derop bulletin - banco central do brasil · 2019-01-10 · rural credit rural credit loans rural...

Surex/Suore/Supro Jul/2017 – Jun/2018

Derop Bulletin Rural Credit and Proagro

EXECUTIVE SUMMARY

Highlights

Rural Credit

- Rural credit originated from July 2017 to June 2018 totaled R$171.4 up 11.6% from

July 2016 to June 2017.

- As of May 2018, the outstanding balance of loans to rural credit borrowers reached

R$287.1 billion, 9.5% of total loans granted by the Brazilian Financial System.

End of Crop-Year 2017/2018

- On the annual rural lending quotas verification, settled on August 1, 2018, the

financial institutions received the resources deposited at the Brazilian Central Bank

(Banco Central do Brasil – BCB) due to rural credit lending quotas deficits on

2016/2017, totaling the amount of R$11,631,083,399.19.

- Financial institutions that did not meet the rural lending quotas requirements on

2017/2018 had to pay financial cost because of the amendment of the article 21 of

the Law 4829 of 1965, which regulates rural lending quotas, by the article 48 of the

Law 13506 of 2017.

- Twenty financial institutions incurred lending quota deficits in 2017/2018 and had

to pay R$51,706,994.80 of financial cost.

Rural Credit Data References

- Rural Credit Data Matrix

https://www.bcb.gov.br/estabilidadefinanceira/micrrural

- Open Data http://dadosabertos.bcb.gov.br/

- Statistical Yearbook of Rural Credit (from 1999 to 2012)

https://www.bcb.gov.br/estabilidadefinanceira/anuario_estat_credrural

Carolina Netto de Almeida Analyst +55 (61) 3414-1506 [email protected]

José Elias de Almeida Junior Analyst +55 (61) 3414-3311 [email protected] Adinaldo Luis Martins Coordinator +55 (61) 3414-3051 [email protected] Claudio Filgueiras P. Moreira Head of Derop +55 (61) 3414-1495 [email protected]

http://dadosabertos.bcb.gov.br/

Rural Credit Rural Credit Lending Quotas

Demand Deposits

The average balance of rural credit lending quota from

Demand Deposits from July 2017 to June 2018 was R$63.4

billion. (Tables 1 and 2 – Annex)

The average balance of rural credit loans funded by Demand

Deposits from July 2017 to June 2018 was R$62.2 billion. There

was a net deficit of R$1.1 billion of the lending quota. (Tables 1

and 2 – Annex)

13 financial institutions incurred deficits on the Pronaf Lending

Quota, 12 on the Pronamp Lending Quota and 11 on the General

Lending Quota, which resulted in the payment of

R$22,590,924.68, R$3,991,988.71 and R$24.960.232,93 as

financial cost, respectively, in 2017/2018. (Table 5)

Rural Savings Deposits

The average balance of rural credit lending quota from Rural

Savings Deposits from July 2017 to June 2018 was R$105.2

billion. (Tables 1 and 2 – Annex)

The average balance of rural credit loans funded by Rural

Savings Deposits from July 2017 to June 2018 was R$111.0

billion. There was a net surplus of R$5.8 billion of the lending

quota. (Tables 1 and 2 – Annex)

No financial institution incurred deficit on the lending quota in

2017/2018. (Table 5)

LCA

The average balance of rural credit lending quotas from LCA

from July 2017 to June 2018 was R$28.3 billion. (Tables 1 and 2

– Annex)

The average balance of rural credit loans funded by LCA from

July 2017 to June 2018 was R$32.8 billion. There was a net

surplus of R$4.5 billion of the lending quota. (Tables 1 and 2 –

Annex)

3 financial institutions incurred deficits on the lending quota,

which resulted in the payment of R$163.848,48 as financial cost,

in 2017/2018. (Table 5)

In June 2018, the issuance of LCA was R$13.7 billion, down

4.0% from the previous month (R$14.3 billion), and the total

balance was R$149.1 billion. (Table 3 – Annex)

Interbank Deposits Linked to Rural Credit (DIR)

The average balances of Interbank Deposits Linked to Rural

Credit (DIR) from July 2017 to June 2018 were R$8.3 billion of

DIR-Pronaf, R$2.7 billion of DIR-Pronamp, R$4.6 billion of

DIR-Geral (general), R$0.1 billion of DIR-LCA-TL (floating

rate LCA) and R$0.7 billion of DIR-LCA-TC (controlled rate

LCA). There was no negotiation of DIR-Poup (Rural Savings

Deposits). (Table 4 – Annex)

The average rates of DIRs issued from July 2017 to June 2018

were 1.5% for DIR-Pronaf, 4.5% for DIR-Pronamp, 5.6% for

DIR-Geral, 7.6% for DIR-LCA-TL and 4.8% for DIR-LCA-

TC.

