Institutional Presentation 4Q19

February, 2020

INSTITUTIONAL PRESENTATION | 4Q19

2

SulAmérica at a Glance Solid business model with proven track record

PROTECTION FOCUSED ON

PEOPLE Insurance, Private Pension, Asset Management

NATIONWIDE FOOTPRINT

7+ million clients and expanding geographical

reach

DISCIPLINED

UNDERWRITING Always focused on profitability

STRONG RELATIONSHIP

With all supply chain participants

HIGH LEVELS OF

CLIENT RETENTION Strong product cross selling potential

STRONG DISTRIBUTION

Largest broker relationship program with 39k+

independent brokers

LARGEST

INDEPENDENT INSURER IN BRAZIL,

FOUNDED IN 1895

February, 2020


Health & Dental 77.5%

Auto 14.6%

Private Pension

3.6%

Life 2.3%

Other P&C 0.8%

Other 1.2%

3

SulAmérica – HighlightsKey figures

R$22.3

billion

Revenue breakdown Financial highlights (FY 2019)

Revenues R$22.3 billion

Return on average equity 17.6%

Note: 2019 figures.

Net income R$1.2 billion

Total assets R$28.4 billion

Shareholders’ equity R$7.1 billion

February, 2020


4

SulAmérica History of innovation and sustainable growth…

1895

Sul América is founded as a Life

insurer by the Larragoiti family

Begins Property &

Casualty (P&C) activities

1913

Savings bonds introduced with

SulaCap

Begins Automobile insurance

1929

1970

Enters Healthcare

business with automaker Ford

as first client

1987

1995

1989

Begins offering Private Pension plans through

SulaPrev

1996

Launches Health

insurance plans and 24-

hour assistance

Partnership in health with

Banco do Brasil

SulAmérica’s Centenary

1997

Acquisition of Brasilpar, begins

Asset Management

operations

2001/2

2007

Partnership in Auto with Banco

do Brasil

Joint Venture with Aetna (health, life

and pension)

Dutch ING acquires Aetna’s stake and

changes ownership to the holding

company

SulAmérica’s IPO at the

BM&FBovespa Exchange in Sao Paulo

2010

Acquisition of Brasilsaúde from

and sale of Brasilveículos to Banco do Brasil

February, 2020


5

SulAmérica ...building a well-known, credible brand

2011

2013

2013/14

2015

2019

Acquisition of Dental Plan and partnership with

Caixa in auto insurance

ING sells its stake

in SulAmérica Acquisition of

SulaCap SulAmérica’s 120th

anniversary

JV with Sharecare (formerly Healthways)

Acquisition of Prodent

Brand Evolution & Positioning

2013 2002

1895 1910 1920 1968

1997 1995

Providing people with security for life’s unexpected events

A vida é imprevisível e,

acredite, isso é muito bom.

Investment in Órama

Divestment of sav ings

bonds

2020

Agreement for the sale of auto and P&C operations to Allianz

(pending)

February, 2020


SulAmérica’s Shareholding Structure Best practices in Sustainability and Governance

• Associated with national and international organizations that contribute with guidelines, indicators,

principles and goals for the management of the sustainability of its business

• Periodically disclosures its progress in implementing ESG (Environmental, Social and Governance)

issues, following the GRI and Integrated Reporting’s guidelines

• 60% of board members are independent

• Role of Board of Directors supported by 5 statutory committees (Audit and Risk Management,

Investment, Compensation, Governance and Sustainability)

• Included in the Dow Jones Sustainability Emerging Markets Index

(1) Equivalent to 50.3% of total voting shares

BEST

PRACTICES

(1)

6

25.2% 70.7%

SULASA

SULASAPAR Others

(Free Float)

Related Persons, Management

and Treasury

100%

4.1%

February, 2020


Sustainability Building value and positive impact

7

Business with responsibility and belief in sustainable development as an

opportunity to improve the world we live in

Commitments until 2023

energy consumption

60% less

water consumption

75% less

regular waste consumption

12% less

in waste for recycling

35% increase

Sustainability’s strategic themes

Financial education and conscious use of insurance

Responsibility in the value chain

Assistance and services quality

Human capital development

Product and services innovation Business-related topics that seek to balance risks and opportunities with economic and social and

environmental impact, based on three principles:

Integrate, Engage and Disclosure.

