH MORTGAGE INSURANCE

19151 AGENTS FOR PREMIUM ISSUING AND COLLECTION - FESA/FCVS

19152 REPORTED CLAIMS - FESA/FCVS


19161 SHARE AND FINANCIAL ASSET CONTRACTS

1917 IRONCLAD LIFE AND PRIVATE PENSION FUNDS


1918 OTHER COMPENSATION ACCOUNTS


2 LIABILITIES

21 CURRENT LIABILITIES

211 ACCOUNTS PAYABLE

2111 LIABILITIES PAYABLE

21111 SUPPLIERS

21112 RENTS PAYABLE

21113 PARTICIPATION CERTIFICATE PROFIT SHARING

21114 DIVIDENDS, BONUSES AND INTEREST ON CAPITAL PAYABLE

21115 PROFIT SHARING PAYABLE

21116 FEES, REMUNERATION AND GRATUITIES PAYABLE

21117 OUTSTANDING PAYMENTS

211171 SUPPORT SERVICES

211172 OTHER PAYMENTS

21118 FESA/FCVS TRANSFERS

211181 SFH MORTGAGE INSURANCE PREMIUMS

211182 RECOVERY OF SFH MORTGAGE INSURANCE INDEMNITIES

211183 ADVANCES FOR PAYMENT OF SFH MORTGAGE INSURANCE CLAIMS

211188 OTHER TRANSFERS RECEIVED

21119 OTHER LIABILITIES PAYABLE




211198 OTHER LIABILITIES

2112 TAXES E SOCIAL SECURITY CONTRIBUTIONS PAYABLE

21121 INCOME TAX WITHHELD AT SOURCE - EMPLOYEES

21122 INCOME TAX WITHHELD AT SOURCE - THIRD PARTIES

21123 ISS TAX WITHHELD AT SOURCE

21124 IOF TAX

21125 SOCIAL SECURITY CONTRIBUTIONS

21126 FGTS CONTRIBUTIONS

21128 OTHER TAXES AND SOCIAL SECURITY CONTRIBUTIONS

2113 PAYROLL TAXES

21131 13th SALARY PAYABLE

21132 VACATION PAY PAYABLE

21133 SOCIAL SECURITY CONTRIBUTIONS PAYABLE


117

21138 OTHER CHARGES

2114 LOANS


21142 BANK LOANS

21148 OTHER LOANS

2115 FINANCING

21151 FINANCING FOR ASSET ACQUISITION

21159 OTHER FINANCING

2116 TAXES AND CONTRIBUTIONS

21161 INCOME TAX

211611 INCOME TAX

211612 (-) PRE-PAID INCOME TAX

21162 SOCIAL CONTRIBUTION


211622 (-) PRE-PAID SOCIAL CONTRIBUTION

21163 COFINS

21164 PIS/PASEP

21165 INCOME TAX - MP 2222/01

21168 OTHER TAXES

21169 OTHER CONTRIBUTIONS



2118 SOCIAL AND CULTURAL PROGRAMS FOR PARTICIPANTS

21181 SOCIAL AND CULTURAL PROGRAMS FOR PARTICIPANTS

2119 OTHER ACCOUNTS PAYABLE


212 DEBITS FROM INSURANCE AND REINSURANCE TRANSACTIONS

2121 PREMIUMS TO BE REFUNDED

21211 DIRECT

212111 PREMIUMS

212112 (-) REINSURANCE COMMISSIONS

21212 REINSURANCE




2122 INSURERS


212211 PREMIUMS

212214 CLAIMS


212218 OTHER DEBITS

21222 CEDED CO-INSURANCE ISSUED

212221 PREMIUMS



118

21223 CEDED CO-INSURANCE TO BE SETTLED

212231 PREMIUMS NET OF COMMISSIONS

212234 CLAIMS


212238 OTHER DEBITS

21224 REINSURANCE ACCEPTED


2122411 PREMIUMS

2122414 CLAIMS

2122418 OTHER DEBITS


2122421 PREMIUMS

2122424 CLAIMS



2122431 PREMIUMS

2122434 CLAIMS


21226 RETROCESSIONS


2122611 PREMIUMS

2122614 CLAIMS



2122621 PREMIUMS

2122624 CLAIMS



2122631 PREMIUMS

2122634 CLAIMS


21227 INSURERS - TURNOVER OF ACCOUNT ABROAD


2123 REINSURERS

21231 REINSURANCE CEDED - LOCAL REINSURER

212311 PREMIUMS

2123111 RISK ON POLICIES ISSUED

2123112 RENI

2123113 (-) COMMISSIONS ON INSURANCE CEDED - REINSURANCE

21232 REINSURANCE TO BE SETTLED - LOCAL REINSURER

212321 PREMIUMS

2123211 PREMIUMS


212324 CLAIMS

212328 OTHER DEBITS

21233 REINSURANCE CEDED - ADMITTED REINSURER

212331 PREMIUMS


2123312 RENI


21234 REINSURANCE TO BE SETTLED - ADMITTED REINSURER

212341 PREMIUMS


119

2123411 PREMIUMS


212344 CLAIMS

212348 OTHER DEBITS

21235 REINSURANCE CEDED - EVENTUAL REINSURER

212351 PREMIUMS


2123512 RENI


21236 REINSURANCE TO BE SETTLED - EVENTUAL REINSURER

212361 PREMIUMS

2123611 PREMIUMS


212364 CLAIMS

212368 OTHER DEBITS

21237 RETROCESSIONS CEDED


2123711 ACTUAL



2123712 ESTIMATED



2123713 RENI



2123714 CLAIMS



2123721 ACTUAL



2123722 ESTIMATED



2123723 RENI



2123724 CLAIMS



2123731 ACTUAL



2123732 ESTIMATED



2123733 RENI



2123734 CLAIMS


2124 INSURANCE AND REINSURANCE BROKERS

21241 COMMISSIONS PAYABLE - INSURANCE


120

21242 BROKERAGE PAYABLE - REINSURANCE

2125 COMMISSIONS AND INTEREST ON PREMIUMS

21251 DIRECT

212511 COMMISSIONS

2125111 COMMISSIONS - RISK ON POLICIES ISSUED

2125112 COMMISSIONS - CURRENT RISK ON POLICIES NOT YET ISSUED



212521 COMMISSIONS


21253 REINSURANCE ACCEPTED - LOCAL REINSURER

212531 COMMISSIONS


21254 REINSURANCE ACCEPTED - ADMITTED REINSURER

212541 COMMISSIONS


21255 REINSURANCE ACCEPTED - EVENTUAL REINSURER

212551 COMMISSIONS


21256 RETROCESSIONS




2128 OTHER OPERATING DEBITS


21282 INSURANCE SPONSORS

21283 ALLOCATED PROFITS PAYABLE

21284 ACCOUNTS PAYABLE - FESA/FCVS

21285 ACCOUNTS PAYABLE - DPVAT TRANSFERS


21287 ACCOUNTS PAYABLE - DPVAT

21288 OTHER DEBITS

213 DEBITS ON PRIVATE PENSION TRANSACTIONS

2131 CONTRIBUTIONS TO BE REFUNDED

21311 CONTRIBUTIONS TO BE REFUNDED TO PARTICIPANTS

21312 CONTRIBUTIONS ON TRANSFERS, TO BE REFUNDED


21321 PRIVATE SUPPLEMENTARY PENSION REINSURANCE DEBITS

213211 CONTRIBUTIONS TO BE TRANSFERRED




213212 BENEFITS TO BE RETURNED




213218 OTHER PRIVATE SUPPLEMENTARY PENSION REINSURANCE DEBITS





121


213221 TRANSFERRED CONTRIBUTIONS PAYABLE


2132212 INSURERS


213222 TRANSFERRED BENEFITS PAYABLE


2132222 INSURERS



213228 OTHER PRIVATE SUPPLEMENTARY PENSION TRANSFER DEBITS


2132282 INSURERS


21323 INSURANCE TRANSACTIONS

213231 PREMIUMS PAYABLE

2132311 INSURERS

21324 CORRESPONDENT TRANSACTIONS IN BRAZIL



21331 BROKERAGE COMMISSIONS PAYABLE

2135 PORTFOLIO TRANSFER



214 DEBITS FROM CAPITALIZATION TRANSACTIONS


21421 BROKERAGE COMMISSIONS PAYABLE




214811 PROFESSIONAL SERVICES PROVIDED




214812 ADVERTIZING AND PUBLICITY




214813 PLACEMENT COSTS




214818 OTHER DEBITS




215 THIRD PARTY DEPOSITS


122

2151 SHAREHOLDERS – DEPOSIT ACCOUNT S

21511 ADVANCE FOR CAPITAL INCREASE

2152 ADVANCE BILLING OF PREMIUMS

21521 PRE-PAID PREMIUMS

2154 PREMIUMS AND FEES RECEIVED

21541 INSURANCE


21543 REINSURANCE

2155 AMOUNTS FOR RECLASSIFICATION - PRIVATE SUPPLEMENTARY PENSION

21551 AMOUNTS FOR RECLASSIFICATION - PRIVATE SUPPLEMENTARY PENSION

2156 AMOUNTS FOR RECLASSIFICATION - CAPITALIZATION

21561 AMOUNTS FOR RECLASSIFICATION - CAPITALIZATION

2158 OTHER DEPOSITS

21581 OTHER DEPOSITS

216 TECHNICAL PROVISIONS – INSURANCE E REINSURANCE

2161 TECHNICAL PROVISIONS - PROPERTY

21611 PROVISION FOR UNEARNED PREMIUMS

216111 DIRECT




216115 PROVISION FOR UNEARNED PREMIUMS - PORTFOLIO TRANSFER

2161151 PORTFOLIO TRANSFER - PREMIUM

2161152 PORTFOLIO TRANSFER - DISCOUNT





216117 INTERNATIONAL TRANSACTIONS



216131 LIABILITY ADEQUACY TEST

21615 PROVISION FOR OUTSTANDING CLAIMS

216151 ADMINISTRATIVE INCOME (EXPENSES)

2161511 DIRECT








216152 LEGAL EXPENSES

2161521 DIRECT


123








216154 RECOVERY OF CO-INSURANCE CEDED

216155 IBNAR


21615511 DIRECT









21615521 DIRECT








216156 (-) ESTIMATED SALVAGE AND REIMBURSEMENTS


21616 PROVISION FOR CLAIMS INCURRED BUT NOT YET REPORTED


2161611 DIRECT









2161621 DIRECT












2161711 DIRECT


124









2161721 DIRECT








216173 EXPENSES RELATED TO IBNR


216179 OTHER

21619 OTHER PROVISIONS


2161911 DIRECT








216193 PROVISION FOR ADMINISTRATIVE EXPENSES - DPVAT

2162 TECHNICAL PROVISIONS - PERSONAL


216211 DIRECT














216231 DIRECT

2162311 INCOME FROM RANDOM EVENTS

2162312 REDEMPTION


125

2162318 OTHER



2162322 REDEMPTION

2162328 OTHER







2162372 REDEMPTION

2162378 OTHER



2162382 REDEMPTION

2162388 OTHER


216241 DIRECT











2162511 DIRECT









2162521 DIRECT








216253 IBNAR







126

2162611 DIRECT









2162621 DIRECT












2162711 DIRECT









2162721 DIRECT










216279 OTHER





2162911 DIRECT








127


2163 TECHNICAL PROVISIONS - LIFE - INDIVIDUAL AND LIFE - WITH SURVIVOR COVERAGE


216311 SINGLE PAYMENT UPON DEATH - CAPITALIZATION

216312 PAYMENTS TO SURVIVORS - INCOME - CAPITALIZATION

2163121 LIFE ANNUITY

2163122 TEMPORARY ANNUITY

2163123 TERM CERTAIN ANNUITY

216313 PAYMENT POR DISABILITY - INCOME - CAPITALIZATION




216314 PAYMENT UPON DEATH - INCOME - CAPITALIZATION




216315 BENEFIT GENERATOR LIFE INSURANCE


216318 OTHER

2163181 OTHER


216321 PAYMENT UPON DEATH - TERMINAL FUNDING




216322 PAYMENT POR DISABILITY - INCOME - TERMINAL FUNDING


















216328 OTHER

2163281 OTHER


216331 PAYMENT UPON DEATH - PAY-AS-YOU-GO



216332 PAYMENTS TO SURVIVORS - INCOME - TERMINAL FUNDING


128










216333 PAYMENT POR DISABILITY - TERMINAL FUNDING










21635 PROVISION FOR FINANCIAL SURPLUS

216351 INDIVIDUAL LIFE INSURANCE



2163611 INSURANCE


2163613 REINSURANCE











2163621 INSURANCE


2163623 REINSURANCE














129


2163811 INSURANCE









2163821 INSURANCE












2163911 SINGLE PAYMENT UPON DEATH - PAY-AS-YOU-GO


2163913 PAYMENT UPON DEATH - INCOME - TERMINAL FUNDING





















216394 PROVISION FOR REDEMPTIONS AND/OR OTHER AMOUNTS TO BE SETTLED

2163941 INSURANCE









130





2164 TECHNICAL PROVISIONS - REINSURER


216411 DIRECT

2164111 ACTUAL RISK ON POLICIES ISSUED

21641111 ACTUAL DEFERRED PREMIUMS

21641112 (-) ACTUAL DEFERRED COMMISSIONS

2164112 ESTIMATED RISK ON POLICIES ISSUED

21641121 ESTIMATED DEFERRED PREMIUMS

21641122 (-) ESTIMATED DEFERRED COMMISSIONS


21641131 DEFERRED PREMIUMS - RENI

21641132 (-) DEFERRED COMMISSIONS - RENI

216412 ACCEPTED RETROCESSIONS

































216431 DIRECT


2164312 REDEMPTION


131

2164313 OTHER







216441 DIRECT








2164511 DIRECT






2164521 DIRECT





216455 IBNAR


21645511 DIRECT






21645521 DIRECT










2164711 DIRECT






2164721 DIRECT



132









2164931 DIRECT

21649311 STAGGERED COMMISSIONS

21649312 PROFIT SHARING







2164941 DIRECT







2164951 DIRECT








21649611 DIRECT






21649621 DIRECT








2164969 OTHER


2164981 DIRECT


133






217 TECHNICAL PROVISIONS – PRIVATE SUPPLEMENTARY PENSION

2171 FROZEN PLANS


217112 LUMP SUM PLANS - CAPITALIZATION