Rural Credit Rural Credit Loans

Rural credit from July 2017 to June 2018 totaled R$171.4, up

11.6% from July 2016 to June 2017 (Tables 6 and 7 – Annex).

In the same period, R$131.0 billion were granted with earmarked

funds, up 4.0% from the previous comparative period.

R$40.4 billion were originated with non-earmarked funds, up

46.7% from 2016/2017. The increase was mainly driven by

expansion of LCA funding, which accounted for R$20.8 billion,

and of Rural Savings Deposits funding, which accounted for

R$12.3 billion.

Family farming (beneficiaries of Pronaf) borrowed R$22.4

billion in rural credit, rising 4.1% from 2016/2017, whereas non-

family farming borrowed R$149.1 billion, increasing 12.9%.

From July 2017 to June 2018, 74.4% (R$200.3 billion) of the total

resources of the Agricultural and Livestock Plan 2017/2018

planned to non-family farming were in fact originated, while

74.7% (R$30.0 billion) of those planned to family farming were

granted.

Loans originated to finance crop cultivation reached R$115.9

billion, up 13.6% from 2016/2017. As for the livestock

production, origination summed R$55.5 billion, up 7.8%.

It is worth pointing out that loans originated to finance marketing

increased 36.2% from 2016/2017 while loans originated to finance

working capital increased only 0.2% (Table 8 – Annex).

The average interest of loans funded at floating rates by LCA and

Rural Savings Deposits decreased 24.4% and 22.1% respectively

from 2016/2017.

The outstanding balance of rural credit loans reached R$287.1

billion as of May 2018, comprising 9.5% of total loans in the

Brazilian Financial System.

PROAGRO

The amount insured by Proagro from July 2017 to June 2018

reached R$13.5 billion, a 9% decrease over the R$14.8 billion

covered from July 2016 to June 2017.

The total premium payments was R$486.9 million in 2017/2018,

corresponding to 95.8% of the R$508.0 million premium expected

to be collected in 2017/2018 and a 0.9% decrease when compared

to the R$491.5 million paid in 2016/2017.

The total insured area was 5.2 million hectares in 2017/2018,

7.5% smaller than the insured area in 2016/2017 and 13.9%

smaller than in 2015/2016.

The number of accepted claims from 2016/2017 reached 33,696.

For 2017/2018, there were 6,145 accepted claims.

There were 678 claims still in analysis from 2015/2016 referring

to semi-perennial cultures, such as cassava and sugar cane. The

number of claims in analysis regarding 2016/2017 was 4,769,

whereas those related to 2017/2018 crop-year totaled 13,856.

Concepts

- Rural Credit Lending Quotas:

o Average of funding source daily balance: average of the daily balance of deposits earmarked

to fund rural credit during the calculation period. There are three sources of rural credit funding:

Demand Deposits (also called as Compulsory Resources) (MCR 6-2), Rural Savings Deposits

(MCR 6-4) and Agribusiness Credit Bills (Letras de Crédito do Agronegócio – LCA) (MCR 6-

7).

o Calculation period: from June’s first working day to May’s last working day of the following

year.

o Compliance period: from July’s first working day to June’s last working day of the following

year.

o Average balance of loans for rural credit lending quota compliance: average of rural credit

loans’ daily balance during the compliance period.

o Lending quota deficit: average balance of rural credit loans that falls short of the required

quota. At the end of the compliance period, the financial institution that incurs in deficit is

subject, on the first working day of August, to pay a financial cost defined by the Brazilian

Central Bank.

o Lending quota surplus: average balance of rural credit loans above the required quota. The

surplus of a financial institution does not offset another's deficit.

o Lending quota net deficit/surplus: aggregated difference between lending quotas surpluses

and deficits comprising all financial institutions. Positive figures mean net surplus and negative

figures mean net deficit.

o Interbank Deposit Linked to Rural Credit (Depósito Interfinanceiro Vinculado ao Crédito

Rural – DIR): interbank deposit for rural credit funding. This resource fulfills the depositor

financial institution’s rural credit lending quota requirement while it originates rural credit

lending requirement for the depositary financial institution.

o Financial Cost: financial compensation owed by financial institutions that did not meet the rural

lending quotas requirements at the end of compliance period.