Principles

Global

Compact

Principles for

Responsible

Investment

Principles for

Sustainable

Insurance

• 83% of executive positions

with mapped replacements

• 60% - 70% auto insurance

retention

• Coordinated Care initiative -

NPS 81

Commitments until 2023

• PRO SulAmérica

• Digital certification

Auto Telematics: positive influence on

customer behavior

February, 2020


8

SulAmérica Investment HighlightsWhy invest in SulAmérica?

Favorable sector dynamics

● Brazil is the largest economy in LatAm and 8th largest in the world, with a growing population

● Insurance sector is very resilient and has consistently grown at double-digit rates, especially private

healthcare insurance, with coverage still low in Brazil

Experienced management team and strong Board of Directors

● Seasoned management team with deep understanding of the insurance market in Brazil

● Board of Directors with deep knowledge and tradition in the market

Strong financial profile and operating efficiency

● Track record of improving operating performance

● Well positioned to benefit from better economy + industry consolidation

Strong and credible brand with resilient business model

● SulAmérica is one of the strongest brands in the markets in which it operates

● Diversified business mix (health, auto, life, pension and asset management) and increasing cross-

selling capabilities

February, 2020


9

Diversified Distribution Model and Strong Sales Force Solid relationship with distribution network

Large corporate

brokers

Partnerships Retail Corporate

Large volume

brokers

Financial and

retail institutions

Independent

brokers

39,000+ independent

brokers

Niche players and retail

distributors

~20 ~70 corporate

brokers

Affinity

partnerships with

bancassurance

90 branches supporting sales & distribution

February, 2020


Digital Transformation Focus on efficiency for brokers

10

Brand New Relationship Platform for Brokers

CUSTOMER FOCUS: EASY

ACCESS TO ALL CLIENTS

PRODUCTS AND CROSS-

SELL OPPORTUNITIES

EASY ACCESS TO ALL

QUOTATION ENGINES FOR

DIFFERENT PRODUCTS

PERSONALIZED

ASSISTANCE TO HELP

IMPROVE PRODUCTIVITY

AND GENERATE BUSINESS

OPPORTUNITIES

SEAMLESS TRANSITION

BETWEEN WEB AND MOBILE

PLATFORMS

http://marcos-mattos.com/sas/portaldocorretor/build-18-01/

February, 2020


Guidelines and practices

11

Internal policies to ensure the application of standards and guidelines for information

protection of intellectual property, both for the Company and the general public

Policies and

regulations

• Periodically reviewed and widely disclosed

• Applicable to the entire

Company and its suppliers

Periodic analysis of vulnerabilities

Incident response plan

Safety and security culture

Development of data

privacy policy

Data-mapping across

all business units

Data privacy

GDPR Working Group to

address issues and

demands

Constant assessment

of potential impacts

and privacy risks

● Continuous assessment of emerging cyber

security risks:

Review of procedures on

cyber threats

Security program

enhancement

Risk management

Addressed themes: data security and access management, personal data processing, GDPR.

Training and

workshops

Campaigns and

simulations

(e.g. phishing

prevention)

● Data protection and cyber security culture program,

reaching all hierarchical levels:

Information Security and Data Privacy Continuous improvements in processes and data management

February, 2020


12

Diversified Product Portfolio Huge potential for increasing cross-selling

Note: Dec/19

Only 13% of SulAmérica’s more than 7 million clients have more than one

product

Health & Dental

23% of health

clients have dental

37% of dental

clients have health

8% of auto clients have

homeowners insurance

36% of homeowners

insurance clients have auto

Auto & Home

17% of SulAmérica’s 39,000+ brokers sell all the company’s products

February, 2020


10.6%

7.1% 6.0%

4.6% 3.9%

13

Insurance Market in Brazil Still highly underpenetrated

Insurance penetration per country (premiums as % of GDP - 2018)

Insurance penetration per segment in Brazil

Source: Swiss Re, SUSEP, IBGE, Denatran, Fenseg, Fenaprevi and Zurich/Oxford University

22% of population

Health

12% of population

Dental

20% of fleet

Auto

15% of homes

Home

19% of population

Life

Brazil is the 9th largest

economy in the world

but only 41st in terms of

insurance penetration

Pension

6% of population

February, 2020


18.9%

12.5% 12.9% 12.7% 11.4%

7.7%

4.3%

9.6% 10.2%

1.9%

3.0%

0.5%

-3.5% -3.3%

1.3%

1.3% 0.9% 2.2%

2012 2013 2014 2015 2016 2017 2018 2019e 2020e

Insurance Premiums Growth

GDP Growth (PIB)

