Growth reflects credibility The year of 2012 was marked by important events, amongst them, the significant growth in value of the contributions to the open pension plans, with survival coverage (the both, PGBL and VGBL), the highest growth since 2004, reflecting the increasingly credibility of these plans in the population, taking into account the perception of their soundness, transparency, flexibility and tax advantages when seeking to make medium and long term projects viable, for example, the education and professional initiation of the children and the complementation of the retirement provided by the social security, amongst others. Most of the Brazilian population in economically active age (demographic bonus) is not the only reason that has been contributing to such growth, but also the increased level of employment formalization, the growth and a fair distribution of Brazilian income, creating a scenery where people can not only meet their basic consumption needs, but also have financial surplus that can be directed to purchase products aiming at protecting themselves and also their family. On this last point, it is important to mention the increasing of premiums paid for costing the credit life and travel insurance, endorsing the aforementioned and the people concern to protect themselves, individually and familiarly, in case they cannot afford to pay a debt, due to an eventual misfortune, or against the most varied incidentals that may occur in the course of a trip. It should not be forgotten the role played by the government agencies, always attentive to the increasingly importance of the personal insurance and Open Private Pension segments, providing conditions to their appropriate regulatory and tax advance, and encouraging their development and growth, given the perfect understanding of its essential role for the economic and social progress of the country. Another relevant fact relative to the year of 2012 was the adoption, by the Government, of policy focused on disindexing and extending the maturities of fixed income securities in respect of all portfolios of plans that provide survival coverage, with funds of the related mathematical provisions mandatorily applied in quotas of investment funds especially constituted. Also auspicious was the Bill sent to the Minister of Finance, by competent authority, regulating the organization of VGBL Health – personal insurance plan, with survival coverage, intended for accumulating funds that, by being allocated to fund the monthly payments and health plans or insurance premiums, will be exempt from individual income tax. It is the result of an effort initiated in 2007, by Fenaseg, and continued by FenaPrevi, together with FenaSaúde, and it is expected the accomplishment of such initiative in the year of 2013, considering its recognized opportunity and economic and social relevance. The challenges are so many, but the joint effort of the Government and the market certainly will overcome them. It deserves to be especially highlighted, within this field, the urgent need to develop a continuous and consistent process of financial education, so that through the knowledge dissemination, it may enable the larger layers of the population understand the advantages inherent for keeping, to individual and family benefit, a proper combination of coverage offered by the insurance market, in order they may be protected against the risks everybody is exposed to throughout life.
Marco Antonio Rossi President of FenaPrevi
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