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Provisions for pensions and similar obligations (Tables)
 12 Months Ended
Dec. 31, 2018
Provisions for pensions and similar obligations (Tables) [Abstract]  
Funding status of the defined benefit obligations

The funding status of the defined benefit obligations in 2018 and in the last 2 years are as follows:

 

 

 

 

 

 

 

 

2018

2017

2016

 

 

 

 

 

 

 

 

 

 

 

Present value of the obligations - Post-employment plans:

 

 

  

  

 

 

To current employees

 

 

 

 

 

716,492

796,243

770,423

 

Vested obligations to retired employees

 

 

 

 

 

23,296,715

21,205,366

19,998,703

 

 

 

 

 

 

 

24,013,207

22,001,609

20,769,126

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 Fair value of plan assets

 

 

 

 

 

22,708,990

20,689,637

20,116,916

 

 Unrecognized assets (1)

 

 

 

 

 

(1,079,808)

(1,090,682)

(969,161)

 

Provisions - Post-employment plans, net

 

 

 

 

 

2,384,025

2,402,654

1,621,371

 

 

 

 

 

 

 

 

 

 

 

Present value of the obligations - Other similar obligations:

 

 

  

  

 

 

To current employees

 

 

 

 

 

184,606

228,107

200,009

 

Vested obligations to retired employees

 

 

 

 

 

4,604,466

4,815,654

4,046,480

 

 

 

 

 

 

 

4,789,072

5,043,761

4,246,489

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 Fair value of plan assets

 

 

 

 

 

4,157,251

3,721,147

3,310,895

 

 Unrecognized assets (1)

 

 

 

 

 

(68,527)

-

-

 

Provisions - Other similar obligations, net

 

 

 

 

 

700,348

1,322,614

935,594

 

 

 

 

 

 

 

 

 

 

 

Total provisions for pension plans, net

 

 

 

 

 

3,084,373

3,725,268

2,556,965

 

Of which:

 

 

 

 

 

 

 

 

 

Actuarial provisions

 

 

 

 

 

3,357,654

3,923,457

2,710,627

 

Actuarial assets (note 15)

 

 

 

 

 

273,281

198,189

153,662

(1)     Refers to fully funded surplus plans Banesprev I and III, Sanprev I,II and III and Bandeprev.      

Amounts recognized in the consolidated income statement in relation to defined benefit obligations

The amounts recognized in the consolidated income statement in relation to the aforementioned defined benefit obligations are as follows:

 

 

 

 

 

Post-Employment Plans

 

 

 

 

 

 

2018

2017

2016

 

 

 

 

 

 

  

  

  

Staff costs - Current service costs (note 40)

 

 

 

 

 

3,142

14,605

15,416

Interest and similar income and expenses - Interest cost (net) (notes 32 and 33)

 

124,754

70,429

120,524

Interest and similar income and expenses - Interest on unrecognized assets (notes 32 and 33)

104,160

105,832

117,981

 Other movements

 

 

 

 

 

12,432

5,323

4,355

Total

 

 

 

 

 

244,488

196,189

258,276
Amounts recognized in the consolidated income statement in relation to defined benefit obligations - Other Similar Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Similar Obligations

 

 

 

 

 

 

2018

2017

2016

 

 

 

 

 

 

  

  

 

Staff costs - Current service costs (note 40)

 

 

 

 

 

5,797

5,476

9,064

Interest and similar income and expenses - Interest cost (net) (notes 32 and 33)

 

76,124

99,575

38,064

Interest and similar income and expenses - Interest on unrecognized assets (notes 32 and 33)

15,521

-

14,608

 Other movements (2)

 

 

 

 

 

(816,230)

-

55,943

Total

 

 

 

 

 

(718,788)

105,051

117,679
Changes in the present value of the accrued defined benefit obligations

The changes in the present value of the accrued defined benefit obligations were as follows:

 

 

 

 

 

Post-Employment Plans

 

 

 

 

 

 

2018

2017

2016

 

 

 

 

 

 

 

 

 

Present value of the obligations at beginning of year

 

 

 

22,001,609

20,769,126

17,525,799

Current service cost (Note 40)

 

 

 

 

 

3,142

14,605

15,416

Interest cost

 

 

 

 

 

2,029,099

2,170,639

2,046,949

Benefits paid

 

 

 

 

 

(1,876,014)

(1,834,681)

(1,679,794)

Actuarial (gains)/losses

 

 

 

 

 

1,674,908

871,308

2,844,733

Others

 

 

 

 

 

180,463

10,612

16,023

Present value of the obligations at end of year

 

 

 

 

 

24,013,207

22,001,609

20,769,126
Changes in the present value of the accrued defined benefit obligations - Other Similar Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Similar Obligations