14

Secular Growth Trend Brazilian Insurance sector will benefit from economic rebound

Source: CNseg (considering the average of bull and bear cases for 2019 and 2020), IBGE & Focus Report (Feb 14, 2020) (1) Savings bonds and DPVAT not included

Insurance industry growth vs. GDP growth

Revenue per segment(1)

19 23 25 28 29 31 34 38 41 98 111 129 146 164 182 199 213 238 25

29 31

32 32 34

36 36 37

24 29

31 33 34

38 41 46

50

68 71

81 96

115 118

108 128

139

2012 2013 2014 2015 2016 2017 2018 2019e 2020e

Private Pension

Life

Auto

Health

Other Property & Casualty

(R$ billion)

402

234 263

298 335

374

CAGR: +10.1%

460 419

507

Health and Dental

February, 2020


SulAmérica – Health Portfolio Premium product with several options for customers

LARGE CORPORATE Over 100 members

SMALL & MEDIUM

ENTERPRISES 3 to 99 members

AFFINITY Professional bodies,

associations and

organizations Main characteristics _______________________

● Nationwide coverage

● Broad preferred provider network

● Comprehensive portfolio

● Well-being programs and Care Coordination platform

● Discounts on drugs and vaccines

● Policies with annual price adjustments

● Wide range of products for all corporate levels, with

different coverages

● Co-payment programs – gaining relevance in the

portfolio

16

February, 2020


22%

91%

78%

9%

Insured Non-insured

Market – Health Market penetration opportunity

Coverage per State Insured members evolution

Health plan penetration

(% of population)

> 30% 20%-30% 10%-20% 5%-10%

70.0

80.0

90.0

100.0

110.0

120.0

130.0

140.0

150.0

160.0

170.0

180.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Market SulAmérica

(indexed on 2006)

Source: ANS and Census US (2015)

20% of coverage in

2006 to 22% in 2019

17

February, 2020


Market – Dental Market penetration opportunity

0.0

200.0

400.0

600.0

800.0

1,000.0

1,200.0

1,400.0

1,600.0

1,800.0

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Market SulAmérica

(indexed on 2008)

Dental plan penetration # dentists per inhabitants

(% of population) (per million people)

Insured members evolution

12%

77%

88%

23%

Insured Non-insured

Source: ANS, Credit Suisse Research, NADP (National Association of Dental Plans)

4% of coverage in

2006 to 12% in 2019

1,605

1,206 1,163 1,107 1,085 1,047

762 632

554 494 490 446

18

February, 2020


Market – Health and Dental Evolution of private healthcare market

51.9 60.5

65.8 74.5

84.8 95.9

109.9

127.8

144.7

163.2

180.9

197.4

79.9% 79.7%

82.3%

80.1% 81.2%

83.6% 82.7% 83.3% 83.0%

84.0% 83.2%

81.8%

73.0%

76.3%

80.8%

77.2%

80.0% 80.9% 81.2% 81.4%

80.5% 80.1% 79.6% 79.2%

45%

50%

55%

60%

65%

70%

75%

80%

85%

30

80

130

180

230

280

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Revenue Market Loss Ratio SulAmérica Loss Ratio

Total market revenue and loss ratio

(R$ billion and % of total)

Source: ANS and SulAmérica.

19

February, 2020


Market – Health and Dental Medical inflation running at high levels globally

Source: IESS, with data from Aon Hewitt, Mercer and Willis Towers Watson (Dec/17)

20

Medical inflation vs. benchmark CPI

6.3x

4.7x 4.6x

3.9x 3.7x

3.5x 3.4x 3.2x 3.1x 3.0x

February, 2020


Health Providers in Brazil Hospital beds and utilization levels evolution

Hospital beds evolution Private hospitals occupancy rate

(thousand)

21

79.0%

77.7% 76.9% 76.9%

76.4%

353.9 326.1

295.0

113.6 129.6 135.6

Public Private

Average length of stay in private hospital beds

(days)

4.79

4.54

4.38 4.27

4.13

Source: SUS, ANAHP and IESS.