217114 INCOME PLANS - PENSION - CAPITALIZATION

217116 INCOME PLANS - DISABILITY - CAPITALIZATION

217117 INCOME PLANS - RETIREMENT - CAPITALIZATION


217121 LUMP SUM PLANS - PAY-AS-YOU-GO



217123 INCOME PLANS - PENSION - TERMINAL FUNDING



217125 INCOME PLANS - DISABILITY - TERMINAL FUNDING

















217158 INCOME PLANS - MONTHLY PAYMENTS













134

217191 PRIVATE SUPPLEMENTARY PENSION PLANS




2172 UNFROZEN PLANS















217218 VARIABLE CONTRIBUTION PLANS

2172181 P.G.B.L.

































135















217248 OTHER

2172481 OTHER



2172611 LUMP SUM PLAN - PAY-AS-YOU-GO

2172612 LUMP SUM PLAN - CAPITALIZATION




































136























































137












21729 OTHER TECHNICAL PROVISIONS - PRIVATE SUPPLEMENTARY PENSION


2172911 RELATED EXPENSES


























2172941 PORTABILITY TO BE SETTLED





21729418 CONTRIBUTION PLANS

2172942 REDEMTIONS AND OTHER AMOUNTS TO BE SETTLED






138




















217294281 P.G.B.L.



218 TECHNICAL PROVISIONS – CAPITALIZATION

2181 PROVISION FOR REDEMPTIONS

21811 MATHEMATICAL PROVISION FOR CAPITALIZATION




21812 PROVISION FOR EARLY REDEMPTION OF SECURITIES




21813 PROVISION FOR REDEMPTION OF OVERDUE SECURITIES




2182 PROVISION FOR PRIZE DRAWS

21821 PROVISION FOR PRIZE DRAWS TO BE HELD




21822 PROVISION FOR PRIZES PAYABLE




2183 PROVISION FOR ADMINISTRATIVE EXPENSES


139




2184 PROVISION FOR PRIZE DRAW SUPPLEMENT




2185 PROVISION FOR BONUS PAYOUT








219 OTHER DEBITS

2191 LINKED TO FINANCIAL DERIVATIVES




2192 TAX LIABILITIES


2193 PROVISIONS FOR LABOR CONTINGENCIES


2194 PROVISIONS FOR CIVIL CONTINGENCIES


2195 INCOME TO BE DEFERRED - SAVINGS BONDS




2199 SUNDRY DEBITS

21991 OTHER DEBITS

21992 DEFERRED INCOME

219921 OPERATING INCOME (EXPENSES)

2199211 DEFERRED OPERATING INCOME


2199221 DEFERRED ADMINISTRATIVE INCOME

219928 OTHER EARNINGS

22 NON-CURRENT LIABILITIES

221 ACCOUNTS PAYABLE


140

2211 LIABILITIES PAYABLE

22111 PURCHASE LIABILITIES

22119 OTHER LIABILITIES PAYABLE

2212 DEFERRED TAXES

22121 INCOME TAX


22123 TAXES ON REVALUATION RESERVES

22124 SOCIAL CONTRIBUTION ON REVALUATION RESERVES

22125 OTHER TAXES

22129 OTHER CONTRIBUTIONS

2213 LOANS


22132 BANK LOANS

22139 OTHER LOANS

2214 FINANCING

22141 FINANCING FOR ASSET ACQUISITION

22149 OTHER FINANCING



222 OPERATING DEBITS

2221 INSURERS


222111 PREMIUMS

222114 CLAIMS


222118 OTHER DEBITS

22212 CEDED CO-INSURANCE ISSUED

222121 PREMIUMS


22213 CEDED CO-INSURANCE TO BE SETTLED

222131 PREMIUMS NET OF COMMISSIONS

222134 CLAIMS


222138 OTHER DEBITS

22214 REINSURANCE ACCEPTED


2221411 PREMIUMS

2221414 CLAIMS



2221421 PREMIUMS

2221424 CLAIMS



2221431 PREMIUMS

2221434 CLAIMS


22216 RETROCESSIONS



141

2221611 PREMIUMS

2221614 CLAIMS



2221621 PREMIUMS

2221624 CLAIMS



2221631 PREMIUMS

2221634 CLAIMS


22217 INSURERS - TURNOVER OF ACCOUNT ABROAD


2222 REINSURERS

22221 REINSURANCE CEDED - LOCAL REINSURER

222211 PREMIUMS

2222111 PREMIUMS

2222112 COMMISSIONS

22222 REINSURANCE TO BE SETTLED - LOCAL REINSURER

222221 PREMIUMS

2222211 PREMIUMS

2222212 COMMISSIONS

222224 CLAIMS

222228 OTHER DEBITS

22223 REINSURANCE CEDED - ADMITTED REINSURER

222231 PREMIUMS

2222311 PREMIUMS

2222312 COMMISSIONS

22224 REINSURANCE TO BE SETTLED - ADMITTED REINSURER

222241 PREMIUMS

2222411 PREMIUMS

2222412 COMMISSIONS

222244 CLAIMS

222248 OTHER DEBITS

22225 REINSURANCE CEDED - EVENTUAL REINSURER

222251 PREMIUMS

2222511 PREMIUMS

2222512 COMMISSIONS

22226 REINSURANCE TO BE SETTLED - EVENTUAL REINSURER

222261 PREMIUMS

2222611 PREMIUMS

2222612 COMMISSIONS

222264 CLAIMS

222268 OTHER DEBITS



2222711 ACTUAL



2222712 ESTIMATED



2222713 RENI

22227131 PREMIUMS RENI


142

22227132 (-) COMMISSIONS RENI

2222714 CLAIMS



2222721 ACTUAL



2222722 ESTIMATED



2222723 RENI



2222724 CLAIMS



2222731 ACTUAL



2222732 ESTIMATED



2222733 RENI



222274 CLAIMS

222278 OTHER DEBITS


22231 COMMISSIONS PAYABLE - INSURANCE

22232 COMMISSIONS PAYABLE - REINSURANCE

2224 COMMISSIONS AND INTEREST ON PREMIUMS ISSUED

22241 INSURANCE

222411 COMMISSIONS



222421 COMMISSIONS


22243 REINSURANCE ACCEPTED - LOCAL REINSURER

222431 COMMISSIONS


22244 REINSURANCE ACCEPTED - ADMITTED REINSURER

222441 COMMISSIONS


22245 REINSURANCE ACCEPTED - EVENTUAL REINSURER

222451 COMMISSIONS


22246 RETROCESSIONS





22258 OTHER DEBITS


143


22261 PRIVATE SUPPLEMENTARY PENSION REINSURANCE DEBITS

222611 CONTRIBUTIONS TO BE TRANSFERRED




222612 BENEFITS TO BE RETURNED




222618 OTHER PRIVATE SUPPLEMENTARY PENSION REINSURANCE DEBITS





222621 TRANSFERRED CONTRIBUTIONS PAYABLE


2226212 INSURERS


222622 TRANSFERRED BENEFITS PAYABLE


2226222 INSURERS



222628 OTHER PRIVATE SUPPLEMENTARY PENSION TRANSFER DEBITS


2226282 INSURERS


2227 OTHER OPERATING DEBITS - PRIVATE SUPPLEMENTARY PENSION

22271 OTHER OPERATING DEBITS DE PRIVATE SUPPLEMENTARY PENSION

2228 OPERATING DEBITS - CAPITALIZATION

22281 DEBITS FROM CAPITALIZATION TRANSACTIONS




223 TECHNICAL PROVISIONS – INSURANCE E REINSURANCE

2231 TECHNICAL PROVISIONS - PROPERTY


223111 DIRECT












144







2231511 DIRECT









2231521 DIRECT













2231611 DIRECT









2231621 DIRECT












2231711 DIRECT



145








2231721 DIRECT










223179 OTHER



2231921 DIRECT









2232 TECHNICAL PROVISIONS - PERSONAL


223211 DIRECT














223231 DIRECT


2232312 REDEMPTION

2232318 OTHER


146



2232322 REDEMPTION

2232328 OTHER







2232372 REDEMPTION

2232378 OTHER



2232382 REDEMPTION

2232388 OTHER


223241 DIRECT











2232511 DIRECT









2232521 DIRECT












223261 ADMINISTRATIVE

2232611 DIRECT



147








2232621 DIRECT













223281 ADMINISTRATIVE

2232811 DIRECT









2232821 DIRECT










223289 OTHER



2232911 DIRECT









148

2233 TECHNICAL PROVISIONS - LIFE - INDIVIDUAL AND LIFE - WITH SURVIVOR COVERAGE

















223318 OTHER

2233181 OTHER


223321 PAYMENT UPON DEATH - TERMINAL FUNDING






















223328 OTHER

2233281 OTHER









149



















223351 INDIVIDUAL LIFE INSURANCE



2233611 INSURANCE


2233613 REINSURANCE











2233621 INSURANCE


2233623 REINSURANCE














2233811 INSURANCE



150








2233821 INSURANCE




































2233941 INSURANCE












151

2234 TECHNICAL PROVISIONS - REINSURER


223411 DIRECT











































223431 DIRECT


2234312 REDEMPTION

2234318 OTHER




152





223441 DIRECT








2234511 DIRECT






2234521 DIRECT





223453 IBNAR


22345311 DIRECT

22345312 RETROCESSION ACEITAS





22345321 DIRECT










2234711 DIRECT






2234721 DIRECT






153






2234931 DIRECT

22349311 STAGGERED COMMISSIONS

22349312 PROFIT SHARING







2234941 DIRECT







2234951 DIRECT








22349611 DIRECT






22349621 DIRECT








2234969 OTHER


2234981 DIRECT




154




224 TECHNICAL PROVISIONS - PRIVATE SUPPLEMENTARY PENSION

2241 FROZEN PLANS


224112 PROVISION FOR LUMP SUM PLANS - CAPITALIZATION
























2242 UNFROZEN PLANS
















2242181 P.G.B.L.


155

















































224261 LUMP SUM PLANS

224262 INCOME PLANS


156






























2242992 INCOME PLANS

225 TECHNICAL PROVISIONS – CAPITALIZATION

2251 PROVISION FOR REDEMPTIONS





2252 PROVISION FOR PRIZE DRAWS





2254 ADMINISTRATIVE PROVISION









157

2256 PROVISION FOR BONUS PAYOUT








228 OTHER DEBITS

2281 LINKED TO FINANCIAL DERIVATIVES










2285 INCOME TO BE DEFERRED - SAVINGS BONDS




2289 SUNDRY DEBITS

22891 OTHER DEBITS

22892 DEFERRED INCOME

228921 OPERATING INCOME (EXPENSES)

2289211 DEFERRED OPERATING INCOME


2289221 DEFERRED ADMINISTRATIVE INCOME


24 NET EQUITY OR SHAREHOLDERS’ EQUITY

241 SHAREHOLDERS’ EQUITY

2411 CAPITAL STOCK

24111 BRAZILIAN-OWNED SHARES

241111 COMMON STOCK

241112 PREFERRED STOCK

24112 FOREIGN-OWNED SHARES

241121 COMMON STOCK

241122 PREFERRED STOCK

2412 CAPITAL INCREASE / REDUCTION (AWAITING APPROVAL)


158

24121 CAPITAL INCREASE / REDUCTION (AWAITING APPROVAL)

24122 SHAREHOLDERS’ CAPITAL TO BE PAID IN

241221 SHAREHOLDERS - BRAZIL

241222 SHAREHOLDERS - ABROAD

2413 CAPITAL RESERVES

24131 SHARE UNDERWRITING PREMIUM RESERVE

24132 TREASURY STOCK DISPOSAL RESERVE

24133 PARTICIPATION CERTIFICATE DISPOSAL RESERVE

24138 OTHER CAPITAL RESERVES

2414 REVALUATION RESERVES

24141 REVALUATION RESERVES - PROPERTY

24142 REVALUATION RESERVES - SUBSIDIARIES AND AFFILIATES

24148 OTHER REVALUATION RESERVES

24149 DEFERRED TAXES

2415 REVENUE RESERVES

24151 LEGAL RESERVE

24152 STATUTORY RESERVES

24153 CONTINGENCY RESERVE

24154 UNREALIZED INCOME RESERVE

24155 SPECIAL DIVIDEND RESERVE

24156 PARTICIPATION CERTIFICATE REDEMPTION RESERVE

24157 RESERVE FOR PROFITS ON THE SALE OF FIXED ASSETS

24158 OTHER REVENUE RESERVES

241581 TAX INCENTIVE RESERVE

241582 RETAINED PROFIT RESERVE

241589 OTHER REVENUE RESERVES

24159 PROPOSED SUPPLEMENTARY DIVIDEND

2416 ASSET APPRAISAL ADJUSTMENTS

24161 MARKETABLE SECURITY ADJUSTMENTS

241611 UNREALIZED MARKETABLE SECURITY GAINS AND LOSSES

241612 UNREALIZED MARKETABLE SECURITY GAINS AND LOSSES - SUBSIDIARIES AND AFFILIATES

24162 FOREIGN EXCHANGE VARIATIONS OF EQUITY INVESTMENTS ABROAD

24169 OTHER EQUITY VALUATION ADJUSTMENTS

2418 ACCUMULATED PROFITS OR LOSSES

24181 ACCUMULATED PROFITS

24182 ACCUMULATED LOSSES

24183 INTERIM DIVIDENDS

24184 NET PROFIT (LOSS) FOR THE FINANCIAL YEAR

2419 TREASURY STOCK

24191 TREASURY STOCK

