Brazilian insurers report income up 13%, driven by life

Motor insurance income down 10% in 2006 • SUSEP notes rise in money laundering cases • Zurich Brasil’s profits down by over half • Local AIG unit says profits up almost 7% • Chubb Brasil records profits up to 27.2mn reales

The insurance market (including non-compulsory pension and capitalization plans) reported an income of 73.69bn reales (US$35.41bn) in 2006, 12.8% more than in 2005. Insurance business accounted for 59.3bn reales, an increase of 16.31%.