| Unibanco AIG held on to its leadership in five segments: property insurance, petrochemical,
aviation, directors & officers (D&O), and domestic freight. It is also
the leader in sales and management of extended warranty contracts, through Garantech,
a joint-venture formed in 1998 between Unibanco, AIG and Multibrás/Whirlpool.
With about 52 retail chains and 3,000 points-of-sale across the country, Garantech
closed 2004 with 7,634 extended warranty contracts sold. The sales strategy was
mostly based on establishing closer relationships with the major home appliance
retailers. For Unibanco AIG, the highlights of 2004 were:
 Consolidated net
income of R$300 million, up 12.8% from the previous year (this amount does not
include the goodwill amortization of Trevo, the insurance company from Banco
Bandeirantes).
Growth of 21.6% in
premiums written, to R$2,735 million.
R$1.1 billion in
technical reserves, a 29% growth.
Claims ratio fell
for a to 46,9% , from 56.4% in 2003, remaining well below market average of
67.3% (November 2004 data).
Unibanco AIG combined ratio, which measures operational efficiency, was 98.8%
in 2004, better than estimated market average of 104%. The broader concept of
the same ratio, which includes financial revenues, was 87.1% in 1004. Unibanco
AIG has consistently registered combined ratios above market average.
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