242 SHAREHOLDERS’ EQUITY OF THE NOT-FOR-PROFIT PRIVATE SUPPLEMENTARY PENSION

ENTITIES

2421 SHAREHOLDERS’ EQUITY

24211 FUND FORMATION

2423 EQUITY RESERVES


159

24231 RESERVES TO STRENGTHEN ASSET POSITION

24232 OTHER EQUITY RESERVES

2424 REVALUATION RESERVES

24241 REVALUATION RESERVES - PROPERTY

24242 REVALUATION RESERVES - SUBSIDIARIES AND AFFILIATES

24248 OTHER REVALUATION RESERVES

2425 RETAINED EARNINGS

24251 STATUTORY RESERVES

24252 RESERVES FOR BENEFIT CONTINGENCIES

2426 ASSET APPRAISAL ADJUSTMENTS

24261 MARKETABLE SECURITY ADJUSTMENTS

242611 UNREALIZED MARKETABLE SECURITY GAINS AND LOSSES

242612 UNREALIZED MARKETABLE SECURITY GAINS AND LOSSES - SUBSIDIARIES AND AFFILIATES


2428 ACCUMULATED SURPLUSES OR DEFICITS

24281 ACCUMULATED SURPLUSES

24282 ACCUMULATED DEFICITS

24283 NET PROFIT (LOSS) FOR THE FINANCIAL YEAR

29 COMPENSATION

291 COMPENSATION

2911 AMOUNTS RECEIVABLE - PRIVATE PENSION




29118 OTHER CREDITS






29141 TOTAL REVENUE

2915 FESA/FCVS TRANSACTIONS - SFH MORTGAGE INSURANCE

29151 ISSUING AND BILLING BY THIRD PARTIES- FESA/FCVS

29152 INDEMNIFICATION SETTLEMENT- FESA/FCVS


29161 SHARES AND FINANCIAL ASSETS UNDER CONTRACT






160

3 INCOME STATEMENT ACCOUNTS

31 INSURANCE TRANSACTIONS

311 PREMIUMS EARNED

3111 PREMIUMS ISSUED

31111 INSURANCE PREMIUMS

311111 DIRECT

3111111 PREMIUMS - RISK ON POLICIES ISSUED

3111115 PREMIUMS CANCELLED

3111116 PREMIUMS REIMBURSED

3111117 TRANSACTIONS ABROAD - ACCEPTANCES


311112 CO-INSURANCE ACCEPTED FROM COUNTERPARTS

3111121 PREMIUMS ACCEPTED IN CO-INSURANCE

3111125 CANCELLATION OF ACCEPTED CO-INSURANCE

3111126 REIMBURSEMENT OF ACCEPTED CO-INSURANCE

311113 CO-INSURANCE CEDED TO COUNTERPARTS

3111131 PREMIUMS CEDED IN CO-INSURANCE

3111135 CANCELLATION OF CEDED CO-INSURANCE

3111136 REIMBURSEMENT OF CEDED CO-INSURANCE

311114 DPVAT PREMIUMS

311115 PREMIUMS - EXISTING RISKS FOR WHICH POLICIES HAVE NOT YET BEEN ISSUED

3111151 PREMIUMS

3111155 CANCELLATIONS

3111156 REIMBURSEMENTS

31112 RECOVERY OF INITIAL CONTRACT COSTS

31116 RETROCESSIONS

311161 PREMIUMS - ACCEPTED RETROCESSIONS




311165 CANCELLATION OF ACCEPTED RETROCESSIONS




311166 REIMBURSEMENT OF ACCEPTED RETROCESSIONS




31117 PREMIUMS CEDED TO CONSORTIA AND FUNDS

311171 DPVAT TRANSFERS

3118 VARIATIONS IN THE TECHNICAL PROVISIONS


311811 UNEARNED PREMIUMS

3118111 DIRECT





161




3118117 INTERNATIONAL TRANSACTIONS - ACCEPTANCES



311812 UNEXPIRED RISK











311831 PERSONAL

3118311 DIRECT


31183112 REDEMPTION

31183119 OTHER



31183122 REDEMPTION

31183129 OTHER




311831612 REDEMPTION

311831619 OTHER




311831629 OTHER




311831639 OTHER



31183172 REDEMPTION

31183179 OTHER



31183182 REDEMPTION

31183189 OTHER

311832 LIFE - INDIVIDUAL AND LIFE - WITH SURVIVOR COVERAGE




162












3118329 OTHER





























312 INCOME FROM FEES AND ISSUING OF POLICIES

3121 INCOME FROM MANAGEMENT FEES


3122 EARNINGS FROM ADMINISTRATION

31221 EARNINGS FROM POLICY MANAGEMENT

31222 EARNINGS FROM CORRESPONDENTS IN BRAZIL

3123 EARNINGS FROM OTHER FEES

31231 EXIT FEES

3124 INCOME FROM THE ISSUING OF POLICIES


163

31249 ISSUING OF DPVAT CERTIFICATES

313 CLAIMS INCURRED

3131 CLAIMS

31311 INDEMNITIES ON CLAIMS REPORTED


3131111 DIRECT









3131121 DIRECT








313113 VARIATIONS IN IBNAR CLAIMS - RBNS ADJUSTMENTS

3131131 DIRECT








3131139 DPVAT

313114 VARIATIONS IN THE ESTIMATED SALVAGE AND REIMBURSEMENTS - RBNS

31312 INDEMNITIES ON CLAIMS REPORTED BY CONSORTIA AND FUNDS

313123 DPVAT

31313 CLAIMS EXPENSES


3131311 DIRECT









164


3131321 DIRECT








3131329 LOST LAWSUIT FEES

31314 EXPENSES OF CONSORTIUM AND FUND CLAIMS

313143 DPVAT

31315 EXPENDITURE ON BENEFITS - INDIVIDUAL LIFE INSURANCE


3131511 DIRECT









3131521 DIRECT









31317 EXPENDITURE ON BENEFITS GRANTED


3131711 DIRECT









3131721 DIRECT





165



3131727 INTERNATIONAL TRANSACTIONS – ACCEPTANCES



3132 CLAIMS RECOVERY

31321 RECOVERY OF INDEMNITIES FROM COUNTERPARTS

313211 DIRECT



31323 RECOVERY OF INDEMNITIES FROM CONSORTIA AND FUNDS

313233 DPVAT

31324 RECOVERY OF EXPENSES FROM COUNTERPARTS

313241 DIRECT



31326 RECOVERY OF EXPENSES FROM CONSORTIA AND FUNDS

313263 DPVAT

3133 SALVAGE

31331 SALVAGE

313311 DIRECT








31332 SALVAGE CEDED TO COUNTERPARTS

313321 DIRECT



3134 INDEMNITIES

31341 INDEMNITIES

313411 DIRECT








31342 INDEMNITIES CEDED TO COUNTERPARTS

313421 DIRECT




166

3135 VARIATIONS IN THE PROVISION FOR CLAIMS INCURRED BUT NOT YET REPORTED


313511 DIRECT


313513 ESTIMATED SALVAGE AND REIMBURSEMENTS







313519 DPVAT

3136 VARIATIONS IN EXPENSES RELATED TO IBNR


31371 24-HOUR SUPPORT

31372 OTHER SERVICES


3141 COMMISSIONS ON PREMIUMS

31411 COMMISSION ON PREMIUMS ISSUED

314111 DIRECT

3141111 RISKS IN EFFECT



314114 COMMISSION ON PREMIUMS ACCEPTED - PORTFOLIO TRANSFER







314119 DPVAT

31412 AGENCY COMMISSIONS

314121 DIRECT






314129 DPVAT

3142 RECOVERY OF COMMISSIONS

31423 COMMISSIONS ON CO-INSURANCE PREMIUMS CEDED TO COUNTERPARTS

314231 DIRECT



31425 AGENCY COMMISSIONS ON CO-INSURANCE PREMIUMS CEDED TO COUNTERPARTS

314251 DIRECT



167


3143 OTHER ACQUISITION COSTS

31431 ACQUIRING APPLICATIONS

314311 DIRECT





31432 EXPENSES OF RISK INSPECTION

314321 DIRECT





31433 EXPENSES OF POLICIES AND/OR CONTRACTS

314331 DIRECT





314381 DIRECT





31439 DPVAT

314391 DPVAT

3145 VARIATIONS IN DEFERRED ACQUISITION COST

31451 VARIATIONS IN DEFERRED COMMISSIONS

314511 DIRECT





31452 VARIATIONS IN DEFERRED AGENCY EXPENSES

314521 DIRECT




31458 VARIATIONS IN OTHER DEFERRED ACQUISITION COSTS

315 OTHER OPERATING INCOME AND EXPENSES

3151 OTHER OPERATING INCOME

31515 EARNINGS FROM THE MANAGEMENT OF SFH MORTGAGE INSURANCE

315151 MANAGEMENT FEES


168

31518 OTHER EARNINGS FROM INSURANCE TRANSACTIONS

315181 DIRECT



315184 PREMIUM ON PORTFOLIO TRANSFERS








3151892 DETERMINING THE RURAL INSURANCE CYCLE - FESR

3151898 OTHER

31519 OTHER EARNINGS - DPVAT

315191 DPVAT CONSORTIUM

3152 OTHER OPERATING EXPENSES

31522 COLLECTION COST

315221 DIRECT





31523 EXPENSES OF SOCIAL SECURITY CONTRIBUTIONS

315231 SOCIAL CONTRIBUTION ON COMMISSIONS

315232 SOCIAL CONTRIBUTION ON OTHER SERVICES


31525 EXPENSES OF POLICY AND/OR CONTRACT ADMINISTRATION

315251 DIRECT





31526 ALLOCATED PROFIT

315261 DIRECT





31527 REDUCTION TO RECOVERY VALUE OF RECEIVABLES




315274 LOANS


31528 OTHER EXPENSES OF INSURANCE TRANSACTIONS

315281 DIRECT



169



315287 DISCOUNT ON PORTFOLIO TRANSFERS




3152892 DETERMINING THE RURAL INSURANCE CYCLE - FESR

3152898 OTHER

31529 SUNDRY EXPENSES

315291 EXPENSES OF PROVISIONS




319 NET INCOME (EXPENSES) ON REINSURANCE TRANSACTIONS

3191 REINSURANCE INCOME

31911 CLAIMS INDEMNITIES

319111 DIRECT















319119 VARIATIONS IN IBNAR CLAIMS- RBNS

3191191 DIRECT









319121 DIRECT











170







3191311 DIRECT










3192 INCOME FROM PROFIT SHARING

31921 REINSURANCE CEDED




31922 RETROCESSIONS




3193 REINSURANCE EXPENSES

31931 REINSURANCE PREMIUMS

319311 DIRECT


31931111 PREMIUMS

31931112 COMMISSIONS ON REINSURANCE PREMIUMS CEDED


31931121 PREMIUMS



31931131 PREMIUMS




31931211 PREMIUMS



31931221 PREMIUMS



31931231 PREMIUMS


319314 CANCELLATION OF REINSURANCE


31931411 PREMIUMS



171


31931421 PREMIUMS



31931431 PREMIUMS


319315 REIMBURSEMENT OF REINSURANCE





31932 VARIATIONS IN REINSURANCE EXPENSES



3193212 COMMISSIONS DEFERRED - REINSURANCE PREMIUMS CEDED




3194 SALVAGE AND RECOVERY FOR REINSURER

31941 SALVAGE

319411 DIRECT










31942 REIMBURSEMENT

319421 DIRECT










3199 OTHER NET INCOME (EXPENSES) FROM REINSURANCE TRANSACTIONS

32 REINSURANCE TRANSACTIONS

321 PREMIUMS EARNED



172


321111 ACTUAL

3211111 PREMIUMS

3211112 (-) COMMISSION ON PREMIUMS

3211113 CANCELLATION OF PREMIUMS

3211114 (-) CANCELLATION OF COMMISSION ON PREMIUMS

3211115 REIMBURSEMENT OF PREMIUMS

3211116 (-) REIMBURSEMENT OF COMMISSION ON PREMIUMS

321112 ESTIMATED

3211121 PREMIUMS

3211122 (-) COMMISSION ON ESTIMATED PREMIUMS

3211123 CANCELLATION OF ESTIMATED PREMIUMS

3211124 (-) CANCELLATION OF COMMISSION ON ESTIMATED PREMIUMS



3211132 (-) COMMISSION ON PREMIUMS - RENI



3211611 ACTUAL







3211612 ESTIMATED





3211613 RENI



3211614 CLAIMS



3211621 ACTUAL







3211622 ESTIMATED





3211623 RENI




173

3211624 CLAIMS



3211631 ACTUAL







3211632 ESTIMATED





3211633 RENI



3211634 CLAIMS





321211 REINSURANCE




























174

















321231 REINSURANCE




321241 REINSURANCE




321251 REINSURANCE




321261 REINSURANCE




321291 REINSURANCE



322 CLAIMS INCURRED

3221 CLAIMS


322111 REINSURANCE



32212 VARIATIONS IN THE IBNAR - RBNS

322121 REINSURANCE





175


322141 REINSURANCE





322171 REINSURANCE




3223 SALVAGE

32231 SALVAGE

322311 REINSURANCE



3224 REIMBURSEMENTS


322411 REINSURANCE





322511 REINSURANCE



322518 VARIATIONS IN THE ESTIMATED SALVAGE AND REIMBURSEMENTS


323 COST OF BROKERAGE


32331 BROKERAGE

323311 REINSURANCE



32332 EXPENSES OF RISK INSPECTION

323321 REINSURANCE



32333 EXPENSES OF CONTRACTS

323331 REINSURANCE



32338 OTHER COSTS OF BROKERAGE

323381 REINSURANCE


176



3235 VARIATIONS IN THE DEFERRED COST OF BROKERAGE

32351 VARIATIONS IN DEFERRED COST OF BROKERAGE

323511 REINSURANCE



323519 CURRENT RISK ON POLICIES NOT YET ISSUED



32418 OTHER EARNINGS FROM REINSURANCE TRANSACTIONS

324181 REINSURANCE





324221 REINSURANCE




324231 REINSURANCE



32425 EXPENSES OF CONTRACT MANAGEMENT

324251 REINSURANCE



32426 ALLOCATED PROFIT

324261 REINSURANCE







324274 LOANS