 

 

 

 

 

 

2018

2017

2016

 

 

 

 

 

 

 

 

 

Present value of the obligations at beginning of year

 

 

 

5,043,761

4,246,489

6,034,734

Current service cost (Note 40)

 

 

 

 

 

5,797

5,476

9,064

Interest cost

 

 

 

 

 

438,567

447,653

703,874

Benefits paid

 

 

 

 

 

(346,185)

(339,538)

(465,029)

Actuarial (gains)/losses

 

 

 

 

 

455,193

683,681

1,330,371

Other (1) (2)

 

 

 

 

 

(808,061)

-

(3,366,525)

Present value of the obligations at end of year

 

 

 

 

 

4,789,072

5,043,761

4,246,489

(1) In the fourth quarter of 2016, Banco Santander updated the procedures for recognizing its obligations to the entity CABESP, in accordance with its bylaws, which establishes the coverage of medical costs in the equality of proportion between associates and sponsor.               

(2) In the year ended December 31, 2018 there was an increase in the cost contribution established for a postemployment benefit plan, which is calculated as a percentage of the total monthly compensation of associates. The increase in the contribution resulted in a decrease in the past service cost, due to changes in the plan. The envisaged changes implied a reduction in the present value of the obligations of the defined benefit plan, which is supported by actuarial valuations. In the Consolidated Statements of Income, this amount was recorded under Provision (Net).  

Changes in the fair value of the plan assets

The changes in the fair value of the plan assets were as follows:

 

 

 

 

 

Post-Employment Plans

 

 

 

 

 

 

2018

2017

2016

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

 

 

 

20,689,637

20,116,916

16,275,269

Interest (Expense) Income

 

 

 

 

 

1,904,345

2,100,211

1,926,424

Remeasurement - Actual return (loss) on plan assets excluding the amounts included in net
   interest expense

1,347,689

268,309

1,589,517

Contributions/(surrenders)

 

 

 

 

 

481,959

38,883

2,001,806

 Of which:

 

 

 

 

 

 

 

 

    By the Bank

 

 

 

 

 

472,723

27,439

1,985,722

    By plan participants

 

 

 

 

 

9,236

11,444

16,084

Benefits paid

 

 

 

 

 

(1,876,014)

(1,834,682)

(1,676,116)

Exchange differences and other items

 

 

 

 

 

161,374

-

16

Fair value of plan assets at end of year

 

 

 

 

 

22,708,990

20,689,637

20,116,916
Changes in the fair value of the plan assets - Other Similar Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Similar Obligations

 

 

 

 

 

 

2018

2017

2016

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

 

 

 

3,721,147

3,310,895

5,673,071

Interest (Expense) Income

 

 

 

 

 

362,444

348,078

665,811

Remeasurement - Actual return (loss) on plan assets excluding the amounts included in net interest expense

304,632

303,504

718,628

Contributions/(surrenders)

 

 

 

 

 

72,548

61,803

-

 Of which:

 

 

 

 

 

 

 

 

    By the Bank

 

 

 

 

 

72,548

61,803

-

Benefits paid

 

 

 

 

 

(310,458)

(303,133)

(3,746,615)

Exchange differences and other items

 

 

 

 

 

6,938

-

-

Fair value of plan assets at end of year

 

 

 

 

 

4,157,251

3,721,147

3,310,895
Opening of gains (losses) Actuarial from experience, financial assumptions and demographic hypotheses

Breakdown of gains (losses) actuarial by experience, financial assumptions and demographic hypotheses:

 

 

 

 

 

 

 

 

 

 Post-Employment Plans

 

 

 

 

 

 

2018

2017

2016

Experience Plan

 

 

 

 

 

(803,717)

686,204

(696,910)

Changes in Financial Assumptions

 

 

 

 

 

(871,176)

(1,557,689)

(2,135,189)

Changes in Financial Demographic

 

 

 

 

 

-

146

(12,773)

Gain (Loss) Actuarial - Obligation

 

 

 

 

 

(1,674,893)

(871,339)

(2,844,872)

Return on Investment, Return Unlike Implied Discount Rate

 

 

1,344,089

270,158

1,589,446

Gain (Loss) Actuarial - Asset

 

 

 

 

 

1,344,089

270,158

1,589,446

Changes in Surplus / Deficit Uncollectible

 

 

 

 

 

117,320

(15,690)

-
Opening of gains (losses) Actuarial from experience, financial assumptions and demographic hypotheses - Other Similar Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Other Similar Obligations

 

 

 

 

 

 

2018

2017

2016

Experience Plan

 

 

 

 

 

(79,810)

(303,396)

(1,116,845)

