Profits down 12% at IRB-Brasil Re ahead of demonopolisation

Mapfre fuels acquisition rumours • Pensions transferred to state scheme • ING acquires Santander pension business

Net profits of IRB-BRASIL RE during the first 11 months of 2007 amounted to Reales 256.5mn (US$141.8mn), a 12.4% fall against the same period in 2006. IRB reinsurance premium income amounted to Reales 2.7bn (about US$1.5bn), 3.8% above 2006.