32428 OTHER REINSURANCE EXPENSES TRANSACTIONS

324281 REINSURANCE








177


329 NET INCOME (EXPENSES) FROM RETROCESSION TRANSACTIONS

3291 INCOME FROM RETROCESSIONS

32911 CLAIMS INDEMNITIES


329112 VARIATIONS IN THE IBNAR - RBNS













32921 RETROCESSIONS


3293 RETROCESSION EXPENSES



3293111 ESTIMATED

32931111 PREMIUMS

32931112 (-) COMMISSION ON PREMIUMS CEDED IN RETROCESSION

3293112 ACTUAL

32931121 PREMIUMS




32931132 (-) COMMISSION ON PREMIUMS CEDED IN RETROCESSION - RENI


3293121 ESTIMATED

32931211 PREMIUMS


3293122 ACTUAL

32931221 PREMIUMS






3293131 ESTIMATED

32931311 PREMIUMS

32931312 (-) COMMISSION ON PREMIUMS CEDED IN RETROCESSION ESTIMATED

3293132 ACTUAL


178

32931321 PREMIUMS

32931322 (-) COMMISSION ON ACTUAL PREMIUMS CEDED IN RETROCESSION





32932 VARIATIONS IN RETROCESSION EXPENSES


3293211 ESTIMATED


32932112 (-) COMMISSION ON ESTIMATED PREMIUMS CEDED IN RETROCESSION

3293212 ACTUAL


32932122 (-) COMMISSION ON ACTUAL PREMIUMS CEDED IN RETROCESSION










3294 SALVAGE AND RECOVERY FOR RETROCESSIONNAIRE

32941 SALVAGE






3299 OTHER NET INCOME (EXPENSES) FROM RETROCESSION TRANSACTIONS

33 PRIVATE SUPPLEMENTARY PENSION TRANSACTIONS

331 INCOME FROM CONTRIBUTIONS

3311 INCOME FROM CONTRIBUTIONS - FROZEN PLANS





331121 INSURANCE RISKS RECEIVED











179




331172 RISKS IN EFFECT BUT NOT YET RECEIVED


331191 INCOME PLANS

331192 RISK PLANS

3312 INCOME FROM CONTRIBUTIONS - UNFROZEN PLANS






















331291 INCOME PLANS

331292 RISK PLANS

3313 CONTRIBUTIONS ACCEPTED IN TRANSFER










331391 INCOME PLANS

331392 RISK PLANS


3321 VARIATIONS IN THE TECHNICAL PROVISIONS - FROZEN PLANS








180






















3322 VARIATIONS IN THE TECHNICAL PROVISIONS - UNFROZEN PLANS































181







3322181 P.G.B.L.















































182






332294 SUPPLEMENTARY PROVISION FOR CONTRIBUTIONS


333 EARNINGS FROM MANAGEMENT AND OTHER FEES



3332 EARNINGS FROM ADMINISTRATION


33322 EARNINGS FROM CORRESPONDENTS IN BRAZIL


33331 EXIT FEES

334 EXPENDITURE ON BENEFITS

3341 EXPENDITURE ON RETAINED BENEFITS



3341111 FROZEN PLANS










334311 VARIATIONS IN THE PROVISION FOR CLAIMS INCURRED BUT NOT YET REPORTED - FROZEN PLANS

334312 VARIATIONS IN THE PROVISION FOR CLAIMS INCURRED BUT NOT YET REPORTED - UNFROZEN PLANS


33441 FUNERAL ASSISTANCE

33442 OTHER SERVICES

335 ACQUISITION COSTS

3351 COST OF BROKERAGE AND AGENCY



335112 INCOME PLANS


33512 AGENCY EXPENSES


183


335122 INCOME PLANS


33514 VARIATIONS IN THE COST OF DEFERRED BROKERAGE AND AGENCY EXPENSES


335142 INCOME PLANS

3352 SALES EXPENSES




335221 TRAINING EXPENSES

335222 TRAVEL EXPENSES

335223 PRINTING AND SALES MATERIAL EXPENSES

335224 DATA PROCESSING EXPENSES

3353 EXPENDITURE ON TECHNICAL SERVICES

33531 EXPENDITURE ON TECHNICAL FEES













336214 LOANS







339 NET INCOME (EXPENSES) FROM REINSURANCE TRANSACTIONS

3391 INCOME FROM REINSURANCE

33911 INDEMNIFICATION OF BENEFITS

339111 FROZEN PLANS


339113 INCOME PLANS


339121 FROZEN PLANS



184

339123 INCOME PLANS



3391311 VARIATIONS IN THE PROVISION FOR CLAIMS INCURRED BUT NOT YET REPORTED - FROZEN PLANS

3391312 VARIATIONS IN THE PROVISION FOR CLAIMS INCURRED BUT NOT YET REPORTED - UNFROZEN PLANS


33921 REINSURANCE CEDED




33922 RETROCESSIONS





33931 CONTRIBUTIONS










341 NET EARNINGS FROM SAVINGS BONDS

3411 SAVINGS BOND REVENUE

34111 SAVINGS BONDS ISSUED AND/OR RECEIVED




34112 SURRENDER AND CANCELLATION OF SAVINGS BONDS




3412 VARIATIONS IN THE PROVISION FOR REDEMPTION

34121 REVERSAL OF PROVISION FOR REDEMPTION




34122 MAKING A PROVISION FOR REDEMPTION





185

34123 REDEMPTION EXPENSES




3413 VARIATIONS IN THE DEFERRED REVENUE FROM SAVINGS BONDS

34131 REVERSAL OF PROVISION FOR DEFERRED INCOME


34132 MAKING A PROVISION FOR DEFERRED INCOME



3421 VARIATIONS IN THE PROVISION FOR ADMINISTRATIVE EXPENSES

34211 REVERSAL OF THE PROVISION FOR ADMINISTRATIVE EXPENSES




34212 MAKING A PROVISION FOR ADMINISTRATIVE EXPENSES




3422 VARIATIONS IN THE PROVISION FOR PRIZE DRAW SUPPLEMENT

34221 REVERSAL OF THE PROVISION FOR PRIZE DRAW SUPPLEMENT




34222 MAKING A PROVISION FOR PRIZE DRAW SUPPLEMENT




3423 VARIATIONS IN THE PROVISION FOR BONUS PAYOUT

34231 REVERSAL OF THE PROVISION FOR BONUS PAYOUT




34232 MAKING A PROVISION FOR BONUS PAYOUT




3429 VARIATIONS IN OTHER TECHNICAL PROVISIONS


186

34291 REVERSAL OF OTHER TECHNICAL PROVISIONS




34292 MAKING OTHER TECHNICAL PROVISIONS




343 NET INCOME (EXPENSES) FROM PRIZE DRAWS

3431 VARIATIONS IN THE PROVISION FOR PRIZE DRAWS

34311 REVERSAL OF THE PROVISION FOR PRIZE DRAWS




34312 MAKING A PROVISION FOR PRIZE DRAWS




3432 EXPENSES OF PRIZE WINNING SAVINGS BONDS






34411 COST OF BROKERAGE ON THE SALE OF SAVINGS BONDS




34412 COST OF BROKERAGE ON THE REDEMPTION OF SAVINGS BONDS




34418 OTHER COST OF BROKERAGE




3442 SALES EXPENSES







187

344231 TRAINING EXPENSES




344232 TRAVEL EXPENSES




344233 PRINTING AND SALES MATERIAL EXPENSES




344234 DATA PROCESSING EXPENSES




344235 TELEMARKETING EXPENSES




34424 ADVERTIZING AND PUBLICITY EXPENSES





344242 GIVEAWAYS




344243 PROMOTIONS













3445 VARIATIONS IN DEFERRED ACQUISITION COSTS - CAPITALIZATION



188


34452 AGENCY EXPENSES










34512 INCOME FROM THE REDEMPTION OF SAVINGS BONDS




34513 INCOME FROM THE LAPSING OF LIABILITIES




34518 OTHER EARNINGS FROM CAPITALIZATION TRANSACTIONS










345221 MONTHLY PAYMENTS RECEIVABLE









345224 LOANS


34524 COST OF PROVISIONS






189





34528 OTHER EXPENSES FROM CAPITALIZATION TRANSACTIONS





351 EXPENSES OF COMPANY PERSONNEL

3511 EXPENSES OF COMPANY PERSONNEL


351111 FEES - EXECUTIVE BOARD MEMBERS

351112 FEES - SUPERVISORY BOARD MEMBERS

351113 FEES - ADVISORY COMMITTEE MEMBERS

351114 FEES - FISCAL COUNCIL AND AUDIT COMMITTEE MEMBERS

351115 COMPANY REPRESENTATION

351116 COST OF LIVING ALLOWANCE

351117 GRATUITIES


35112 PAYROLL EXPENSES

351121 REMUNERATION

351122 EXCEPTIONAL SERVICES

351123 GRATUITIES

351124 13th SALARY/VACATION PAY


351126 COST OF LIVING ALLOWANCE

351127 MONETARY ALLOWANCE

351128 COMPANY REPRESENTATION


35113 COST OF INDEMNITIES

351131 PRIOR NOTICE

351132 VACATION INDEMNITIES

351133 LABOR INDEMNITIES



351141 SOCIAL SECURITY

351142 FGTS


35115 COST OF SOCIAL ASSISTANCE

351151 HEALTH CARE

351152 EDUCATION

351153 MEALS

351154 INSURANCE


351156 UNIFORMS

351157 CONTRIBUTIONS TO EMPLOYEE ASSOCIATIONS


190


35116 COST OF PROFESSIONAL TRAINING

351161 COMPANY PERSONNEL

351162 THIRD-PARTY SERVICES

351163 LOCATION AND OPERATIONS

351164 OFFICE MATERIALS

351165 TRAVEL


35117 EXPENSES OF EMPLOYEE NUTRITIONAL PROGRAM

351171 COMPANY PERSONNEL


351173 FOODSTUFFS


351175 SUNDRY MATERIALS


35118 COST OF TRANSPORT VOUCHERS

351181 COST OF TRANSPORT VOUCHERS


352 COST OF THIRD-PARTY SERVICES

3521 COST OF THIRD-PARTY SERVICES

35211 PAYMENT FOR THIRD-PARTY SERVICES

352111 LAWYERS’ FEES

3521111 PRIVATE INDIVIDUAL

3521112 LEGAL ENTITY

352112 AUDITORS’ FEES



352113 FEES FOR TECHNICAL SERVICES – SOFTWARE MAINTENANCE



352114 FREIGHT



352115 FEES FOR OTHER TECHNICAL SERVICES



352118 OTHER COST OF THIRD-PARTY SERVICES

35212 SOCIAL SECURITY CONTRIBUTIONS ON THIRD-PARTY SERVICES


352128 OTHER COST OF THIRD-PARTY SERVICES

353 LOCATION AND OPERATING EXPENSES

3531 LOCATION AND OPERATING EXPENSES

35311 COST OF LOCATION AND MAINTENANCE

353111 RENT

353112 COMMERCIAL LEASING


191

353113 CONDOMINIUM AND OTHER FEES

353114 WATER, ELECTRICITY AND GAS

353115 CLEANING

353116 REPAIRS


35312 COST OF OFFICE MATERIALS


353122 PHOTOCOPYING AND SIMILAR

353123 DIGITALIZATION AND/OR MICROFILMING OF DOCUMENTS


353125 BANK EXPENSES


35313 COMMUNICATION EXPENSES

353131 CORRESPONDENCE OR COURIER SERVICES

353132 TELEPHONE AND TELEGRAMS


35314 COST OF EQUIPMENT USE

353141 RENT


353143 MAINTENANCE

353144 REPAIRS


35315 COST OF VEHICLE USE

353151 RENT


353153 REPAIRS AND MAINTENANCE

353154 FUEL


35316 TRANSPORT EXPENSES

353161 TRAVEL

353162 URBAN TRANSPORT AND TICKETS


35317 INSURANCE EXPENDITURE

353171 PROPERTY

353172 GOODS AND CHATTELS

353173 VEHICLES

353174 CIVIL LIABILITY


35318 DEPRECIATION OF ASSETS HELD FOR OWN USE

353181 PROPERTY

353182 EQUIPMENT


353184 VEHICLES


35319 AMORTIZATION

353191 ORGANIZATION AND IMPLEMENTATION

353192 INSTALLATIONS


192

353193 IMPROVEMENTS TO THIRD-PARTY PROPERTY

353194 COMPUTER PROGRAMS

353198 OTHER AMORTIZATION




35412 GIVEAWAYS

35413 PROMOTIONS


355 TAX EXPENDITURE

3551 TAX EXPENDITURE

35511 TAXES

355111 FEDERAL TAXES

355112 STATE TAXES

355113 MUNICIPAL TAXES

35512 CONTRIBUTIONS

355121 ON INSURANCE TRANSACTIONS

3551211 COFINS

3551212 PIS/PASEP

355122 ON PRIVATE SUPPLEMENTARY PENSION TRANSACTIONS

3551221 COFINS

3551222 PIS/PASEP

355123 ON CAPITALIZATION TRANSACTIONS

3551231 COFINS

3551232 PIS/PASEP

355124 TRADE UNION CONTRIBUTIONS

355125 ON REINSURANCE TRANSACTIONS

3551251 COFINS

3551252 PIS/PASEP

35518 OTHER

355181 INSPECTION FEES

355188 OTHER TAXES

356 COST OF PUBLICATIONS

3561 COST OF PUBLICATIONS

35611 LEGAL PUBLICATIONS

35612 SUNDRY ADS

35618 OTHER PUBLICATION COSTS

357 COST OF DONATIONS AND CONTRIBUTIONS

3571 COST OF DONATIONS AND CONTRIBUTIONS

35711 CONTRIBUTIONS TO SECTORIAL ENTITY

35712 DONATIONS

35713 EXPENSES OF PHILANTHROPIC PROGRAM

357131 COST OF SOCIAL ASSISTANCE

358 OTHER ADMINISTRATIVE EXPENSES


193

3581 SUNDRY ADMINISTRATIVE EXPENSES



358112 NEWSPAPERS AND MAGAZINES

358113 FINES

358114 LOW VALUE OR NON-PERMANENT ASSETS


359 DPVAT ADMINISTRATIVE EXPENSES

3591 DPVAT ADMINISTRATIVE EXPENSES