Changes in Financial Assumptions

 

 

 

 

 

(376,949)

(380,285)

(537,952)

Changes in Financial Demographic

 

 

 

 

 

-

-

(379)

Gain (Loss) Actuarial - Obligation

 

 

 

 

 

(456,759)

(683,681)

(1,655,176)

Return on Investment, Return Unlike Implied Discount Rate

 

 

307,048

303,504

718,628

Gain (Loss) Actuarial - Asset

 

 

 

 

 

307,048

303,504

718,628

Changes in Surplus Uncollectible

 

 

 

 

 

(52,604)

-

-
Experience adjustments arising from plan assets and liabilities

The experience adjustments arising from plan assets and liabilities are shown bellow:

 

 

 

 

 

 

Post - Employment Plans

 

 

 

 

 

 

 

2018

2017

2016

 

 

 

 

 

 

 

 

 

 

Experience in Net Assets Adjustments

 

 

 

 

 

1,347,689

268,309

1,589,517
Experience adjustments arising from plan assets and liabilities - Other Similar Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Similar Obligations

 

 

 

 

 

 

 

2018

2017

2016

 

 

 

 

 

 

 

 

 

Experience in Net Assets Adjustments

 

 

 

 

 

304,632

303,504

718,628
Amounts of actuarial obligation of defined benefit plans uninsured and defined benefit plans partially or totally covered

The amounts of actuarial obligation of defined benefit plans not covered and defined benefit plans partially or totally covered are shown below:               

 

 

 

 

 

 

 

2018

2017

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

700,347

701,551

826,963

 

 

 

 

 

 

28,101,932

26,343,818

22,734,017
Main categories of plan assets as a percentage of total plan assets

The main categories of plan assets as a percentage of total plan assets are as follows:

 

 

 

 

 

 

 

2018

2017

2016

 

 

 

 

 

 

 

 

 

Equity instruments

 

 

 

 

 

4.81%

4.60%

1.00%

Debt instruments

 

 

 

 

 

94.59%

94.70%

98.16%

Properties

 

 

 

 

 

0.28%

0.35%

0.30%

Other

 

 

 

 

 

0.32%

0.35%

0.54%
Estimated benefits payable

The following table shows the estimated benefits payable on December 31, 2018 for the next ten years:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

2,109,187

2020

 

 

 

 

 

 

 

2,160,320

2021

 

 

 

 

 

 

 

2,209,720

2022

 

 

 

 

 

 

 

2,281,827

2023

 

 

 

 

 

 

 

2,352,046

2024 to 2028

 

 

 

 

 

 

 

12,734,200

Total

 

 

 

 

 

 

 

23,847,300
change of one percentage point in the medical care cost rates

Assumptions about the rates related to medical care costs have a significant impact on the amounts recognized in income. The change of one percentage point in the medical care cost rates would have the effects as follows:    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sensitivity

 

 

 

 

 

 

 

(+) 1,0%

(-) 1,0%

Effect on current service cost and interest on actuarial liabilities

 

 

 

69,961

(62,469)

Effects on present value of obligation

 

 

 

 

 

 

761,619

(680,061)
Duration of the actuarial liabilities of the plans sponsored

The following table shows the duration of the actuarial liabilities of the plans sponsored by Banco Santander:

 

Plans

 

 

 

 

 

 

 

 Post - Employment Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Duration (in years)

Banesprev Plans I

 

 

 

 

 

 

 

11.35

Banesprev Plans  II

 

 

 

 

 

 

 

11.73

Banesprev Plans  III

 

 

 

 

 

 

 

9.39

Banesprev Plans  IV

 

 

 

 

 

 

 

14.00

Banesprev Plans  V

 

 

 

 

 

 

 

8.87

Banesprev Pre-75

 

 

 

 

 

 

 

9.62

Sanprev I

 

 

 

 

 

 

 

6.47

Sanprev II

 

 

 

 

 

 

 

10.83

Sanprev III

 

 

 

 

 

 

 

9.66

Bandeprev Basic

 

 

 

 

 

 

 

9.57

Bandeprev Special I

 

 

 

 

 

 

 

6.70

Bandeprev Special II

 

 

 

 

 

 

 

6.52

SantanderPrevi

 

 

 

 

 

 

 

7.30

CACIBAN / DAB / DCA

 

 

 

 

 

 

 

 6,79/5,79/6,37

Duration of the actuarial liabilities of the plans sponsored - Other Similar Obligations

 

 

 

 

 

 

 

 

 

Plans

 

 

 

 

 

 

 

 Other Similar Obligations

 

 

 

 

 

 

 

  

 

Cabesp

 

 

 

 

 

 

 

14.16

Bandepe

 

 

