EXECUTIVE SUMMARY 2
MARKET OVERVIEW 7
Market definition 7
Research highlights 8
Market analysis 9
MARKET VALUE 10
MARKET SEGMENTATION I 11
MARKET SEGMENTATION II 12
FIVE FORCES ANALYSIS 13
Summary 13
Buyer power 14
Supplier power 16
New entrants 17
Substitutes 19
Rivalry 20
LEADING COMPANIES 21
Allianz AG 21
Banco Bradesco 27
Itau Unibanco Holding S.A. 32
MARKET FORECASTS 37
Market value forecast 37
MACROECONOMIC INDICATORS 38
APPENDIX 40
Methodology 40
Industry associations 41
Related research 41
Disclaimer 42
ABOUT THE PUBLISHER 43
Premium Reports 43
Summary Reports 43
Our Consultancy43

LIST OF TABLES
Table 1: Brazil insurance market value: $ million, 2005–09 10
Table 2: Brazil insurance market segmentation I:% share, by value, 2009 11
Table 3: Brazil insurance market segmentation II: % share, by value, 2009 12
Table 4: Allianz AG: key facts 21
Table 5: Allianz AG: key financials ($) 24
Table 6: Allianz AG: key financials (€) 24
Table 7: Allianz AG: key financial ratios 25
Table 8: Banco Bradesco: key facts 27
Table 9: Banco Bradesco: key financials ($) 29
Table 10: Banco Bradesco: key financials (BRL) 29
Table 11: Banco Bradesco: key financial ratios 30
Table 12: Itau Unibanco Holding S.A.: key facts 32
Table 13: Itau Unibanco Holding S.A.: key financials ($) 35
Table 14: Itau Unibanco Holding S.A.: key financials (BRL) 35
Table 15: Itau Unibanco Holding S.A.: key financial ratios 35
Table 16: Brazil insurance market value forecast: $ million, 2009–14 37
Table 17: Brazil size of population (million), 2005–09 38
Table 18: Brazil GDP (constant 2000 prices, $ billion), 2005–09 38
Table 19: Brazil GDP (current prices, $ billion), 2005–09 38
Table 20: Brazil inflation, 2005–09 39
Table 21: Brazil consumer price index (absolute), 2005–09 39
Table 22: Brazil exchange rate, 2005–09 39

LIST OF FIGURES
Figure 1: Brazil insurance market value: $ million, 2005–09 10
Figure 2: Brazil insurance market segmentation I:% share, by value, 2009 11
Figure 3: Brazil insurance market segmentation II: % share, by value, 2009 12
Figure 4: Forces driving competition in the insurance market in Brazil, 2009 13
Figure 5: Drivers of buyer power in the insurance market in Brazil, 2009 14
Figure 6: Drivers of supplier power in the insurance market in Brazil, 2009 16
Figure 7: Factors influencing the likelihood of new entrants in the insurance market in Brazil, 2009 17
Figure 8: Factors influencing the threat of substitutes in the insurance market in Brazil, 2009 19
Figure 9: Drivers of degree of rivalry in the insurance market in Brazil, 2009 20
Figure 10: Allianz AG: revenues & profitability 25
Figure 11: Allianz AG: assets & liabilities 26
Figure 12: Banco Bradesco: revenues & profitability 30
Figure 13: Banco Bradesco: assets & liabilities 31
Figure 14: Itau Unibanco Holding S.A.: revenues & profitability 36
Figure 15: Itau Unibanco Holding S.A.: assets & liabilities 36
Figure 16: Brazil insurance market value forecast: $ million, 2009–14 37