35911 DPVAT

36 NET FINANCIAL INCOME (EXPENSES)

361 FINANCIAL INCOME

3611 INCOME FROM SHORT TERM OPEN MARKET INVESTMENTS

36111 INCOME FROM SHORT TERM OPEN MARKET INVESTMENTS - BRAZIL

361111 INTEREST

361115 MONETARY CORRECTION



36112 INCOME FROM SHORT TERM OPEN MARKET INVESTMENTS – ABROAD

361121 INTEREST

361126 FOREIGN EXCHANGE VARIATIONS



36118 OTHER FINANCIAL INCOME

361181 INCOME FROM REVERSAL OF THE REDUCTION TO RECOVERY VALUE OF FINANCIAL INVESTMENTS


3612 INCOME FROM PRIVATE FIXED-INCOME SECURITIES


361211 INTEREST





361221 INTEREST




3613 INCOME FROM PUBLIC FIXED-INCOME SECURITIES

36131 INCOME FROM DOMESTIC PUBLIC DEBT SECURITIES - FEDERAL

361311 INTEREST





194

36132 INCOME FROM DOMESTIC PUBLIC DEBT SECURITIES - STATE

361321 INTEREST




36133 INCOME FROM DOMESTIC PUBLIC DEBT SECURITIES - MUNICIPAL

361331 INTEREST




36134 INCOME FROM FOREIGN PUBLIC DEBT SECURITIES

361341 INTEREST







3614 INCOME FROM VARIABLE INCOME SECURITIES

36141 INCOME FROM SHARES

361411 NET INCOME (EXPENSES) FROM DISPOSALS

361412 DIVIDENDS

361413 INTEREST ON CAPITAL



36143 INCOME FROM FINANCIAL DERIVATIVE TRANSACTIONS

361431 FORWARD TRANSACTIONS

361433 FUTURES MARKET TRANSACTIONS - DAILY ADJUSTMENTS

361434 OPTIONS TRANSACTIONS






36149 INCOME FROM OTHER VARIABLE INCOME SECURITIES

361491 INTEREST




3615 INCOME FROM LOANS

36151 LINKED TO TECHNICAL PROVISION COVERAGE

361511 INCOME FROM MORTGAGE LENDING

3615111 INTEREST



195


361518 INCOME FROM OTHER LENDING

3615181 INTEREST



36152 NOT LINKED TO TECHNICAL PROVISION COVERAGE

361521 INCOME FROM MORTGAGE LENDING

3615211 INTEREST



361528 INCOME FROM OTHER LENDING

3615281 INTEREST



3616 FINANCIAL INCOME FROM INSURANCE TRANSACTIONS

36161 FINANCIAL INCOME - INSURANCE

361611 INTEREST




36162 FINANCIAL INCOME - ACCEPTED CO-INSURANCE

361621 INTEREST




36163 FINANCIAL INCOME - CO-INSURANCE CEDED

361631 INTEREST




36165 FINANCIAL INCOME - REINSURANCE CEDED

361651 INTEREST




36166 FINANCIAL INCOME - RETROCESSIONS

361661 INTEREST




36167 FINANCIAL INCOME - INTERNATIONAL TRANSACTIONS - ACCEPTANCES

361671 INTEREST



36168 FINANCIAL INCOME - BRANCHES ABROAD

361681 INTEREST



196


3617 FINANCIAL INCOME FROM REINSURANCE TRANSACTIONS

36171 FINANCIAL INCOME - ACCEPTED REINSURANCE

361711 INTEREST





361721 INTEREST





361731 INTEREST




3618 INCOME FROM RETAINED DEPOSITS AND FUNDS

36182 INCOME FROM OTHER RETAINED DEPOSITS AND FUNDS

361821 INTEREST




36191 INCOME FROM COMPULSORY LOANS AND DEPOSITS

361911 INTEREST



36192 INCOME FROM TAX CREDITS

361921 INTEREST



36193 FINANCIAL INCOME - DPVAT CONSORTIUM

361931 FINANCIAL INCOME - DPVAT

36194 INCOME FROM JUDICIAL DEPOSITS AND TAX CONTINGENCIES

361941 INTEREST



36195 INCOME FROM INVESTMENT FUNDS

361951 SPECIAL PURPOSE INVESTMENT FUNDS


36195111 APPRECIATION OF INVESTMENT FUND SHARES



36195121 APPRECIATION OF INVESTMENT FUND SHARES



197

3619513 OTHER SPECIAL PURPOSE INVESTMENT FUNDS

36195131 VARIATIONS IN THE VALUE OF INVESTMENT FUND SHARES







36196 INVESTMENT FUNDS - DPVAT




36197 INCOME FROM INTEREST ON CAPITAL

361971 INTEREST

36198 FINANCIAL INCOME - PRIVATE SUPPLEMENTARY PENSION

361981 INTEREST


36199 SUNDRY FINANCIAL INCOME

361991 INTEREST



362 FINANCIAL EXPENSES

3621 EXPENSES OF VARIABLE INCOME SECURITIES

36211 SHARE EXPENSES



36212 EXPENSES OF FINANCIAL DERIVATE TRANSACTIONS




36213 EXPENSES OF INVESTMENT FUND SHARES



36217 EXPENSES OF OTHER VARIABLE INCOME SECURITIES



3622 FINANCIAL EXPENSES OF FIXED INCOME SECURITIES




3623 FINANCIAL EXPENSES OF INSURANCE TRANSACTIONS - PROPERTY AND GROUP LIFE

36231 FINANCIAL EXPENSES - INSURANCE

362311 INTEREST


198




36232 FINANCIAL EXPENSES - ACCEPTED CO-INSURANCE

362321 INTEREST




36233 FINANCIAL EXPENSES - CO-INSURANCE CEDED

362331 INTEREST




36234 FINANCIAL EXPENSES - PROVISION FOR OUTSTANDING CLAIMS

362341 INTEREST



362348 OTHER FINANCIAL EXPENSES

36235 FINANCIAL EXPENSES - REINSURANCE CEDED


3623511 INTEREST





3623521 INTEREST





3623531 INTEREST




36236 FINANCIAL EXPENSES - RETROCESSIONS


3623611 INTEREST





3623621 INTEREST





3623631 INTEREST





199

36237 FINANCIAL EXPENSES - INTERNATIONAL TRANSACTIONS - ACCEPTANCES

362371 INTEREST



36238 FINANCIAL EXPENSES - BRANCHES ABROAD

362381 INTEREST



36239 FINANCIAL EXPENSES - DPVAT

362391 FINANCIAL EXPENSES - DPVAT

3624 FINANCIAL EXPENSES OF TECHNICAL PROVISIONS - LIFE - INDIVIDUAL AND LIFE - WITH

SURVIVOR COVERAGE


362411 INTEREST


362414 FINANCIAL SURPLUS



362421 INTEREST




362451 INTEREST




362461 INTEREST




362471 INTEREST




362481 INTEREST




362491 INTEREST



3625 FINANCIAL EXPENSES - REINSURANCE TRANSACTIONS

36251 FINANCIAL EXPENSES REINSURANCE ACCEPTED

362511 INTEREST


200





362521 INTEREST





362531 INTEREST




3626 FINANCIAL EXPENSES OF TECHNICAL PROVISIONS - PRIVATE SUPPLEMENTARY PENSION -

FROZEN PLANS


362611 INTEREST




362621 INTEREST




362651 INTEREST




362671 INTEREST



3627 FINANCIAL EXPENSES OF TECHNICAL PROVISIONS - PRIVATE SUPPLEMENTARY PENSION -

UNFROZEN PLANS


362711 INTEREST


362714 FINANCIAL SURPLUS



362721 INTEREST




362751 INTEREST



201



362761 INTEREST




362771 INTEREST




362781 INTEREST




362791 INTEREST



3628 FINANCIAL EXPENSES OF TECHNICAL PROVISIONS - CAPITALIZATION


362811 INTEREST













362821 INTEREST













202

36285 PROVISION FOR ADMINISTRATIVE EXPENSES

362851 INTEREST












36286 PROVISION FOR REDEMPTION OF OVERDUE SECURITIES


















36288 PROVISION FOR REDEMPTIONS ANTECIPADOS










203











36291 EXPENSES COM MORTGAGE LOANS

362911 INTEREST



36292 EXPENSES COM BANK LOANS

362921 INTEREST



36293 EXPENSES COM OTHER LOANS

362931 INTEREST



36294 EXPENSES FROM THE REDUCTION TO RECOVERY VALUE OF MARKETABLE SECURITIES

362941 REDUCTION TO RECOVERY VALUE OF FIXED-INCOME SECURITIES

362942 REDUCTION TO RECOVERY VALUE OF VARIABLE INCOME SECURITIES

36295 FINANCIAL EXPENSES FROM TAX CHARGES

362951 INTEREST



36296 EXPENDITURE ON INTEREST ON CAPITAL

362961 INTEREST

36297 FINANCIAL ASSISTANCE

362971 EXPENSES OF COMMISSIONS ON FINANCIAL ASSISTANCE TO PARTICIPANTS

362972 EXPENSES OF PROVISION FOR RISK ON FINANCIAL ASSISTANCE


36298 EXPENSES OF TAXES AND CONTRIBUTIONS ON FINANCIAL TRANSACTIONS

362981 INCOME TAX

362982 IOF TAX

362983 PROVISIONAL CONTRIBUTION ON FINANCIAL TRANSACTIONS


36299 SUNDRY FINANCIAL EXPENSES

362991 INTEREST


204


362994 DPVAT


37 NET EQUITY ACCOUNTING INCOME (EXPENSES)

371 EQUITY ACCOUNTING INCOME

3711 EQUITY ACCOUNTING INCOME

37111 PROPERTY INCOME

371111 RENT


37112 ADJUSTMENT OF INVESTMENTS IN SUBSIDIARIES AND AFFILIATES

371121 NET EQUITY ACCOUNTING INCOME (EXPENSES)

371122 AMORTIZATION OF DISCOUNTS

371123 FOREIGN EXCHANGE VARIATIONS ON INVESTMENTS


371131 DIVIDENDS AND OTHER INCOME


372 EQUITY ACCOUNTING EXPENSES

3721 EQUITY ACCOUNTING EXPENSES

37211 EXPENDITURE ON PROPERTY HELD FOR INCOME OR SALE

372111 EXPENSES OF THIRD-PARTY SERVICES

372112 REPAIRS AND MAINTENANCE

372113 TAXES, FEES AND INSURANCE

372114 CONDOMINIUM FEES

372115 DEPRECIATION

372116 RECOVERY OF EXPENSES


372119 EXPENSES FROM THE REDUCTION TO RECOVERY VALUE OF RENT RECEIVABLE

37212 ADJUSTMENT OF INVESTMENTS IN SUBSIDIARIES AND AFFILIATES

372121 EQUITY ACCOUNTING INCOME (EXPENSES)

372122 AMORTIZATION OF PREMIUMS




38 NET GAINS OR LOSSES ON NON-CURRENT ASSETS

381 NET INCOME (EXPENSES) FROM THE SALE OF FIXED ASSETS

3811 NET INCOME (EXPENSES) FROM THE SALE OF FIXED ASSETS

38111 INCOME FROM DISPOSALS

381111 INVESTMENTS

381112 PROPERTY

381113 EQUIPMENT


381115 VEHICLES

381118 OTHER ASSETS


205

38112 NET BOOK VALUE

381121 INVESTMENTS

381122 PROPERTY

381123 EQUIPMENT


381125 VEHICLES

381128 OTHER ASSETS

38113 EXPENSES RELATED TO DISPOSALS

381131 INVESTMENTS

381132 PROPERTY

381133 EQUIPMENT


381135 VEHICLES

381138 OTHER ASSETS

382 NET INCOME (EXPENSES) FROM OTHER TRANSACTIONS

3821 NET INCOME (EXPENSES) FROM OTHER TRANSACTIONS

38211 OTHER NON-CURRENT EARNINGS


38212 OTHER NON-CURRENT EXPENDITURE





39 TAXES AND PROFIT SHARING




391111 INCOME TAX


392 PROFIT SHARING

3921 PROFIT SHARING

39211 PROFIT SHARING EXPENSES

392111 MANAGEMENT

392112 STAFF

392118 OTHER

206-212

ADDENDUM XI

CONSOLIDATED ACCOUNTS

CONSOLIDATION OF THE ASSET ACCOUNTS FOR PUBLICATION

PUBLICATION MODEL ANALYTICAL MODEL

CURRENT ASSETS

LIQUID ASSETS

CASH AND BANKS 1111 CASH

1112 AMOUNTS IN TRANSIT

1113 BANK ACCOUNT DEPOSITS

CASH EQUIVALENTS 1115 INVESTMENTS - CASH EQUIVALENTS

SHORT TERM INVESTMENTS 1121 FIXED INCOME SECURITIES – PRIVATE

1122 FIXED INCOME SECURITIES – PUBLIC


1126 INVESTMENT FUND UNITS



CREDITS FROM INSURANCE AND

REINSURANCE TRANSACTIONS

PREMIUMS RECEIVABLE 1131 PREMIUMS RECEIVABLE

TRANSACTIONS WITH INSURERS 1132 INSURERS - BRAZIL


TRANSACTIONS WITH REINSURERS 113411, 113421,

113431

PREMIUMS

1134142, 1134242,

1134342

CLAIMS SETTLED

113418, 113428,

113438

OTHER CREDITS


CREDITS FROM PRIVATE

SUPPLEMENTARY PENSION

TRANSACTIONS

AMOUNTS RECEIVABLE 1135 AMOUNTS RECEIVABLE

REINSURANCE CREDITS 113611 to 113619 CREDITS FROM PRIVATE SUPPLEMENTARY

PENSION REINSURANCE

TRANSFERS 113621 to 113629 PRIVATE SUPPLEMENTARY PENSION

TRANSFERS

CREDITS FROM CAPITALIZATION

TRANSACTIONS


TRANSACTIONS

11371 CREDITS FROM CAPITALIZATION

TRANSACTIONS

11372 CREDITS FROM TRANSACTIONS WITH

PARTNER INSTITUTIONS



OTHER OPERATING CREDITS 1138 OTHER OPERATING CREDITS

REINSURANCE AND

RETROCESSION ASSETS

1191 PREMIUMS - REINSURANCE

1192 PREMIUMS - RETROCESSION




1198 OTHER REINSURANCE AND RETROCESSION

ASSETS


