FORM 6
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16
of
the Securities Exchange Act of 1934
For the month of February, 2009
HSBC Holdings plc
42nd Floor, 8 Canada Square, London
E14 5HQ, England
(Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F).
Form 20-F X
Form 40-F
......
(Indicate by check mark whether the registrant
by furnishing the information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934).
Yes.......
No X
(If "Yes" is marked, indicate below the file
number assigned to the registrant in connection with Rule 12g3-2(b): 82-
..............).
The following is the text of an announcement which will be published in the
press in Brazil on 27 February 2009 by HSBC Seguros (Brasil) S. A., a 97.9 per cent
directly held subsidiary of HSBC Bank Brasil S.A.
HSBC'S INSURANCE OPERATIONS IN
BRAZIL
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008 - HIGHLIGHTS
The financial statements have been prepared and presented in accordance with the
provisions of the Corporate Laws 6.404/76 and 11.638/07, which require adherence to
Brazilian GAAP
(generally accepted accounting principles), and have been audited by KPMG.
HSBC Seguros (Brasil) S. A. is required to file financial information for each
semester and this information must be made available to the market. For the year
ended 31 December 2008, the publication deadline established by the local regulator
(Superintendency of Private Insurances - SUSEP) is 27 February 2009. Given that the
financial information should be available in the public domain, HSBC has elected to
file this release.
The financial statements of HSBC Seguros (Brasil) S. A. are presented on a
consolidated basis comprising the following subsidiaries:
HSBC Vida e Previdência (Brasil) S. A.;
HSBC Empresa de Capitalização (Brasil) S. A.; and
HSBC Capitalização (Brasil) S. A.
Figures are stated in both Brazilian reais (BRL) and US dollars (US$).
Financial highlights for the year ended 31 December 2008
Net profit of BRL411 million (US$224 million) in 2008, up 99.5 per cent compared to
BRL206 million (US$106 million) in 2007.
Operating income of BRL666 million (US$363 million) in 2008, up 113.1 per cent
compared to BRL312 million (US$160 million) in 2007.
Earned premiums down 4.1 per cent from BRL612 million (US$315 million) in 2007 to
BRL587 million (US$320 million) in 2008.
Insurance claims down 3.8 per cent from BRL207 million (US$106 million) in 2007 to
BRL199 million (US$108 million) in 2008.
Operational expenses reduced by 46.3 per cent from BRL366 million (US$188 million)
in 2007 to BRL197 million (US$107 million) in 2008.
Technical reserves up 15.7 per cent from BRL4,843 million (US$2,718 million) at 31
December 2007 to BRL5,606 million (US$2,405 million) at 31 December 2008.
Total assets up 19.2 per cent from BRL6,056 million (US$3,399 million) at 31
December 2007 to BRL7,219 million (US$3,097 million) at 31 December 2008.
Return on average shareholders’ equity of 38.0 per cent in 2008, compared to
25.7 per cent in 2007.
HSBC Seguros (Brasil)
S.A.
recorded a net profit of BRL411 million (US$224 million) in 2008, an increase
of 99.5 per cent compared to BRL206 million (US$106million) in 2007.
Profit before tax increased by 111 per cent to BRL670 million (US$365 million) in
2008, from BRL318 million (US$163 million) in 2007.
Total assets increased by 19.2 per cent as a result of focused sales activity
during 2008.
In 2008, HSBC Brasil recognised an exceptional net gain of BRL162 million (US$88
million) following the conclusion of a tax-related legal case.
The combined ratio of HSBC Seguros (Brasil)
S.A.
has improved from 69.2 per cent to 42.4 per cent, following lower
administrative expenses.
An average rate of exchange for 2008 was used to convert the Brazilian real to US
dollar in the profit and loss accounts, and a year-end rate used for the balance
sheet.
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roberto.t.carneiro@hsbc.com.br
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alcides.ferreira@hsbc.com.br
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1. HSBC Seguros (Brasil) S. A.
HSBC Seguros (Brasil)
S.A.
is a subsidiary of HSBC Bank Brasil S.A. - Banco Mú
ltiplo, and it is part of an integrated financial services business, with a
total of 886 employees at 31 December 2008. The company manufactures life,
personal accident policies, capitali
s
ation and pension plans, sold through the HSBC Brazil branch network, as well
as independent brokers.
The HSBC Group serves over 100 million customers worldwide through some 9,500
offices in 85 countries and territories in Europe, the Asia-Pacific region,
the
Americas
, the Middle East and
Africa
. With assets of US$2,547 billion at 30 June 2008, HSBC is one of the world's
largest banking and financial services organisations. HSBC is marketed worldwide as
'the world's local bank'.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
HSBC Holdings plc
By:
Name: P A Stafford
Title: Assistant Group Secretary
Date:
February 27, 2009