BRASILIA, Brazil, May 11, 2016 /PRNewswire/ -- In the first quarter of 2016, we worked hard to support Caixa Seguradora's bancassurance premiums reach a 9.2%(1) growth, compared to a 0.3% growth from the main bancassurance operations in Brazil. For one more quarter, Caixa Seguradora continues to have the fastest growing bancassurance operation in Brazil.
In this quarter, our net income presented a 9.7% growth, when compared to the same period last year, reaching R$ 33.9 million. This growth was mainly driven by our revenue stock performance, which presented a 21.1% growth in the same period, reaching R$ 55.6 million. Our revenue stock reached 58% of our total revenue and it is one of Par Corretora's most important competitive advantages.
The fact we are growing above market rates, despite a more challenging time, as the one we are experiencing, proves the success of our commercial strategy.
(1)According to data taken from SUSEP. Considers only bancassurance products (Life, Credit Insurance, P&C, Mortgage and Rural). Caixa Seguradora growth considers the companies Caixa Seguradora and Caixa Vida e Previdência, and the Market growth considers BB Seguridade, Bradesco, Itaú and Zurich-Santander operations.
João Domingos Martins Villas
Chief Financial and Investor Relations Officer
About PAR Corretora
We are the exclusive insurance brokerage firm for Caixa Seguradora through CAIXA's insurance distribution channels, and we operate as a strategic partner of both institutions.
Through more than 40 years of experience, we helped to develop the fastest growing insurance operation in Brazil(1). We currently have approximately 1,500 employees and our major shareholders are CAIXA´s Employees Work Federation (FENAE), Caixa Seguradora and GP Investments. On June 5, 2015, we have proudly executed the only IPO (Initial Public Offering) in the last 18 months and today we disclose our results for the first quarter of 2016.
SOURCE PAR Corretora