SECURITIES AND CREDITS

RECEIVABLE


RECEIVABLE



TAX AND SOCIAL SECURITY

CREDITS


JUDICIAL DEPOSITS AND TAX

CONTINGENCIES

1147 JUDICIAL DEPOSITS AND TAX

CONTINGENCIES

FINANCIAL ASSISTANCE TO

PARTICIPANTS


OTHER CREDITS 1143 LOANS

1145 ADVANCES TO EMPLOYEES

1146 ADMINISTRATIVE ADVANCES

1148 OTHER CREDITS

OTHER ASSETS

ASSETS FOR SALE 1151 NON-CURRENT ASSETS HELD FOR SALE

OTHER ASSETS 11521 INVENTORY


11541 ADVANCES FOR CULTURAL AND OTHER

SUPPORT

11551 CHEQUES AND ORDERS RECEIVABLE

11581 OTHER ASSETS

11529, 11539, 11549,

11559, 11589


COMPULSORY LOANS AND

DEPOSITS


PRE-PAID EXPENSES 1171 OPERATING

1172 ADMINISTRATIVE

DEFERRED ACQUISITION COSTS

INSURANCE 11811, 11821 ACQUISITION COST – INSURANCE

PRIVATE PENSIONS 11813, 11823 ACQUISITION COST – PRIVATE

SUPPLEMENTARY PENSIONS

CAPITALIZATION 11814, 11824 ACQUISITION COST – CAPITALIZATION

REINSURANCE 11812, 11822 BROKERAGE COMMISSIONS – REINSURANCE

NON-CURRENT ASSETS

LONG TERM ASSETS

SHORT TERM INVESTMENTS 12111 FIXED INCOME SECURITIES – PRIVATE

12112 FIXED INCOME SECURITIES – PUBLIC


12115 TAX INCENTIVE INVESTMENTS

12116 INVESTMENT FUND SHARES



12119 SHORT TERM FINANCIAL INVESTMENTS

FROZEN BY COURT ORDER

CREDITS FROM INSURANCE AND


PREMIUMS RECEIVABLE 12121 PREMIUMS RECEIVABLE

TRANSACTIONS WITH INSURERS 12122 INSURERS - BRAZIL


TRANSACTIONS WITH REINSURERS 12124111,

12124211, 12124311

PREMIUMS

1212418, 1212428,

1212438

OTHER CREDITS


CREDITS FROM PRIVATE


TRANSACTIONS

AMOUNTS RECEIVABLE 12125 AMOUNTS RECEIVABLE

REINSURANCE CREDITS 1212611 to 1212619 CREDITS FROM PRIVATE SUPPLEMENTARY

PENSION REINSURANCE

TRANSFERS 1212621 to 1212629 PRIVATE SUPPLEMENTARY PENSION

TRANSFERS


TRANSACTIONS


TRANSACTIONS

12127 CREDITS FROM CAPITALIZATION

TRANSACTIONS

OTHER OPERATING CREDITS 12128 OTHER OPERATING CREDITS

REINSURANCE AND

RETROCESSION ASSETS

12181 DEFERRED REINSURANCE PREMIUMS

12182 DEFERRED RETROCESSION PREMIUMS




12188 OTHER REINSURANCE AND RETROCESSION

ASSETS



RECEIVABLE


RECEIVABLE



TAX AND SOCIAL SECURITY

CREDITS


JUDICIAL DEPOSITS AND TAX 12135 JUDICIAL DEPOSITS AND TAX

CONTINGENCIES CONTINGENCIES

FINANCIAL ASSISTANCE TO

PARTICIPANTS


OTHER OPERATING CREDITS 12133 LOANS


OTHER ASSETS 1214 OTHER ASSETS

COMPULSORY LOANS AND

DEPOSITS


PRE-PAID EXPENSES 12161 OPERATING EXPENSES


12168 OTHER EXPENSES

DEFERRED ACQUISITION COSTS

INSURANCE 121711, 121721 ACQUISITION COST – INSURANCE

PRIVATE PENSIONS 121713, 121723 ACQUISITION COST – PRIVATE

SUPPLEMENTARY PENSIONS

CAPITALIZATION 121714, 121724 ACQUISITION COST – CAPITALIZATION

REINSURANCE 121712, 121722 BROKERAGE COMMISSIONS – REINSURANCE

INVESTMENTS

EQUITY HOLDINGS 1221 to 1222 EQUITY HOLDINGS

PROPERTY HELD TO GENERATE

INCOME

1225 URBAN PROPERTY

1226 RURAL PROPERTY

ADVANCE FOR INVESTMENT

ACQUISITION

1229 ADVANCE FOR INVESTMENT ACQUISITION

OTHER INVESTMENTS 1223 TAX INCENTIVES

1224 INVESTMENT IN GOLD


FIXED ASSETS

PROPERTY FOR OWN USE 1231 PROPERTY FOR OWN USE

GOODS AND CHATTELS 1232 EQUIPMENT


1234 VEHICLES

OTHER FIXED ASSETS 1235 CONSTRUCTION IN PROGRESS


INTANGIBLE ASSETS

PREMIUM ON PORTFOLIO

TRANSFER


OTHER INTANGIBLE ASSETS 1248 OTHER INTANGIBLE ASSETS

DEFERRED ASSETS 125 DEFERRED ASSETS


213-222

CONSOLIDATION OF THE LIABILITY ACCOUNTS FOR PUBLICATION


CURRENT LIABILITIES

ACCOUNTS PAYABLE

LIABILITIES PAYABLE 2111 LIABILITIES PAYABLE

TAXES AND SOCIAL

CONTRIBUTIONS PAYABLE

2112 TAXES AND SOCIAL CONTRIBUTIONS

PAYABLE

PAYROLL TAXES 2113 PAYROLL TAXES

LOANS AND FINANCING 2114 LOANS

2115 FINANCING

TAXES AND CONTRIBUTIONS 2116 TAXES AND CONTRIBUTIONS

OTHER ACCOUNTS PAYABLE 2117 PREMISSES IN BRAZIL

2118 CULTURAL AND WELFARE PROGRAMS FOR

PARTICIPANTS


DEBITS FROM INSURANCE AND


PREMIUMS TO BE REFUNDED 2121 PREMIUMS TO BE REFUNDED

TRANSACTIONS WITH INSURERS 2122 INSURERS

TRANSACTIONS WITH

REINSURERS

2123 REINSURERS

INSURANCE AND REINSURANCE

BROKERS


2125 COMMISSIONS AND INTEREST ON

PREMIUMS ISSUED

OTHER OPERATING DEBITS 2128 OTHER OPERATING DEBITS

DEBITS FROM PRIVATE


TRANSACTIONS

CONTRIBUTIONS TO BE

REFUNDED

2131 CONTRIBUTIONS TO BE REFUNDED

REINSURANCE DEBITS 21321 SUPPLEMENTARY PENSION REINSURANCE

DEBITS

TRANSFERS 21322 SUPPLEMENTARY PENSION TRANSFERS

INSURANCE TRANSACTIONS 21323 INSURANCE TRANSACTIONS

OTHER OPERATING DEBITS 21324 CORRESPONDENT TRANSACTIONS IN BRAZIL


2135 PORTFOLIO TRANSFERS


DEBITS FROM CAPITALIZATION

TRANSACTIONS

OPERATING DEBITS 214 DEBITS FROM CAPITALIZATION

TRANSACTIONS

THIRD PARTY DEPOSITS 2151 SHAREHOLDERS – DEPOSIT ACCOUNTS

2152 ADVANCE BILLING OF PREMIUMS

2154 PREMIUMS AND FEES RECEIVED

2155 AMOUNTS FOR RECLASSIFICATION –

PRIVATE SUPPLEMENTARY PENSION

2156 AMOUNTS FOR RECLASSIFICATION –

CAPITALIZATION

2158 OTHER DEPOSITS

TECHNICAL PROVISIONS –

INSURANCE

PROPERTY 21611 PROVISION FOR UNEARNED PREMIUMS



21616 PROVISION FOR CLAIMS INCURRED BUT NOT

YET REPORTED



PERSONAL 21621 PROVISION FOR UNEARNED PREMIUMS

21623 MATHEMATICAL PROVISION FOR FUTURE

BENEFIT PAYMENTS

21624 MATHEMATICAL PROVISION FOR BENEFITS

GRANTED



YET REPORTED




LIFE - INDIVIDUAL 21631 MATHEMATICAL PROVISION FOR FUTURE

BENEFIT PAYMENTS


GRANTED




YET REPORTED



LIFE - WITH SURVIVOR

COVERAGE


BENEFIT PAYMENTS


GRANTED




YET REPORTED




REINSURERS



BENEFIT PAYMENTS


GRANTED



YET REPORTED



PRIVATE SUPPLEMENTARY

PENSION

FROZEN PLANS 21711 MATHEMATICAL PROVISION FOR FUTURE

BENEFIT PAYMENTS



GRANTED



YET REPORTED


UNFROZEN PLANS 21721 MATHEMATICAL PROVISION FOR FUTURE

BENEFIT PAYMENTS



GRANTED




YET REPORTED


PGBL/PRGP 21721 MATHEMATICAL PROVISION FOR FUTURE

BENEFIT PAYMENTS



GRANTED




YET REPORTED



CAPITALIZATION

PROVISION FOR REDEMPTIONS 21811 MATHEMATICAL PROVISION FOR

CAPITALIZATION

21812 PROVISION FOR EARLY REDEMPTION OF

SECURITIES

21813 PROVISION FOR REDEMPTION OF OVERDUE

SECURITIES

PROVISION FOR PRIZE DRAWS 21821 PROVISION FOR PRIZE DRAWS TO BE HELD


ADMINISTRATIVE PROVISION 2183 ADMINISTRATIVE PROVISION

PROVISION FOR PRIZE DRAW

SUPPLEMENT


PROVISION FOR BONUS PAYOUT 2185 PROVISION FOR BONUS PAYOUT

OTHER PROVISIONS 2188 OTHER PROVISIONS

OTHER DEBITS

FINANCIAL DERIVATIVES 2191 LINKED TO FINANCIAL DERIVATIVES

PROVISIONS FOR LEGAL

CONTINGENCIES





2199 SUNDRY DEBITS

NON-SAVINGS BOND REVENUE –

SINGLE PAYMENTS

2195 NON-SAVINGS BOND REVENUE – SINGLE

PAYMENTS

NON-CURRENT LIABILITIES

ACCOUNTS PAYABLE

LIABILITIES PAYABLE 2211 LIABILITIES PAYABLE

DEFERRED TAXES 2212 DEFERRED TAXES

LOANS AND FINANCING 2213 LOANS

2214 FINANCING

OTHER ACCOUNTS PAYABLE 2218 OTHER ACCOUNTS PAYABLE

DEBITS FROM INSURANCE AND


TRANSACTIONS WITH INSURERS 2221 INSURERS

TRANSACTIONS WITH

REINSURERS

2222 REINSURERS

INSURANCE AND REINSURANCE

BROKERS


2224 COMMISSIONS AND INTEREST ON

PREMIUMS ISSUED


DEBITS FROM PRIVATE


TRANSACTIONS

REINSURANCE DEBITS 22261 PRIVATE SUPPLEMENTARY PENSION

REINSURANCE DEBITS

TRANSFERS 22262 PRIVATE SUPPLEMENTARY PENSION

TRANSFER DEBITS


DEBITS FROM CAPITALIZATION

TRANSACTIONS

OPERATING DEBITS 2228 DEBITS FROM CAPITALIZATION

TRANSACTIONS


INSURANCE

PROPERTY 22311 PROVISION FOR UNEARNED PREMIUMS




YET REPORTED



PERSONAL 22321 PROVISION FOR UNEARNED PREMIUMS


BENEFIT PAYMENTS


GRANTED



YET REPORTED




LIFE - INDIVIDUAL 22331 MATHEMATICAL PROVISION FOR FUTURE

BENEFIT PAYMENTS


GRANTED




YET REPORTED



LIFE - WITH SURVIVOR

COVERAGE


BENEFIT PAYMENTS


GRANTED




YET REPORTED



TECHNICAL PROVISIONS -

REINSURER



BENEFIT PAYMENTS


GRANTED



YET REPORTED



PRIVATE SUPPLEMENTARY

PENSION

FROZEN PLANS 22411 MATHEMATICAL PROVISION FOR FUTURE

BENEFIT PAYMENTS



GRANTED


UNFROZEN PLANS 22421 MATHEMATICAL PROVISION FOR FUTURE

BENEFIT PAYMENTS



GRANTED


22429 OTHER TECHNICAL PROVISIONS - PRIVATE

PENSION

PGBL/PRGP 22421 MATHEMATICAL PROVISION FOR FUTURE

BENEFIT PAYMENTS



GRANTED


22429 OTHER TECHNICAL PROVISIONS - PRIVATE

PENSION


CAPITALIZATION

PROVISION FOR REDEMPTIONS 2251 PROVISION FOR REDEMPTIONS

PROVISION FOR PRIZE DRAWS 2252 PROVISION FOR PRIZE DRAWS

ADMINISTRATIVE PROVISION 2254 ADMINISTRATIVE PROVISION

PROVISION FOR PRIZE DRAW 2255 PROVISION FOR PRIZE DRAW SUPPLEMENT

SUPPLEMENT

PROVISION FOR BONUS PAYOUT 2256 PROVISION FOR BONUS PAYOUT

OTHER PROVISIONS 2258 OTHER PROVISIONS TÉC. - CAPITALIZATION

OTHER DEBITS

FINANCIAL DERIVATIVES 2281 LINKED TO FINANCIAL DERIVATIVES

PROVISIONS FOR LEGAL

CONTINGENCIES





DEFERRED REVENUE - SAVINGS

BONDS

2285 DEFERRED REVENUE - SAVINGS BONDS

SUNDRY DEBITS 2289 SUNDRY DEBITS

SHAREHOLDERS’ EQUITY

CAPITAL STOCK 2411 CAPITAL STOCK

CAPITAL INCREASE / REDUCTION

(AWAITING APPROVAL)

2412 CAPITAL INCREASE / REDUCTION (AWAITING

APPROVAL)

CAPITAL RESERVES 2413 CAPITAL RESERVES

REVALUATION RESERVES 2414 REVALUATION RESERVES

REVENUE RESERVES 2415 REVENUE RESERVES

EQUITY VALUATION

ADJUSTMENT

24161 ADJUSTMENT OF MARKETABLE SECURITY

VALUATION

24162 FOREIGN EXCHANGE VARIATIONS OF EQUITY

INVESTMENTS ABROAD


ACCUMULATED PROFITS OR

LOSSES

2418 ACCUMULATED PROFITS OR LOSSES

(-) TREASURY STOCK (*) 2419 (-) TREASURY STOCK (*)

SHAREHOLDERS’ EQUITY OF NOT-

FOR-PROFIT PRIVATE


ENTITIES

SHAREHOLDERS’ EQUITY 2421 SHAREHOLDERS’ EQUITY

EQUITY RESERVES 2423 EQUITY RESERVES

REVALUATION RESERVES 2424 REVALUATION RESERVES

RETAINED EARNINGS 2425 RETAINED EARNINGS

EQUITY VALUATION

ADJUSTMENT

24261 ADJUSTMENT OF MARKETABLE SECURITY

VALUATION


ACCUMULATED SURPLUSES OR

DEFICITS

2428 ACCUMULATED SURPLUSES OR DEFICITS

(*) OBS.: The balance of the "2419 - TREASURY STOCK" account should be presented as a

reduction of the balance of the Shareholders’ Equity account, from which the funds were

taken for their acquisition.


