SulAmerica's Net Income Reaches R$81.0 Million and Premiums Increase 11.4% in 3Q09

RIO DE JANEIRO, November 13 - Sul America S.A. (Bovespa: SULA11) announced today its results for the
third quarter of 2009. Net income reached R$81.0 million, decreasing 32.9%
over the same quarter last year (down 3.7% on 2Q09). In 9M09, recurring net
income reached R$269.4 million, decreasing 8.0% over 9M08. Annualized ROAE
reached 12.9% in the quarter.

Total insurance premiums in 3Q09 moved up 11.4% over 3Q08 (up 4.4% over
2Q09) to reach R$2.2 billion. In 9M09, insurance premiums increased 12.3% to
R$6.4 billion.

Health insurance premiums moved up 8.9% over 3Q09 (up 6.1% over 2Q09) and
the group health portfolio increased 14.6% (up 7.8% over 2Q09), led by small
and mid-sized businesses (SMEs), which increased 22.9%. In 9M09, health
insurance premiums increased 9.3% on 9M08.

Auto insurance premiums rose 30.4% in the quarter over 3Q08 (up 6.2% over
2Q09) and by 21.5% in 9M09. Insured fleet reached 2.1 million vehicles at the
end of the period.

Total loss ratio reached 74.0% in 3Q09, up 140 bps over 3Q08 (down 240
bps on 2Q09). Health insurance loss ratio reached 80.4% in 3Q09, increasing
210 bps over 3Q08 (down 480 bps on 2Q09). Auto insurance loss ratio reached
62.6% in the quarter, down 270 bps over 3Q08 (down 30 bps on 2Q09).

Combined ratio ended the quarter at 100.7%, up 140 bps on 3Q08
(down 40 bps over 2Q09). In 9M09, the combined ratio rose 150 bps to 99.9%.

Return on the investment portfolio reached R$165.7 million in 3Q09,
corresponding to an average yield of 120.9% of the CDI rate (versus 119.5% of
the CDI in 2Q09).

Teleconference for Investors

This Friday (November 13), the Corporate Vice President and Investor
Relations, Arthur Farme d'Amoed Neto, and the CFO, Sergio Borriello, will
hold a conference call with investors and analysts to review the results of
the period.

    In Portuguese:
    Telephone: +55-11-4003-9004 - code: SulAmerica
    Time: 10:00 a.m. Brazil | 7:00 a.m. EST

    In English:
    Telephone: +1-973-935-8893 - code: 37057558
    Time: 12:00 p.m. Brazil | 9:00 a.m. EST
    The conference will be transmitted in real time through the site
    www.sulamerica.com.br/ir.

Press: Solange Guimaraes, +55-11-3779-7614, or Daniela Campos, +55-11-3779-5045, both of Sul America, imprensa at sulamerica.com.br; or Gustavo Graca, Andreoli MSL, +55-11-3169-9312, for Sul America