 

 

 

 

 

14.73

Free Clinic

 

 

 

 

 

 

 

11.04

Lifetime officers

 

 

 

 

 

 

 

8.63

Circulars (1)

 

 

 

 

 

 

 

 11,72 e 10,68

Life Insurance

 

 

 

 

 

 

 

7.82

(1) The duration 11.72 refers to the plan of Former Employees of Banco ABN Amro and 10.68 to the plan of Former Employees of Banco Real.
Actuarial Assumptions Adopted in Calculations <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Arial,sans-serif;font-size:8.0pt;">Actuarial Assumptions Adopted in Calculations</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Arial,sans-serif;font-size:8.0pt;"> </font></p> <table border="0" cellpadding="0" cellspacing="0" width="712" style="border-collapse:collapse;width:534.750000pt;"> <tr style="height:10.5pt;"> <td valign="top" width="1%" style="background:white;border-top:solid red 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="justify" style="background:white;"><font color="#404040" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td nowrap="nowrap" valign="bottom" width="32%" style="background:white;border-top:solid red 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="background:white;border-top:solid red 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td nowrap="nowrap" valign="bottom" width="6%" style="background:white;border-top:solid red 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td nowrap="nowrap" valign="bottom" width="9%" style="background:white;border-top:solid red 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" style="text-autospace:ideograph-numeric 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color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="background:white;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td nowrap="nowrap" valign="bottom" width="6%" style="background:white;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td nowrap="nowrap" valign="bottom" width="9%" style="background:white;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><b><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">Pension</font></b></p> </td> <td nowrap="nowrap" valign="bottom" width="9%" style="background:white;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><b><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">Health</font></b></p> </td> <td nowrap="nowrap" valign="bottom" width="9%" style="background:white;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><b><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">Pension</font></b></p> </td> <td nowrap="nowrap" valign="bottom" width="11%" style="background:white;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><b><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">Health</font></b></p> </td> <td nowrap="nowrap" valign="bottom" width="11%" style="background:white;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><b><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">Pension</font></b></p> </td> <td nowrap="nowrap" valign="bottom" width="11%" style="background:white;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><b><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">Health</font></b></p> </td> </tr> <tr style="height:33.0pt;"> <td colspan="3" valign="bottom" width="34%" style="background:white;border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" style="text-autospace:ideograph-numeric ideograph-other;">Nominal Discount Rate for Actuarial Obligation </font></p> </td> <td nowrap="nowrap" valign="bottom" width="6%" style="background:white;border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">9.1%</font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">9.3%</font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">9.5%</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">9.7%</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">10.9%</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:33.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">10.8%</font></p> </td> </tr> <tr style="height:32.25pt;"> <td colspan="3" valign="bottom" width="34%" style="background:white;border-bottom:solid black 1.0pt;height:32.25pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" style="text-autospace:ideograph-numeric ideograph-other;">Rate Calculation of Interest Under Assets to the Next Year</font></p> </td> <td nowrap="nowrap" valign="bottom" width="6%" style="background:white;border-bottom:solid black 1.0pt;height:32.25pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;height:32.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">9.1%</font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;height:32.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">9.3%</font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;height:32.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">9.5%</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;height:32.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">9.7%</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;height:32.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">10.9%</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;height:32.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">10.8%</font></p> </td> </tr> <tr style="height:10.5pt;"> <td colspan="2" nowrap="nowrap" valign="bottom" width="33%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" style="text-autospace:ideograph-numeric ideograph-other;">Estimated Long-term Inflation Rate</font></p> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td nowrap="nowrap" valign="bottom" width="6%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">4.0%</font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">4.0%</font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">4.0%</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">4.0%</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">4.5%</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">4.5%</font></p> </td> </tr> <tr style="height:10.5pt;"> <td colspan="2" nowrap="nowrap" valign="bottom" width="33%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">Estimated Salary Increase Rate</font></p> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td nowrap="nowrap" valign="bottom" width="6%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">5.0%</font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">5.0%</font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">5.0%</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">5.0%</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">5.0%</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">5.0%</font></p> </td> </tr> <tr style="height:10.5pt;"> <td colspan="2" nowrap="nowrap" valign="bottom" width="33%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">Mortality tables </font></p> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td nowrap="nowrap" valign="bottom" width="6%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;"> </font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">AT2000</font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">AT2000</font></p> </td> <td valign="bottom" width="9%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">AT2000</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">AT2000</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">AT2000</font></p> </td> <td valign="bottom" width="11%" style="background:white;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align="right" style="background:white;"><font color="black" lang="PT-BR" style="text-autospace:ideograph-numeric ideograph-other;">AT2000</font></p> </td> </tr> </table>