223-226

CONSOLIDATION OF THE INCOME STATEMENT (INSURANCE) ACCOUNTS FOR PUBLICATION


PREMIUMS ISSUED INSURANCE PREMIUMS (-) VGBL AND VRGP

311111 DIRECT

311112 CO-INSURANCE ACCEPTED FROM

COUNTERPARTS



311115 PREMIUMS - EXISTING RISKS FOR WHICH

POLICIES HAVE NOT YET BEEN ISSUED

RETROCESSIONS

311161 PREMIUMS – ACCEPTED RETROCESSIONS

311165 CANCELLATION OF ACCEPTED

RETROCESSIONS

311166 RETURN OF ACCEPTED RETROCESSIONS

DPVAT TRANSFERS


RECOVERY OF INITIAL CONTRACT COSTS

31112 RECOVERY OF INITIAL CONTRACT COSTS

(+/-) VARIATIONS IN PREMIUM

TECHNICAL PROVISIONS



BENEFIT PAYMENTS (-) VGBL AND VRGP

31188 OTHER PROVISIONS (-) VGBL AND VRGP

(=) PREMIUMS EARNED

(+) REVENUES FROM POLICIES

ISSUED

31249 ISSUING OF DPVAT CERTIFICATES

(-) CLAIMS INCURRED 3131 CLAIMS (-) VGBL AND VRGP

3132 CLAIMS RECOVERY

3133 SALVAGE

3134 INDEMNITIES

3135 VARIATIONS IN THE PROVISION FOR CLAIMS

INCURRED BUT NOT YET REPORTED


(-) ACQUISITION COSTS 3141 COMMISSIONS ON PREMIUMS (-) VGBL

3142 RECOVERY OF COMMISSIONS (-) VGBL

3143 OTHER ACQUISITION COSTS (-) VGBL

3145 VARIATIONS IN DEFERRED ACQUISITION

COST (-)VGBL

(+) EARNINGS FROM

CONTRIBUTIONS AND PREMIUMS

311111 DIRECT PREMIUMS (VGBL AND VRGP)

(-) MAKING A PROVISION FOR

FUTURE BENEFITS



3118322 PAYMENTS TO SURVIVORS - INCOME -

CAPITALIZATION

(=) EARNINGS FROM VGBL


(+) EARNINGS FROM 3121 EARNINGS FROM MANAGEMENT FEES

MANAGEMENT AND OTHER FEES (VGBL AND VRGP)


(VGBL AND VRGP)

3123 EARNINGS FROM OTHER FEES (VGBL AND

VRGP)

(+/-) VARIATIONS IN OTHER


311883 PROVISION FOR RELATED EXPENSES (VGBL

AND VRGP)

311889 OTHER PROVISIONS (VGBL AND VRGP)

(+) RETAINED BENEFITS 31315 EXPENDITURE ON BENEFITS - INDIVIDUAL

LIFE INSURANCE (VGBL AND VRGP)


(VGBL AND VRGP)

(-) ACQUISITION COSTS 3141 COMMISSIONS ON PREMIUMS (VGBL AND

VRGP)

3142 RECOVERY OF COMMISSIONS(VGBL AND

VRGP)

3143 OTHER SALES EXPENSES (VGBL AND VRGP)

3145 VARIATIONS ON DEFERRED SALES EXPENSES

(VGBL AND VRGP)

(+) OTHER OPERATING INCOME

AND EXPENSES



(+) NET REINSURANCE INCOME

(EXPENSES)

(+) REINSURANCE INCOME 3191 REINSURANCE INCOME


(-) REINSURANCE EXPENSES 3193 REINSURANCE EXPENSES

3194 SALVAGE AND REIMBURSEMENTS

(+/-) OTHER NET INCOME

(EXPENSES) FROM REINSURANCE

3199 OTHER NET INCOME (EXPENSES) FROM


(-) ADMINISTRATIVE EXPENSES 3511 COMPANY PERSONNEL



3541 INSTITUTIONAL ADVERTIZING AND

PUBLICITY

3561 PUBLICATIONS

3571 DONATIONS AND CONTRIBUTIONS


3591 ADMINISTRATIVE EXPENSES – DPVAT

(-) TAX EXPENDITURE 3551 TAX EXPENDITURE

(-) NET FINANCIAL INCOME

(EXPENSES)



(-) EQUITY ACCOUNTING INCOME

(EXPENSES)


37211 EXPENDITURE ON PROPERTY HELD FOR

INCOME OR SALE

37112 ADJUSTMENT OF INVESTMENTS IN

SUBSIDIARIES AND AFFILIATES





(=) NET OPERATING INCOME

(EXPENSES)

(+) NET GAINS OR LOSSES ON

NON-CURRENT ASSETS

38 NET GAINS OR LOSSES ON NON-CURRENT

ASSETS

(=) NET INCOME (EXPENSES)

BEFORE TAXES AND PROFIT

SHARING

(-) INCOME TAX 391111 INCOME TAX

(-) SOCIAL CONTRIBUTION 391112 SOCIAL CONTRIBUTION

(-) PROFIT SHARING 392 PROFIT SHARING

(=) NET PROFIT (LOSS)

(/) NUMBER OF SHARES

(=) NET PROFIT (LOSS) PER SHARE


226-228

CONSOLIDATION OF THE INCOME STATEMENT (REINSURANCE) ACCOUNTS FOR PUBLICATION


PREMIUMS ISSUED 32111 REINSURANCE PREMIUMS



(+/-) VARIATIONS IN THE


3212 VARIATIONS IN THE TECHNICAL

PROVISIONS

(=) PREMIUMS EARNED

(-) CLAIMS INCURRED 3221 CLAIMS

3223 SALVAGE

3224 INDEMNITIES

3225 VARIATIONS IN THE PROVISION FOR

CLAIMS INCURRED BUT NOT YET

REPORTED

(-) ACQUISITION COSTS 3233 COST OF BROKERAGE

3235 VARIATIONS IN THE DEFERRED COST

OF BROKERAGE

(-) OTHER OPERATING INCOME

AND EXPENSES



(+) NET INCOME (EXPENSES)

FROM RETROCESSION

3291 INCOME FROM RETROCESSION


3293 EXPENSES OF RETROCESSION

3294 SALVAGE AND REIMBURSEMENT OF

RETROCESSIONNAIRE

3299 OTHER NET INCOME (EXPENSES)

FROM RETROCESSION TRANSACTIONS





3561 PUBLICATIONS




(+) NET FINANCIAL INCOME

(EXPENSES)

(+) FINANCIAL INCOME 361 FINANCIAL INCOME

(-) FINANCIAL EXPENSES 362 FINANCIAL EXPENSES

(+) EQUITY ACCOUNTING INCOME

(EXPENSES)


37211 EXPENDITURE ON PROPERTY HELD

FOR INCOME OR SALE








(EXPENSES)


NON-CURRENT ASSETS

38 NET GAINS OR LOSSES ON NON-

CURRENT ASSETS



SHARING








229-231

CONSOLIDATION OF THE INCOME STATEMENT (CAPITALIZATION) ACCOUNTS FOR PUBLICATION


(+) NET EARNINGS FROM SAVINGS

BONDS

341 NET EARNINGS FROM SAVINGS BONDS

(+) SAVINGS BOND REVENUE 3411 SAVINGS BOND REVENUE


PROVISION FOR REDEMPTION


REDEMPTION


DEFERRED REVENUE FROM

SAVINGS BONDS

3413 VARIATIONS IN THE DEFERRED REVENUE

FROM SAVINGS BONDS



342 VARIATIONS IN THE TECHNICAL

PROVISIONS


FROM PRIZE DRAWS

343 NET INCOME (EXPENSES) FROM PRIZE

DRAWS

(-) ACQUISITION COSTS 344 ACQUISITION COST


AND EXPENSES

(+) OTHER OPERATING INCOME 3451 OTHER OPERATING INCOME

(-) OTHER OPERATING EXPENSES 3452 OTHER OPERATING EXPENSES

(-) ADMINISTRATIVE EXPENSES

(+) COMPANY PERSONNEL 3511 COMPANY PERSONNEL

(+) THIRD-PARTY SERVICES 3521 THIRD-PARTY SERVICES

(+) LOCATION AND OPERATIONS 3531 LOCATION AND OPERATIONS

(+) ADVERTIZING AND PUBLICITY 3541 ADVERTIZING AND PUBLICITY

(+) PUBLICATIONS 3561 PUBLICATIONS

(+) DONATIONS AND

CONTRIBUTIONS


(+) SUNDRY ADMINISTRATIVE

EXPENSES




(EXPENSES)

(+) FINANCIAL INCOME 361 FINANCIAL INCOME

(-) FINANCIAL EXPENSES 362 FINANCIAL EXPENSES


(EXPENSES)

(+) PROPERTY INCOME 37111 PROPERTY INCOME

(-) EXPENDITURE ON PROPERTY

HELD FOR INCOME OR SALE


INCOME OR SALE

(+) INCOME FROM ADJUSTMENT

OF INVESTMENTS IN SUBSIDIARIES

AND AFFILIATES

37112 INCOME FROM ADJUSTMENT OF

INVESTMENTS IN SUBSIDIARIES AND

AFFILIATES

(-) EXPENDITURE ON

ADJUSTMENT OF INVESTMENTS IN


37212 EXPENDITURE ON ADJUSTMENT OF

INVESTMENTS IN SUBSIDIARIES AND

AFFILIATES

(+) INCOME FROM OTHER

INVESTMENTS

37113 INCOME FROM OTHER INVESTMENTS

(-) EXPENDITURE ON OTHER

INVESTMENTS

37213 EXPENDITURE ON OTHER INVESTMENTS


(EXPENSES)


NON-CURRENT ASSETS


ASSETS



SHARING








231-239

CONSOLIDATIONOF THE INCOME STATEMENT (PRIVATE SUPPLEMENTARY PENSION AND INSURANCE)

ACCOUNTS FOR PUBLICATION


EARNINGS FROM CONTRIBUTIONS

AND PREMIUMS

311111 DIRECT PREMIUMS - VGBL AND VRGP

CONTRIBUTIONS – FROZEN PLANS

33117 INCOME PLANS – RETIREMENT –

CAPITALIZATION – frozen (TRADITIONAL)

REIMBURSEMENTS - FROZEN

331191 INCOME PLANS

CONTRIBUTIONS – UNFROZEN PLANS


CAPITALIZATION (TRADITIONAL)

33128 VARIABLE CONTRIBUTION PLANS (PGBL)

REIMBURSEMENTS – UNFROZEN PLANS

331291 INCOME PLANS


FUTURE BENEFITS


BENEFIT PAYMENTS – VGBL AND VGRP

3118322 PAYMENTS TO SURVIVORS - INCOME –

CAPITALIZATION

VARIATIONS IN THE TECHNICAL

PROVISIONS - FROZEN PLANS


CAPITALIZATION


PROVISIONS - UNFROZEN PLANS


CAPITALIZATION




(+) EARNINGS FROM

MANAGEMENT AND OTHER FEES

3121 EARNINGS FROM MANAGEMENT FEES

(VGBL)


(VGBL)

3123 EARNINGS FROM OTHER FEES (VBGL)


(PGBL+FAPI)





311883 PROVISION FOR RELATED EXPENSES –

VGBL

311889 OTHER PROVISIONS – VGBL AND VRGP

OTHER PROVISIONS (FROZEN)



OTHER PROVISIONS




(+) RETAINED BENEFITS 31315 EXPENDITURE ON BENEFITS

EXPENDITURE ON RETAINED BENEFITS

ADMINISTRATIVE INCOME (EXPENSES)




LEGAL EXPENSES




(-) ACQUISITION COSTS 3141 COMMISSIONS ON PREMIUMS - VGBL

3142 RECOVERY OF COMMISSIONS- VGBL

3143 OTHER ACQUISITION COSTS - VGBL

3145 VARIATIONS IN DEFERRED SALES EXPENSES

COST OF BROKERAGE

335112 INCOME PLANS


AGENCY EXPENSES

335122 INCOME PLANS


VARIATIONS IN THE COST OF DEFERRED

BROKERAGE AND AGENCY EXPENSES

335142 INCOME PLANS

3352 SALES EXPENSES

3353 EXPENDITURE ON TECHNICAL SERVICES



AND EXPENSES



(-) NET INCOME (EXPENSES) FROM


3191 REINSURANCE INCOME (VGBL)

3192 INCOME FROM PROFIT SHARING (VGBL)


3193 REINSURANCE EXPENSES (VGBL)

3194 SALVAGE AND REIMBURSEMENTS TO THE

REINSURER (VGBL)


3199, 3399 OTHER NET INCOME (EXPENSES) FROM


PREMIUMS ISSUED INSURANCE PREMIUMS (-) VGBL AND

VRGP

311111 DIRECT


COUNTERPARTS



311115 PREMIUMS - EXISTING RISKS FOR WHICH

POLICIES HAVE NOT YET BEEN ISSUED

RETROCESSIONS

311161 PREMIUMS – ACCEPTED RETROCESSIONS


RETROCESSIONS

311166 RETURN OF ACCEPTED RETROCESSIONS

DPVAT TRANSFERS


(+) CONTRIBUTIONS TO RISK

COVERAGE

INCOME FROM CONTRIBUTIONS - FROZEN

PLANS

33111 LUMP SUM PLANS – PAY-AS-YOU-GO

33112 LUMP SUM PLANS – CAPITALIZATION

33113 INCOME PLANS – PENSION – TERMINAL

FUNDING

33114 INCOME PLANS – PENSION –

CAPITALIZATION

33115 INCOME PLANS – DISABILITY – TERMINAL

FUNDING

33116 INCOME PLANS – DISABILITY –

CAPITALIZATION

REIMBURSEMENTS

331192 RISK PLANS

INCOME FROM CONTRIBUTIONS -

UNFROZEN PLANS




FUNDING


CAPITALIZATION


FUNDING


CAPITALIZATION

REIMBURSEMENTS

331292 RISK PLANS






31188 OTHER PROVISIONS (-) VGBL AND VRGP

FROZEN PLANS

MATHEMATICAL PROVISION FOR FUTURE

BENEFIT PAYMENTS



CAPITALIZATION


CAPITALIZATION

PROVISION FOR UNEARNED PREMIUMS



FUNDING


FUNDING

OTHER PROVISIONS


– PENSION+LUMP SUM+DISABILITY

332192 PROVISION FOR RELATED EXPENSES –

PENSION+LUMP SUM+RISK

OTHER PROVISIONS

3321981 OTHER PROVISIONS – PENSION+LUMP

SUM+DISABILITY

UNFROZEN PLANS

MATHEMATICAL PROVISION FOR FUTURE

BENEFIT PAYMENTS


332214 INCOME PLANS - PENSION -

CAPITALIZATION

332215 INCOME PLANS - DISABILITY -

CAPITALIZATION

PROVISION FOR UNEARNED PREMIUMS


332223 INCOME PLANS - PENSION - TERMINAL

FUNDING

332225 INCOME PLANS - DISABILITY - TERMINAL

FUNDING

OTHER PROVISIONS

332292 PROVISION FOR ADMINISTRATIVE

EXPENSES - PENSION+LUMP SUM+RISK

PROVISION FOR TECHNICAL SURPLUS



3322933 INCOME PLANS - PENSION - TERMINAL

FUNDING


CAPITALIZATION

3322935 INCOME PLANS - DISABILITY - TERMINAL

FUNDING


CAPITALIZATION

332298 OTHER PROVISIONS - PENSION+LUMP

SUM+DISABILITY

(=) PREMIUMS EARNED

(+) EARNINGS FROM POLICY ISSUE

FEES

312 EARNINGS FROM POLICY ISSUE FEES

(-) CLAIMS INCURRED 31311 INDEMNITIES ON CLAIMS REPORTED

31312 INDEMNITIES ON CLAIMS REPORTED BY

CONSORTIA AND FUNDS


31314 EXPENSES OF CONSORTIUM AND FUND

CLAIMS

31315 EXPENDITURE ON BENEFITS - INDIVIDUAL

LIFE INSURANCE (-) VGBL

31317 EXPENDITURE ON BENEFITS - (-) VGBL

3133 SALVAGE

3134 INDEMNITIES



REPORTED


EXPENDITURE ON BENEFITS



(-) ACQUISITION COSTS 3141 COMMISSIONS (-) VGBL



3144 VARIATIONS ON DEFERRED SALES

EXPENSES (-) VGBL

COST OF BROKERAGE


AGENCY EXPENSES


335123 SOCIAL SECURITY CONTRIBUTIONS - LUMP

SUM

VARIATIONS IN THE COST OF DEFERRED

BROKERAGE AND AGENCY EXPENSES


(-) OTHER OPERATING INCOME

AND EXPENSES




FROM REINSURANCE

TRANSACTIONS

(+) REINSURANCE INCOME 3191 REINSURANCE INCOME (-) VGBL

3192 INCOME FROM PROFIT SHARING (-) VGBL


(-) REINSURANCE EXPENSES 3193 REINSURANCE EXPENSES (-) VGBL

3194 SALVAGE AND REIMBURSEMENTS TO THE

REINSURER (-) VGBL




3199, 3399 OTHER NET INCOME (EXPENSES) FROM






PUBLICITY

3561 PUBLICATIONS



359 ADMINISTRATIVE EXPENSES - DPVAT



(EXPENSES)




