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