42.6%

15.8%

21.0%

8.3%

8.0% 4.3%

Hospitalization

Therapies

Ambulatory

care

Diagnostics

Doctor

visits

Other

Health plan operators expenses breakdown

February, 2020


Health and Dental Market – Private Healthcare Industry Consolidation is accelerating

Top 5 health & dental operators

% of revenues – (Dec/18)

Health members & operators

(Million members – Dec/19)

1,289

727

399 280

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Health Operators with members Dental Operators with members

Health & dental operators

(Dec/19)

Source: ANS

39.7% 41.7% 41.9% 43.0% 42.7% 43.4% 42.0%

55.8% 57.0% 56.3% 56.7% 56.4% 57.9% 55.8%

2012 2013 2014 2015 2016 2017 2018

Health Dental

22

2

4

6

11

22

40

73

133

243

727

0 100 200 300 400 500 600 700 800 900

14%

24%

32%

40%

51%

60%

70%

80%

90%

100%

Number of operators

% o

f m

em

bers

47.0

42.3

37.7

32.9

28.4

23.8

18.9

14.9

11.4

6.5

February, 2020


17 19 20 20 21 21 22 24 26

10 10 10 10 10 9 9 9 9

29 31 33 34 33 32 32 32 32

7 7 7 7 7 6 6 6 6

2011 2012 2013 2014 2015 2016 2017 2018 2019

Individual Health Corporate Health Affinity Health Dental

Insured

members (1)

47,039,728

26,024,494

MoM

change (1)

+0.02%

+0.89%

Coverage

rate

22%

12%

Market

Health and Dental Market – Private Healthcare Industry Profile per type of insurance plan

Health & Dental total market members(2)

Source: ANS (Dec/19) (1) Numbers subject to retroactive changes by ANS (2) Does not consider “other” and “not informed” members in health.

23

As of Dec/2019

45 47 49 50 49 47 47 47

(million)

47

February, 2020


-2,000,000

-1,500,000

-1,000,000

-500,000

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Change in Insured Lives Job creation/destruction

Strong correlation: job creation and change in insured lives Employment recovery benefits the private healthcare market

Source: ANS and CAGED (Dec/19) 24

February, 2020


Health and Dental Market Market share in revenues

HEALTH

Top 10 players

56% among the top 10 players

Source: ANS (Sep/19). Considers the acquisition of Prodent by SulAmérica from Sep/19.

DENTAL

Top 10 players


25

3rd

3rd

1st

1st

4th

4th

5th

5th

6th

6th

2nd

2nd

7th

7th

8th 8

th

9th

9th

10th 10

th

10.6%

13.9%

4.2%

4.0%

2.5%

12.5%

2.4%

2.0%

2.0%

1.6%

5.6%

36.6%

4.6%

3.7%

3.5%

12.6%

2.6%

2.4%

1.9%

1.9%

February, 2020


Service & Operational highlights

11 million doctor visits

scheduled

330k hospitalizations(2)

26k birth deliveries(2)

26

+17 million pre-authorized

procedures

+8.8 million processed

reimbursements

67 million diagnostic

tests requested

Saúde Ativa

health management

and wellness

delivery of

special drugs

+3,600 laboratories

+9,800 dental providers

+1,200 hospitals

+18,100 health providers

2.3 million beneficiaries

1.7 million beneficiaries

23%(1)

Cross selling

SulAmérica – Health and Dental Overview

Source:2019 figures Note: (1) % of health members which also have Dental insurance (2) 2018 figures

February, 2020


FIRST IN BRAZIL TO USE

MACHINE LEARNING FOR APP-

BASED REIMBURSEMENTS

NO MORE PAPER AND MAIL!

Digital Transformation Focus on improving user experience

27

Digital Apps – Health Insurance

TOP 10 DOWNLOADED APPs

(HEALTH & MEDICINE)

OVER 1.1 MILLION USERS

FIRST TO PROVIDE ACCESS

CONTROL THROUGH FACE

RECOGNITION

IN-APP VIDEO CALLS WITH PHYSICIANS

AND PSYCHOLOGISTS

REQUESTS FOR DOCTOR HOUSE CALLS

AVAILABLE FOR CHILDREN AND THE

ELDERLY

TOP RANKED APP WITH A

RATING OF 4.5/5

February, 2020


SulAmérica – Claims Management More than 30 initiatives to curb costs and frequency

Materials and Drugs Management Second opinion protocols and

medical board

Negotiated process with more than 360

hospitals for direct purchase of

special materials and drugs

More than 160 hospitals with

price list negotiated for materials

~30% savings on direct

purchase of materials

● Sourcing of special materials and drugs,

purchasing direct from manufacturers

● Pre-negotiated prices

● Second opinion: independent review

performed by a medical professional to confirm or revise diagnoses and proposed treatments

