28th Feb 2008 13:00
HSBC Holdings PLC28 February 2008 The following is the text of an announcement which will be published in thepress in Brazil at 28 February 2008 by HSBC Seguros (Brasil) S. A., a 97.9 percent directly held subsidiary of HSBC Holdings plc HSBC'S INSURANCE OPERATIONS IN BRAZIL 2007 ANNUAL RESULTS - HIGHLIGHTS The financial statements have been prepared and presented in accordance with theprovisions of the Corporate Law 6.404/76, which requires adherence to BrazilianGAAP (generally accepted accounting principles), and have been audited by KPMG. HSBC Seguros (Brasil) S. A. is required by regulation to file financialinformation for each semester and this information must be made available to themarket within 60 days after balance sheet date and therefore for the semesterended 31 December 2007, the deadline for the publication of the financialstatements is 28 February 2008. The financial statements of HSBC Seguros(Brasil) S. A. are presented on a consolidated basis comprising the followingsubsidiaries: HSBC Vida e Previdencia (Brasil) S. A.;HSBC Empresa de Capitalizacao (Brasil) S. A.; andHSBC Capitalizacao (Brasil) S. A. Figures are stated in both Brazilian reais (BRL) and US dollars (US$). Financial highlights for the year ended 31 December 2007 • Profit before tax was BRL273 million (US$125 million) in 2006, up 16.5 per cent, compared to BRL318 million (US$163 million) in 2007. • Net profit up 14.9 per cent from BRL179 million (US$82 million) in 2006 to BRL206 million (US$106 million) in 2007. • Earned premiums up 14.3 per cent from BRL505 million (US$232 million) in 2006 to BRL578 million (US$297 million) in 2007. • Technical reserves related to insurance, pension and investment contracts up 40.7 per cent from BRL3,442 million (US$1,612 million) in 2006 to BRL4,843 million (US$2,718 million) in 2007. • Total assets up 38.3 per cent from BRL4.379 million (US$2,051 million) in 2006 to BRL6,056 million (US$3,398 million) in 2007. • Return on average shareholders' equity of 25.7 per cent (34.1 percent in 2006). The translation rates from Brazilian Real to the US Dollar were respectively, an average rate of 1.946861 for the P&L and a year end rate of 1.781700 for theBalance Sheet. Notes to editors: 1. HSBC Seguros (Brasil) S. A.HSBC Seguros (Brasil) S.A. is a subsidiary of HSBC Bank Brasil S.A. - BancoMultiplo, and it is part of an integrated financial services business, with atotal of 976 employees at 31 December 2007. The company manufactures life andpersonal accident policies and pension plans, sold through the HSBC Brazilbranch network, as well as independent brokers. 2. HSBC Holdings plcThe HSBC Group serves over 125 million customers worldwide through some 10,000offices in 83 countries and territories in Europe, the Asia-Pacific region, theAmericas, the Middle East and Africa. With assets of US$2,150 billion at 30 June2007, HSBC is one of the world's largest banking and financial servicesorganisations. HSBC is marketed worldwide as 'the world's local bank'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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