- Rural Credit:

o Rural credit: Rural credit: resources granted by financial institutions of the National Rural

Credit System (Sistema Nacional de Crédito Rural – SNCR) to be exclusively used for the

purposes and conditions established by the Rural Credit Manual (Manual de Crédito Rural –

MCR). In this report, data on loaned value does not necessarily mean the amount effectively

borrowed; instead, it corresponds to the amount available to the borrower according to the loan

agreement.

o National Rural Credit System (Sistema Nacional de Crédito Rural – SNCR): established by

the Law 4829 on November 5, 1965.

o Rural Credit Manual (Manual de Crédito Rural – MCR): document that aggregates the

regulation of rural credit (https://www3.bcb.gov.br/mcr).

o National Program for Strengthening Family Farming (Programa Nacional de

Fortalecimento da Agricultura Familiar – Pronaf): government program to provide finance to

producers of small farms worked primarily by members of a single family at relatively lower

interest rates (MCR 10).

o National Program for Support to Medium-Sized Rural Producers (Programa Nacional de

Apoio ao Médio Produtor Rural – Pronamp): government program to provide rural credit to

producers of medium sized farms at relatively lower interest rates (MCR 8).

- Proagro:

o Agricultural Activity Guarantee Program (Programa de Garantia da Atividade

Agropecuária – Proagro): established by the Law 5969 on December 11, 1973.

o Insured value: the value employed in the enterprise covered by Proagro. In case of family

farming (Proagro Mais), it also covers a minimum income for the producer and eventual rural

credit investment loans payments.

https://www3.bcb.gov.br/mcr

Annex

Table 1

Table 2

Rural Credit <> Lending Quotas Monitoring - 2017/2018

2017/2018 Jul/17 Aug/17 Sep/17 Oct/17 Nov/17 Dec/17 Jan/18 Feb/18 Mar/18 Apr/18 May/18 Jun/18

1 Lending Quota 59.6 60.5 60.0 60.2 60.5 60.9 62.3 62.8 63.1 63.1 63.3 63.4

2 Loans 59.5 58.8 59.0 58.7 58.3 60.1 58.7 59.5 60.2 60.8 61.6 62.2

3 Deficit -8.2 -8.4 -7.8 -7.5 -6.3 -6.1 -6.5 -5.1 -4.5 -3.7 -2.4 -2.1

4 Surplus (2-1-3) 8.1 6.7 6.8 6.0 4.2 5.3 2.9 1.8 1.6 1.4 0.7 0.9

5Net Surplus/ Deficit

(4+3)-0.1 -1.7 -1.1 -1.5 -2.2 -0.8 -3.6 -3.3 -2.8 -2.3 -1.7 -1.1


1 Lending Quota 96.8 101.7 103.5 104.6 105.4 101.5 102.2 102.9 103.5 104.0 104.6 105.2

2 Loans 111.4 110.3 109.9 109.8 109.9 109.9 110.0 110.0 110.2 110.5 110.8 111.0

3 Deficit -0.3 -0.1 0.0 -0.3 -1.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0

4 Surplus (2-1-3) 14.9 8.7 6.4 5.5 5.6 8.4 7.9 7.1 6.8 6.5 6.2 5.8


(4+3)14.6 8.6 6.4 5.2 4.5 8.3 7.8 7.1 6.8 6.5 6.2 5.8


1 Lending Quota 20.3 20.8 21.1 21.6 21.7 22.4 23.0 23.9 25.0 26.2 27.0 28.3

2 Loans 23.3 24.3 25.5 26.8 26.8 29.0 29.6 30.2 31.0 31.9 32.1 32.8

3 Deficit -0.8 -0.7 -0.7 -0.5 -0.4 -0.3 -0.2 -0.2 -0.2 -0.2 -0.1 0.0

4 Surplus (2-1-3) 3.8 4.2 5.0 5.7 7.8 6.9 6.8 6.5 6.1 5.9 5.2 4.5


(4+3)3.0 3.5 4.3 5.2 7.5 6.6 6.6 6.3 6.0 5.8 5.1 4.5

Surplus: Balance of loans above the lending quotas.

Deficit: Balance of loans that falls short of the required lending quotas.

Note: The surplus of a financial institution does not offset another's deficit.