● Medical board: group of doctors appointed to set aside disagreements over a

treatment

Results Results

More patients conducted for

second medical opinion per year

Increase in non-surgical

recommendations and decrease of

surgical ones

Better diagnostic

assertiveness by reducing costs for

the insurer and ensuring the best treatment for

the insured

28 Note: 2019 figures

February, 2020


SulAmérica – Saúde Ativa Program Focused on health management

165k

clients monitored

Saúde Ativa initiatives

Main highlights

Well cared elderly:

Expansion to 31

cities

Active back care: 39%

less surgeries

29

Active back

care

Future

mommy Healthy aging

Well-being

coaching

Oncology

Chronic disease

High-risk

management

Well cared

elderly

Saúde Ativa services

Doctor

house calls

Medical

orientation by

phone

Primary care

network

97% 90%

+28k calls in 2019

50 cities with the

service available

Future mommy: 13% less

neonatal ICU cases

+9k appointments

of cases solved in

the network

of patients did not

go to the ER

afterwards

24/7 support

Mental health Orthopedics

February, 2020


SulAmérica – Care Coordination Integration of the healthcare market

30

Platform for the integration of health data

Cost reduction

doctors

+1,700

Specific initiatives in main medical specialties

● Bucomaxillofacial

● Urology

● Cardiology

● Orthopedics

beneficiaries coordinated

+400k

Best medical

outcome for

patients

Best experience for

doctors

Best experience

for patients

● Promotes the alignment of all the agents in the private healthcare industry

● Follows the beneficiary’s journey through the network of providers, promoting a higher

quality care

● Pediatrics

● Oncology

● Rheumatology

NPS (net promoter

score)

81

February, 2020


9,503.8 10,891.2

12,243.7 13,735.8

15,609.2 17,307.8

2014 2015 2016 2017 2018 2019

31

Operating Revenues

(R$ million)

Loss ratio

(% of earned premiums)

81.4% 80.5% 80.1% 79.6% 79.2% 78.9%

2014 2015 2016 2017 2018 2019

+30 BPS

6.2% 6.3% 6.4% 6.3% 6.3% 6.3%

2014 2015 2016 2017 2018 2019

0 BPS

Acquisition cost ratio


SulAmérica – Health and Dental Financial and operational highlights

Members

(thousands of members)

205 192 178 166 154 142

1,186 1,180 1,101 1,116 1,142 1,198

404 436 439 475 512 529 246 248 285 381 400 411 610 763 892

1,032 1,212 1,730

2014 2015 2016 2017 2018 2019

Individual Health Corporate/Affinity Health SME Health ASO (Health) Dental

3,169 2,651 2,818 2,896

+17.3%

3,421

+10.9%

4,011

Auto and Other P&C

February, 2020


SulAmérica – Auto Portfolio One of the largest auto insurers in Brazil

INDIVIDUALS TRUCKS FLEET

Coverage _______________________

● Accident, damages, burglary or robbery

● Liability coverage in the event of damage to 3rd parties

● 24-hour assistance

● Towing and replacement

● Coverage in Brazil, Argentina, Paraguay and Uruguay

Main characteristics _______________________

● National service coverage

● Segmented line of products (new and used cars, trucks,

women, pay-as-you-drive for trucks)

● Digital policy and mobile APP for services

● Residential assistance services

● Large network of referred bodyshops

33

February, 2020


SulAmérica – Auto Overview

34 Note: 2019 figures.

1.7 million

insured fleet

1.2 thousand referred bodyshops

31 CASA SulAmérica’s automotive

centers

21.1 million auto insurance quotes

performed per year

Auto APP – new features

60% - 70%

of client

retention

Auto Highlights

thousand

users

Insurance card

available on wallet

Schedule repairs

24h 24h assistance

Track claims

Cleaning and

services

330

February, 2020


Digital Transformation Focus on improving user experience

35

Digital Apps – Auto Insurance & Telematics (Auto.VC)