(EXPENSES)



INCOME OR SALE








(EXPENSES)


NON-CURRENT ASSETS


ASSETS



SHARING








240-247

CONSOLIDATION OF THE INCOME STATEMENT (INSURANCE AND PRIVATE SUPPLEMENTARY

PENSION) ACCOUNTS FOR PUBLICATION


PREMIUMS ISSUED INSURANCE PREMIUMS (-) VGBL AND

VRGP

311111 DIRECT


COUNTERPARTS

311113 CO-INSURANCE CEDED TO

COUNTERPARTS


311115 PREMIUMS - EXISTING RISKS FOR

WHICH POLICIES HAVE NOT YET BEEN

ISSUED

RETROCESSIONS

311161 PREMIUMS – ACCEPTED

RETROCESSIONS


RETROCESSIONS

311166 RETURN OF ACCEPTED

RETROCESSIONS

DPVAT TRANSFERS


RECOVERY OF INITIAL CONTRACT

COSTS

31112 RECOVERY OF INITIAL CONTRACT

COSTS

(+) CONTRIBUTIONS TO RISK

COVERAGE


FROZEN PLANS




TERMINAL FUNDING


CAPITALIZATION


TERMINAL FUNDING


CAPITALIZATION

REIMBURSEMENTS

331192 RISK PLANS


UNFROZEN PLANS




TERMINAL FUNDING


CAPITALIZATION


TERMINAL FUNDING


CAPITALIZATION

REIMBURSEMENTS

331292 RISK PLANS



31181 PROVISION FOR UNEARNED

PREMIUMS

31183 MATHEMATICAL PROVISION FOR

FUTURE BENEFIT PAYMENTS (-) VGBL

AND VRGP

31188 OTHER PROVISIONS (-) VGBL AND

VRGP

FROZEN PLANS

MATHEMATICAL PROVISION FOR

FUTURE BENEFIT PAYMENTS



CAPITALIZATION


CAPITALIZATION

PROVISION FOR UNEARNED

PREMIUMS



TERMINAL FUNDING


TERMINAL FUNDING

OTHER PROVISIONS

332191 PRIVATE SUPPLEMENTARY PENSION

PLANS - PENSION+LUMP

SUM+DISABILITY

332192 PROVISION FOR RELATED EXPENSES -


OTHER PROVISIONS


SUM+DISABILITY

UNFROZEN PLANS


FUTURE BENEFIT PAYMENTS



CAPITALIZATION


CAPITALIZATION

PROVISION FOR UNEARNED

PREMIUMS



TERMINAL FUNDING


TERMINAL FUNDING

OTHER PROVISIONS

332292 PROVISION FOR RELATED EXPENSES -


PROVISION FOR TECHNICAL SURPLUS




TERMINAL FUNDING


CAPITALIZATION


TERMINAL FUNDING


CAPITALIZATION


SUM+DISABILITY

(=) PREMIUMS EARNED

(+) REVENUES FROM POLICIES

ISSUED

3124 REVENUES FROM POLICIES ISSUED (-)

VGBL

(-) CLAIMS INCURRED 31311 INDEMNITIES ON CLAIMS REPORTED


BY CONSORTIA AND FUNDS


31314 EXPENSES OF CONSORTIUM AND

FUND CLAIMS

31315 EXPENDITURE ON BENEFITS -

INDIVIDUAL LIFE INSURANCE (-) VGBL

31317 EXPENDITURE ON BENEFITS - (-) VGBL

3133 SALVAGE

3134 INDEMNITIES



REPORTED


EXPENDITURE ON BENEFITS

3341112 LUMP SUM PLANS (PAYMENT)


BENEFITS GRANTED


BENEFITS GRANTED - PENSION


BENEFITS GRANTED - DISABILITY


(-) ACQUISITION COSTS 3141 COMMISSIONS (-) VGBL




EXPENSES (-) VGBL

COST OF BROKERAGE


335113 SOCIAL SECURITY CONTRIBUTIONS -

LUMP SUM

AGENCY EXPENSES


335123 SOCIAL SECURITY CONTRIBUTIONS -

LUMP SUM

VARIATIONS IN THE COST OF

DEFERRED BROKERAGE AND AGENCY

EXPENSES



AND EXPENSES




FROM REINSURANCE

TRANSACTIONS

(+) REINSURANCE INCOME 3191 REINSURANCE INCOME (-) VGBL

3192 INCOME FROM PROFIT SHARING (-)

VGBL

(-) REINSURANCE EXPENSES 3391 REINSURANCE INCOME

3193 REINSURANCE EXPENSES (-) VGBL

3194 SALVAGE AND REIMBURSEMENTS TO

THE REINSURER (-) VGBL




3199, 3399 OTHER NET INCOME (EXPENSES)

FROM REINSURANCE TRANSACTIONS

(+) EARNINGS FROM


311111 DIRECT PREMIUMS (VGBL AND VRGP)

CONTRIBUTIONS - FROZEN PLANS

33117 INCOME PLANS - RETIREMENT -

CAPITALIZATION – frozen

(TRADITIONAL)

REIMBURSEMENTS - FROZEN PLANS

331191 INCOME PLANS

CONTRIBUTIONS UNFROZEN PLANS


CAPITALIZATION (TRADITIONAL)


(PGBL)

REIMBURSEMENTS - UNFROZEN

PLANS

331291 INCOME PLANS


FUTURE BENEFITS


FUTURE BENEFIT PAYMENTS (VGBL

AND VGRP)

311842 PAYMENTS TO SURVIVORS - INCOME -

CAPITALIZATION


PROVISIONS - FROZEN PLANS


CAPITALIZATION


PROVISIONS - UNFROZEN PLANS


CAPITALIZATION




(+) EARNINGS FROM

MANAGEMENT AND OTHER FEES


(VGBL)

3122 EARNINGS FROM POLICY

MANAGEMENT


3124 EARNINGS FROM POLICY ISSUE FEES


(PGBL+FAPI)

3332 EARNINGS FROM POLICY

MANAGEMENT





EXPENDITURE ON RETAINED BENEFITS

ADMINISTRATIVE INCOME

(EXPENSES)




BENEFITS GRANTED


BENEFITS GRANTED - RETIREMENT

LEGAL EXPENSES




OTHER PROVISIONS (FROZEN)



OTHER PROVISIONS




(-) ACQUISITION COSTS 3141 COMMISSIONS (VGBL)

3142 RECOVERY OF COMMISSIONS (VGBL)

3143 OTHER ACQUISITION COSTS (VGBL)


EXPENSES (VGBL)

COST OF BROKERAGE

335112 INCOME PLANS


AGENCY EXPENSES

335122 INCOME PLANS


VARIATIONS IN THE COST OF

DEFERRED BROKERAGE AND AGENCY

EXPENSES

335142 INCOME PLANS

3352 SALES EXPENSES

3353 EXPENDITURE ON TECHNICAL

SERVICES



AND EXPENSES

31222 INCOME FROM CORRESPONDENTS IN

BRAZIL (VGBL)

33322 INCOME FROM CORRESPONDENTS IN

BRAZIL




FROM REINSURANCE

TRANSACTIONS

(+) REINSURANCE INCOME 3191 REINSURANCE INCOME (VGBL)


(VGBL)


(-) REINSURANCE EXPENSES 3193 REINSURANCE EXPENSES (VGBL)

3194 SALVAGE AND REIMBURSEMENTS TO

THE REINSURER (VGBL)




3199, 3399 OTHER NET INCOME (EXPENSES)

FROM REINSURANCE TRANSACTIONS





PUBLICITY

3561 PUBLICATIONS



359 ADMINISTRATIVE EXPENSES - DPVAT



(EXPENSES)




(EXPENSES)


37211 EXPENDITURE ON PROPERTY HELD

FOR INCOME OR SALE








(EXPENSES)


NON-CURRENT ASSETS

38 NET GAINS OR LOSSES ON NON-

CURRENT ASSETS



SHARING








248

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

ITEM CAPITAL

STOCK

CAPITAL

INCREASE

(REDUCTION)

AWAITING

APPROVAL

RESERVES

ADJUSTMENT

TO FAIR

VALUE

ACCUMULATED

PROFITS/LOSSES TOTAL

CAPITAL REVALUATION REVENUE

BALANCES

BROUGHT

FORWARD

PRIOR YEAR

ADJUSTMENTS

CAPITAL

INCREASE /

REDUCTION:

OGM/EGM of

____/____/____

SUSEP

Regulation Nº

CAPITAL

RESERVES:

Share premiums

Sale of

participation

certificates

Other Capital

Reserves

REVALUATION

RESERVE

Realization

Write-off

MARKETABLE

SECURITIES

NET INCOME

(EXPENSES) FOR

THE PERIOD

PROPOSED

ALLOCATION OF

NET INCOME

Legal Reserve

Contingency

Reserve

Unrealized

Income Reserve

Statutory

Reserves

Interest on

Capital /

Dividends

Other

CLOSING

BALANCES

OBS.: Other turnover not included in this model, if there is any, should also be included, and

any items where there is no turnover should be excluded.


249

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY OF NOT-FOR-PROFIT ENTITIES

ITEM SHAREHOLDERS’

EQUITY

RESERVES ADJUSTMENT

TO FAIR

VALUE

ACCUMULATED

PROFITS OR

SURPLUSES

TOTAL EQUITY REVALUATION

RETAINED

EARNINGS

BALANCES

BROUGHT

FORWARD

PRIOR YEAR

ADJUSTMENTS

INCREASE /

REDUCTION IN

SHAREHOLDERS’

EQUITY

Donations /

Subsidies to

strengthen

asset position

REVALUATION

RESERVE

Realization

Write-off

MARKETABLE

SECURITIES

SURPLUS /

DEFICIT FOR

THE PERIOD

PROPOSED

ALLOCATION OF

SURPLUS

Statutory

Reserves

Reserves for

Benefit

Contingencies

Other

CLOSING

BALANCES

OBS.: Other turnover not included in this model, if there is any, should also be included, and

any items where there is no turnover should be excluded.


250

CASH FLOW STATEMENT - DIRECT METHOD

OPERATING ACTIVITIES

Income from insurance premiums, pension contributions, management fees and others

Recovery of Claims and Commissions

Other operational income (salvage, reimbursements, etc.)

Payment of claims, benefits, redemptions and commissions

Transfer of premiums on risks ceded

Payment of expenses of insurance and reinsurance transactions

Payment of expenses and obligations

Payment of indemnities and legal costs

Other operational payments

Receipt of Interest and Dividends

Making judicial deposits

Recovering judicial deposits

Payment of Profit Sharing

Cash generated by / (used in) Operations

Taxes and contributions paid:

Interest paid

Financial investments:

Short-term investments

Sales and Redemptions

Net cash generated by / (used in) Operating Activities

INVESTING ACTIVITIES

Income from sales:

Investments

Fixed assets

Intangible assets

Payments for purchases:

Investments

Fixed assets

Intangible assets

Net cash generated by / (used in) Investing Activities

FINANCING ACTIVITIES

Capital increase

Capital reduction

Distribution of Dividends and Interest on Capital

Share buy-back

Sale of company shares

Taking on loans

Payment of loan principal (not interest)

Other

Net cash generated by / (used in) Financing Activities

Net Increase / (Decrease) in Cash and Cash Equivalents

Cash and Cash Equivalents at the Beginning of the Period

Cash and Cash Equivalents at the End of the Period


251-252

CASH FLOW STATEMENT - INDIRECT METHOD

OPERATING ACTIVITIES

Net Profit for the Period

Adjustments for:

Depreciation and Amortization

Loss (Reversal of losses) from reduction in asset recovery value

Changes in the fair value of investment properties

Loss (Gain) on the disposal of fixed and intangible assets

Net Equity Accounting income (expenses)

Other Adjustments

Changes in the Balance Sheet Accounts:

Financial assets

Credits from insurance and reinsurance transactions

Credits from private supplementary pension transactions

Credits from capitalization transactions

Reinsurance assets

Tax and social security credits

Deferred tax assets

Judicial deposits and tax contingencies

Pre-paid expenses

Deferred acquisition costs

Other assets

Taxes and Contributions

Other accounts payable

Debits for insurance and reinsurance transactions

Debits for private supplementary pension transactions

Debits for capitalization transactions

Third-party deposits

Technical provisions - insurance and reinsurance

Technical provisions - private supplementary pensions

Technical provisions - capitalization

Provisions for legal contingencies

Other liabilities

Cash generated by / (used in) Operations

Interest paid

Interest received

Income from Dividends and Interest on Capital

Income tax paid

Net cash generated by / (used in) Operating Activities

INVESTING ACTIVITIES

Income from sales:

Investments

Fixed assets

Intangible assets

Payments for purchases:

Investments

Fixed assets

Intangible assets

Net cash generated by / (used in) Investing Activities

FINANCING ACTIVITIES

Capital increase

Capital reduction

Distribution of Dividends and Interest on Capital

Share buy-back

Sale of company shares

Taking on loans

Payment of loan principal (not interest)

Other

Net cash generated by / (used in) Financing Activities

Net Increase / (Decrease) in Cash and Cash Equivalents

Cash and Cash Equivalents at the Beginning of the Period

Cash and Cash Equivalents at the End of the Period


CORRECTION

In the preamble of SUSEP Circular No. 517, of July 30, 2015, published in the Official Gazette

on November 8, 2015, p. 19, section 1, which reads: "... and Art. 4 of Decree-Law No. 261 of

February 28, 1967, c/c Art. xxx of CNSP Resolution No. xxx, of 2014, and considering the

contents of SUSEP Proceeding No. 15414.001684/2015-67, ... read: "... and Art. 4 of Decree-

Law No. 261 of February 28, 1967, and considering what is contained in SUSEP Proceeding No.

15414.001684 / 2015-67, ... "

In Art. 92, item V, which reads: "... relation to RC; and", read:" ... relation to RC.".

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PRIVATE INSURANCE AGENCY