Brasília, March 3, 2004 (Agência Brasil - ABr) - The Alliance Insurance Company of Brazil, in which the Bank of Brazil (BB) is the largest shareholder, registered a net profit of R$ 112 million in 2003, 84% more than in 2002. The company received R$ 836 million in direct insurance premiums, 23% more than in 2002, and the rate of return on net assets doubled in relation to the 32% registered last year.

These figures were announced yesterday (2) by the BB's Press Office, which explained that the growth in receipts is the result of the process of administrative reorganization in the company and the improvement of its products. In 2003 the company developed and implanted initiatives aimed at improving processes of management and operation, resulting in more modern and competitive products. (DAS)