Companhia de SegurosTranquilidade S.A. (‘Tranquilidade’) is the principal non life insurance investment of ESFG. Tranquilidade’s market share remains strong at 7.8% in 2008. The assurfinance programme continues to provide excellent results with the programme of cross selling through Tranquilidade’s agents accounting for close to 22.9% of new clients generated at BES and 13.0% of new mortgages. Heightened competition and a rise in flood and fire related claims contributed to the deterioration in the claims ratios during 2008.