AVAILABLE FOR BOTH

CURRENT POLICYHOLDERS

& NON-CLIENTS

GOAL IS TO INFLUENCE

BETTER DRIVING BEHAVIOR

PREMIUM DISCOUNTS OF

UP TO R$400 LINKED TO

DRIVING PATTERN

POTENTIAL TO LOWER

COSTS WITH CLAIMS AND

CAPTURE BETTER RISK

SELECTION

GAMIFICATION PROVIDES

FOR HIGHER CUSTOMER

ENGAGEMENT AND

RETENTION

TOP RANKED APP

WITH A RATING OF 4.7/5

February, 2020


2,936.2

3,362.7 3,197.9 3,063.4

3,360.6 3,265.7

2014 2015 2016 2017 2018 2019

SulAmérica – Auto Financial and operational highlights

36

-2.8%

Insurance operating revenues

(R$ million)

Loss ratio


60.0% 60.6% 66.9% 65.5%

60.2% 61.0%

2014 2015 2016 2017 2018 2019

-80 BPS

23.2% 23.6% 23.4% 22.0%

20.4% 21.0%

2014 2015 2016 2017 2018 2019

-50 BPS



1,544

1,692 1,689

1,511

1,641 1,655

2014 2015 2016 2017 2018 2019

Insured fleet

(vehicles - thousands)

+0.9%

February, 2020


Auto insurance industry revenues

Auto – Total Market Information Overview

(R$ billion)

Source: ANFAVEA / SUSEP (Dec/19)

Top 10 players % of total premiums (2019)


5th

9.2%

2nd

11.4%

1st

27.3%

3rd

10.1%

6th

8.8%

4th

9.7%

32.4 33.3 32.6 34.7 35.8 36.0

2014 2015 2016 2017 2018 2019

37

9th

2.6%

8th

5.2%

10th

1.6%

7th

8.5%

+0.6%

1,928

2,463

2,820 3,141

3,515 3,633 3,802 3,767

3,498

2,569

2,050 2,240

2,566 2,788

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

+8.6%

Motor vehicles – Licensing

(thousand)

February, 2020


349,540 197,002

298,010 274,896 306,633 228,633

1,654,714 21.1%

11.9%

18.0% 16.6%

18.5%

13.8%

São PauloCapital

São PauloCountryside

Rio de Janeiro andEspírito Santo

Minas Gerais andMidwest

South North and Northeast TOTAL

% of fleet

SulAmérica – Auto Key figures

São Paulo State

Fleet by age

(% of insured fleet)

Fleet by type

(% of insured fleet)

Insured fleet by region

Source: SulAmérica (Dec/19)

38

11.1%

25.3%

48.6%

15.0%

New 1 - 3 years 4 - 9 years Other

56.7%

23.1%

15.0%

3.7% 1.5%

Light vehicles Pickup trucks Motorcycles Trucks Others

February, 2020


39

Auto – Theft and Robbery Figures improving in both Rio de Janeiro and São Paulo

Source: SSP-SP, ISP-RJ (Dec/19)

14.2 14.3 13.4

16.6 17.6 18.0 17.7

16.8

19.1 17.0

15.5 16.2 15.2 14.5

12.9 12.7

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

47.0 47.3 47.3 47.3 44.6 43.1 42.2 42.7

39.0 39.6 38.0 39.5

33.7 35.3 33.7 34.5

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

-5.8% 4.5% 4.9%

-3.7% -5.2% -9.0% -10.6% -9.8% -12.6% -8.2% -10.0% -7.4%

-13.4% -10.9% -11.5% -12.7%

Rio de Janeiro

(thousand vehicles and YoY change)

São Paulo

(thousand vehicles and YoY change)

11.9% 24.2%

18.1%

33.2% 24.0% 26.3%

31.9%

1.1% 8.6%

-5.4% -12.3%

-3.3%

-20.3% -14.9% -16.8%

-21.7%

February, 2020


40

SulAmérica – Massified Portfolio Widespread sales distribution and strong cross selling with auto

R$69 million in premiums/year

HOMEOWNERS/

HOUSEHOLD

376k homes insured

Note: Considers the last twelve months.