Frame I - Checking Deposits (R$ billion)

Frame II - Rural Savings Deposits (R$ billion)

Frame III - LCA (R$ billion)

Monthly Accumulated Demand Deposits Lending Quota Development - R$ billion (*)Month 2017/2018 ∆ month Month 2016/2017 ∆ month ∆ year

Jul 59.6 -3.3% Jul 56.5 - 5.6%

Aug 60.5 1.4% Aug 58.5 3.5% 3.4%

Sep 60.0 -0.7% Sep 58.8 0.5% 2.2%

Oct 60.2 0.2% Oct 59.0 0.4% 1.9%

Nov 60.5 0.5% Nov 59.9 1.5% 0.9%

Dec 60.9 0.8% Dec 60.1 0.4% 1.3%

Jan 62.3 2.3% Jan 61.3 1.9% 1.7%

Feb 62.8 0.8% Feb 61.7 0.6% 1.9%

Mar 63.1 0.4% Mar 61.7 0.1% 2.1%

Apr 63.1 0.1% Apr 61.7 -0.1% 2.4%

May 63.3 0.3% May 61.8 0.2% 2.5%

Jun 63.4 0.1% Jun 61.7 -0.2% 2.7%

Monthly Accumulated Rural Savings Deposits Lending Quota Development - R$ billion (*)

Month 2017/2018 ∆ month Month 2016/2017 ∆ month ∆ year

Jul 96.8 -10.8% Jul 107.2 - -9.7%

Aug 101.7 5.1% Aug 107.4 0.2% -5.3%

Sep 103.5 1.8% Sep 107.5 0.1% -3.8%

Oct 104.6 1.1% Oct 107.6 0.1% -2.8%

Nov 105.4 0.7% Nov 107.7 0.1% -2.2%

Dec 101.5 -3.7% Dec 107.8 0.1% -5.8%

Jan 102.2 0.7% Jan 108.0 0.2% -5.4%

Feb 102.9 0.7% Feb 108.3 0.3% -5.0%

Mar 103.5 0.5% Mar 108.4 0.1% -4.5%

Apr 104.0 0.5% Apr 108.4 0.1% -4.1%

May 104.6 0.5% May 108.5 0.0% -3.5%

Jun 105.2 0.5% Jun 108.5 0.0% -3.1%

Monthly Accumulated LCA Lending Quota Development - R$ billion (*)Month 2017/2018 ∆ month Month 2016/2017 ∆ month ∆ year

Jul 20.3 78.9% Jul 0.9 - 2181.8%

Aug 20.8 2.5% Aug 1.9 112.3% 1001.8%

Sep 21.1 1.7% Sep 3.1 64.3% 582.3%

Oct 21.6 1.9% Oct 4.3 37.6% 405.5%

Nov 21.7 0.5% Nov 5.4 25.7% 304.4%

Dec 22.4 3.6% Dec 6.2 15.8% 261.7%

Jan 23.0 2.4% Jan 7.3 17.7% 214.8%

Feb 23.9 3.9% Feb 8.4 14.5% 185.6%

Mar 25.0 4.7% Mar 9.2 9.5% 173.1%

Apr 26.2 4.6% Apr 10.1 10.1% 159.6%

May 27.0 3.1% May 10.7 6.6% 151.1%

Jun 28.3 4.7% Jun 11.3 5.4% 149.6%

Note: variations in constant prices

(*) Accumulated average balance of the period. The lending quota includes transfered resources additional quota

Annex

Table 3

Table 4

Table 5

Month Issuance Balance

Jun/17 8.4 159.6

Jul/17 9.5 155.7

Aug/17 10.0 153.8

Sep/17 9.5 152.5

Oct/17 10.5 150.2

Nov/17 12.4 148.5

Dec/17 18.5 148.6

Jan/18 16.9 149.0

Feb/18 11.1 148.4

Mar/18 12.0 147.1

Apr/18 15.2 145.6

May/18 14.3 145.7

Jun/18 13.7 149.1

LCA (R$ billion)

DIR - Geral 4.6

DIR - Pronaf 8.3

DIR - Pronamp 2.7

DIR - Poup 0

DIR - LCA - TC 0.7

DIR - LCA - TL 0.1

Interbank Deposits Linked to Rural Credit (DIR)

Average Balances from July 2017 to June 2018 (R$ billion)

Rural Credit Lending Quotas 2017/2018 - Deficit and Financial CostLending Quota Number of Financial Insitutions Deficit (R$) Financial Cost (R$)

Demand Deposits - General 11 1,155,086,822.48 24,960,232.93

Demand Deposits - Pronaf 13 687,577,927.90 22,590,924.68

Demand Deposits - Pronamp 12 199,639,951.83 3,991,988.71

Rural Savings Deposits 0 - -

LCA 3 20,453,278.60 163,848.48

Total 2,062,757,980.81 51,706,994.80

Annex

Table 6

A - Earmarked F unds

F unding P ro gram C o ntracts C hange Value (R $ millio n) C hange

Non-Famimily Farming 171,547 -13.4% 46,341 0.6%

Family Farming 129,520 32.9% 3,981 39.5%

Subto tal 301,067 1.9% 50,322 2.9%

Non-Famimily Farming 194,935 20.1% 36,840 6.2%

Family Farming 340,866 -27.1% 8,608 -25.7%

Subto tal 535,801 -14.9% 45,448 -1.8%


Family Farming 666,222 6.4% 3,934 31.2%

Subto tal 712,900 7.1% 15,357 53.3%

Non-Famimily Farming 40,735 -11.9% 11,417 -12.8%

Family Farming 71,914 10.4% 2,897 19.8%

Subto tal 112,649 1.1% 14,314 -7.7%

Fund for the Defense of the Coffe

Industry (Funcafé)Non-Famimily Farming

7,540 -11.0% 2,598 5.3%

Hybrid Capital-Debt Instrument (IHCD) Familiar 82,380 84.3% 2,822 79.6%

Non-Famimily Farming 509 -94.5% 45 -96.3%

Family Farming 6,497 -3.1% 122 111.0%

Subto tal 7,006 -56.1% 167 -86.8%

N o n-F amimily F arming 461,944 -0 .3% 108,664 4.0%

F amily F arming 1,297,399 -0 .8% 22,365 4.1%

T OT A L 1,759,343 -0.7% 131,029 4.0%

B - N o n-Earmarked F unds (F lo at ing R ates)

F unding So urce P ro gram C o ntracts C hange Value (R $ millio n) C hange

Rural Savings Deposits Non-Famimily Farming 21,976 113.1% 12,271 240.6%

Unrestricted Resources Non-Famimily Farming 39,025 4.4% 5,074 14.0%

External Financing Non-Famimily Farming 795 -18.9% 1,772 -25.0%

LCA - Floating Rate Non-Famimily Farming 10,965 11.4% 8,323 30.1%

LCA - M ax. Rate 12.75% Non-Famimily Farming 24,675 82.3% 12,481 16.9%

Other Funding Sources Non-Famimily Farming 1,316 -19.4% 475 753.9%

T OT A L TOTAL 98,752 34.0% 40,395 46.7%


Family Farming 1,297,399 -0.8% 22,365 4.1%

Total 1,858,095 0.7% 171,425 11.6%

System of Rural Credit Operations and of Proagro (Sistema de Operações do Crédito Rural e do Proagro - Sicor)

Source: Brazilian Central Bank (BCB) - Department o f Regulation, Supervision and Contro l o f Rural Credit Operations and Proagro (Derop)

Data compiled on July 4, 2018

Constitutional Funds

BNDES

Other Funding Sources (1)

T OT A L

Total Funds

(1) Includes: Fund for Workers’ A id (Fundo de Amparo ao Trabalhador - FAT), Fund for Lands and Agricultural Reform (Fundo de Terras e da

Reforma Agrária - FTRA), National Treasury Resources and Required Reserves on Demand Deposits