SMALL BUSINESS

42k businesses insured


CONDOMINIUM

33k buildings insured

February, 2020


3.7 4.4

4.8 5.0 5.2 5.4 6.1

6.5

2012 2013 2014 2015 2016 2017 2018 2019

Revenues*

(R$ billion)

P&C – Market Information Overview

Market share*

Source: SUSEP (Dec/19)

Contribution breakdown*

(% of total revenues; 2019)

+8.4% CAGR

48.4%

44.6%

7.0%

Homeowners Business Condominium

21.7%

12.1%

11.0%

8.3%

7.7%

7.6%

6.5%

5.0%

3.8%

2.9% 2.6%

10.8% Porto Seguro

BB + Mapfre

Bradesco

Zurich + Santander

Sompo Seguros

Caixa Seguros

Tokio Marine

HDI

Allianz

ACE+CHUBB

SulAméricaOthers

(% of total revenues; 2019)

41 *Considers only segments in which SulAmérica operates

+6.9%

Life, Pension & Asset Management

February, 2020


SulAmérica – Life Portfolio Overview


● Death, accidental death and/or disability, funeral, critical diseases

● Travel insurance fully online gaining share

● Casualty lump sum product also offered

● 12-month contracts, no long-tail risk

R$505 mn in revenues/year

3.5 mn insured lives

Note: Considers the last twelve months.

43

GROUP AND SME INDIVIDUAL CREDIT LIFE TRAVEL

February, 2020


9.3

40.8

34.9

40.8

2006 2019 2018 2019

Premiums

(R$ billion)

Life – Market Information Overview

Market share

Source: SUSEP (Dec/19) and Swiss Re

Premium breakdown by insurance line

(% of total premiums; 2019)

Life insurance penetration

(insurance penetration as % of GDP; 2018)

+12.0% CAGR

33.7%

33.1%

14.6%

17.1%

1.4%

Group life Credit life Personal accidents Individual Travel

2.1% 2.4% 3.2%

2.1% 2.4% 2.9%

8.3%

World average: 3.3%

16.8%

15.7%

13.4%

10.1%

8.5%

1.3%

34.1%

Bradesco

Mapfre + BB

Zurich

Caixa Seguros

Itaú

SulAmérica

Others

(% of total premiums; 2019)

44

(13th)

+17.1%

February, 2020


SulAmérica – Pension Portfolio Overview


● Special services for family offices and investment distributors

● Wide list of funds to fit any profile and tailor-made services for HR departments

● Management fees of 1.7% or lower

● Combined Value Proposition (life + pension + asset management)

● 10 sales offices specialized in Life, Investments and Pension

GROUP PGBL/VGBL INDIVIDUAL PGBL/VGBL

R$8.0 bn in pension reserves

45

February, 2020


325.4 364.2 432.3

527.1

652.3 765.9

845.0 955.9

2012 2013 2014 2015 2016 2017 2018 2019

70.6 74.0 83.7

99.0

117.5 121.1 111.4

126.9

2012 2013 2014 2015 2016 2017 2018 2019

Contributions

(R$ billion)

Private Pension – Total Market Information Overview

Market share

Source: SUSEP (Dec/19)

Technical reserves

(R$ billion)

+8.7% CAGR

30.2%

24.7% 8.0%

22.3%

5.9%

4.1%

1.9% 0.8% 2.1%

Banco do Brasil

Bradesco

Caixa Seguros

Itaú

Zurich

Icatu

Safra

SulAmérica

Others

(% of total technical reserves; 2019)

+16.6% CAGR

46

Contribution breakdown

(% of total contribution; 2019)

88.6%

8.5% 2.9%

VGBL PGBL Traditional

+13.9% +13.1%

(8th)

February, 2020


SulAmérica – Asset Management Solid track record with domestic investment expertise


● Diversified and competitive portfolio including sound equity and fixed

income products for Pension Funds, Corporates and Individuals

● National partnerships (JGP, Brasil Plural, Ibiúna and Constellation)

● Highest S&P Rating: “AMP-1 – Very Strong”

R$46.0 bn in assets under

management

47

FIXED INCOME EQUITIES MULTISTRATEGY

February, 2020


2.3 2.5 2.7 3.0

3.5 4.0

4.5

5.2

2012 2013 2014 2015 2016 2017 2018 2019

AuM

(R$ trillion)

Asset Management – Total Market Information Overview

AuM by investor type

(% of total AuM; 2019)

Source: Anbima (Dec/19)

AuM by asset class

(% of total AuM; 2019)

+12.4% CAGR

39.8%

8.8%

20.6%

30.7%

Fixed Income Equities Multi Strategy Others

30.2%

43.4%

4.6%

21.8%

Private and Public Pension Corporate and Retail Government Others

48

Net inflow in investment funds in Brazil

85%

12%

2013 to 2017 2017 to 2019

Top 5 Banks

Net inflow migrating from largest banks to independent asset

managers

Financial Highlights

February, 2020


14.1 15.7

16.8 18.2

20.5 22.3

2014 2015 2016 2017 2018 2019

555.6 683.8 695.3 773.3

905.0 1,182.6

2014 2015 2016 2017 2018 2019

SulAmérica – Consolidated Financial highlights

50

734.3

Non-recurring events

+8.9%

Operating revenues

(R$ billion)