EA R M A R KED F UN D S X N ON -EA R M A R KED F UN D S - F R OM JULY 2017 T O JUN E 2018

C OM P A R ED T O T H E P ER IOD F R OM JULY 2016 T O JUN E 2017

Demand Deposits

Annex

Table 7

Type Resource

marketing 7,198 -29.7%

w orking capital 36,710 13.0%

processing 6,415 36.1%

investment 0 -100.0%

Total 50,322 2.9%


w orking capital 34,434 -8.7%

processing 2 -99.5%

investment 8,615 69.1%

Total 45,448 -1.8%

marketing 107 57.0%


processing 93 161.9%


Total 15,357 53.3%

w orking capital 819 6.4%

investment 13,495 -8.5%

Total 14,314 -7.7%

marketing 1,922 7.4%

w orking capital 668 7.7%

investment 9 -84.5%

Total 2,598 5.3%

Hybrid Capital-Debt Instrument (IHCD) investment 2,822 79.6%

marketing 0 -100.0%

w orking capital 20 -97.7%


Total 167 -86.8%

Total 131,029 4.0%





Total 12,271 240.6%



processing 3 -87.7%


Total 5,074 14.0%

marketing 70 12.6%


processing 6 -


Total 1,772 -25.0%



processing 142 -60.2%

investment 377 221.0%

Total 8,323 30.1%

marketing 3,949 1983.9%




Total 12,481 16.9%

Other Funding Sources investment 475 753.9%

Total 40,395 46.7%

Total 171,425 11.6%

(1) Includes: Fund for Workers’ A id (Fundo de Amparo ao Trabalhador - FAT), Fund for Lands and Agricultural Reform (Fundo de Terras e da Reforma Agrária -

FTRA), National Treasury Resources and Required Reserves on Cash Deposits

Source: Brazilian Central Bank (BCB) - Derop



Non-Earmarked


Unrestricted Resources

External Financing

LCA - Floating Rate

LCA - Max. Rate 12.75%

Earmarked

Demand Deposits


Constitutional Funds

BNDES

Fund for the Defense of the Coffe

Industry (Funcafé)

Other Funding Sources (2)

LOANS BY FUNDING AND PURPOSE - FROM JULY 2017 TO JUNE 2018

COMPARED TO THE PERIOD FROM JULY 2016 TO JUNE 2017

FundingPurpose Value (R$ million) Change

Annex

Table 8

marketing 15,122 11,624 -23.1%

w orking capital 74,803 76,681 2.5%

processing 5,176 6,510 25.8%

investment 30,904 36,215 17.2%

Total 126,004 131,029 4.0%

marketing 6,755 18,174 169.0%

w orking capital 17,217 15,494 -10.0%

processing 633 780 23.2%

investment 2,938 5,948 102.5%

Total 27,543 40,395 46.7%

marketing 21,877 29,797 36.2%

w orking capital 92,020 92,175 0.2%

processing 5,809 7,290 25.5%

investment 33,841 42,163 24.6%

Total 153,547 171,425 11.6%




Non-Earmarked

Total

Funding Type PurposeValue (R$ million)

2016/2017

Value (R$ million)

2017/2018Change

Earmarked

LOANS BY FUNDING AND PURPOSE

Annex

Table 9

2016/2017 2017/2018

Demand Deposits - Pronaf 4.6 4.5

Demand Deposits - Pronamp 8.5 7.3

Demand Deposits - Demais Produtores 9.7 7.6

Rural Savings Deposits with Subsidy - Pronaf 4.4 4.4

Rural Savings Deposits with Subsidy - Pronamp 8.5 7.5

Rural Savings Deposits with Subsidy - Other Producers 9.5 8.3

Unrestricted Rural Savings Deposits 11.0 8.6

LCA - Floating Rate 13.4 10.1

LCA - Favored Rate 11.7 9.6




Average Rural Credit Annual Interet Rate (%)

Funding ResourceFrom June to July

Annex

Table 10

PROAGRO June 30, 2018

2015/2016 2016/2017 2017/2018

Adhesions 390,988 372,868 330,475

Covered Area (ha) 6,108,912 5,682,633 5,257,696

Value at Risk (R$) 13,278,569,242 14,771,121,939 13,496,588,739

Claims (Current Status)

1 - Accepted Claims (Quantity) 29,114 33,696 6,145

1.1 - Accepted Claims (R$) -778,779,752 -821,845,245 -144,634,270

2 - Claims in Analysis (Quantity) 678 4,769 13,856

2.1 1.1 - Claims in Analysis (R$) -17,690,081 -114,562,592 -406,723,236

Financial Analysis

3- Expected Expenses (R$) -796,469,833 -936,407,836 -551,357,506

4- Collected Premium (R$) 418,804,904 491,540,483 486,885,828

5- Income Statement (R$) -377,664,929 -444,867,353 -64,471,678

Metrics

Average Covered Value (R$) 33,962 39,615 40,840

Average Accepted Claim Value (R$) 26,749 24,390 23,537

Average Premium (R$) 1,071 1,318 1,473

Average Premium per Hectare (R$) 69 86 93

Claim Rate (Quantity) 7.6% 10.3% 6.1%

Claim Rate (R$) 6.0% 6.3% 4.1%

derop bulletin - banco central do brasil · 2019-01-10 · rural credit rural credit loans rural...

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