Loss ratio


74.9% 74.6% 76.0% 75.8%

74.7% 74.8%

2014 2015 2016 2017 2018 2019

-20 BPS

11.2% 11.0% 10.7% 10.1% 9.6% 9.4%

2014 2015 2016 2017 2018 2019

+20 BPS



Net income & ROAE

(R$ million)

14.7%

16.4% 14.5% 15.2%

17.6% 17.5%

14.7%

+30.7%

February, 2020


18.5 20.0

21.8 23.4

25.7 28.4

2014 2015 2016 2017 2018 2019


51

+10.5%

Assets

(R$ billion)

Shareholders’ equity

(R$ billion)

4.0 4.4

5.0 5.6

6.3

7.1

2014 2015 2016 2017 2018 2019

+13.7%

Debt and leverage ratio

(R$ million / %)

Dividends and payout

(R$ million / %)

157 177 165

184 215

281

30%

25% 25% 25% 25% 25%

2014 2015 2016 2017 2018 2019

Dividends Payout

1,037 1,078

1,400 1,585

1,471

1,750

26% 24%

28% 28%

23% 24%

2014 2015 2016 2017 2018 2019

Indebtedness (R$ Million) Leverage Ratio (Debt/Shareholders' Equity)

February, 2020


9.6% 9.7%

9.3% 9.3% 9.0%

8.6%

2014 2015 2016 2017 2018 2019


52

General & administrative expenses ratio

(% of retained premiums)

Combined ratio(1)

(%)

99.6% 99.7% 99.9% 98.7%

97.0% 96.6%

2014 2015 2016 2017 2018 2019

+30 BPS

Investment income ratio

(% of retained premiums)

Operating ratio(2)

(%)

94.6% 94.3% 94.1% 94.1% 93.9% 93.8%

2014 2015 2016 2017 2018 2019

5.0% 5.4%

5.8%

4.6%

3.1% 2.9%

2014 2015 2016 2017 2018 2019

-20 BPS

+10 BPS

(1) Equals the sum of the loss r atio, acquisition cost rati o, other insurance operating revenues and expenses r atio and insurance tax expenses ratio, which ar e calcul ated over earned premiums, and the division of general and administrative

expenses by retained premiums; (2) Equals the difference between the combi ned ratio and the i nvestment income rati o,

which is calculated over retained premiums.

+30 BPS

February, 2020


101.3% 103.3% 95.7%

102.1% 110.6%

116.8%

Yield as % of CDI

72% 81% 82% 84% 84% 88%

17% 12% 10% 8% 6% 5%

8% 6% 7% 6% 9% 5%

3% 1% 1% 1% 1% 2%

2014 2015 2016 2017 2018 2019

Equities/Other

Fixed-rate

Inflation-linked (IPCA)

Floating Interest Rate(Selic/CDI)

SulAmérica – Insurance Float Investment strategy and allocation

53

Investment allocation (ex-pension)

Investment strategy

(ex-pension)

83.3%

15.1%

1.5% 0.1%

Brazilian Government Securities

Corporate Debt

Equities

Other

R$10.2

billion

Investor Relations

[email protected]

www.sulamerica.com.br/ir

Version: February/2020

This material is a presentation of general background information about Sul América S.A. ("SulAmérica") as of the date of the presentation

or as otherwise indicated. It is information in summary form and does not purport to be complete. It is not intended to be complete nor relied

upon as advice to potential investors and does not form the basis for an informed investment decision. This presentation is strictly confidential

and may not be disclosed to any other person. No representation or warranty, express or implied, is made concerning, and no reliance should

be placed on, the accuracy, fairness, or completeness of the information presented herein.

This presentation may contain statements that are forward-looking. Such forward-looking statements are only predictions and are not

guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be,

subject to many risks, uncertainties and factors relating to the operations and business environments of SulAmérica and its subsidiaries that

may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking

statements. No person has any responsibility to update any such information.

This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither

this presentation nor anything contained herein shall form the basis of any contract or commitment.

Institutional Presentation 4Q19

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