Insurance

ESFG conducts its Insurance operations through its fully owned subsidiary the Tranquilidade Group ('Tranquilidade') and through its principal banking operations Banco Espírito Santo Group (‘BES’). According to the Portuguese Insurance Institute (ISP), at 31 December 2008, the ESFG Group’s insurance operations, Tranquilidade, T-Vida, LOGO, together with BES Vida and BES Seguros (where Crédit Agricole has a 50% interest and controls their activities) were, together, the second largest insurance group in Portugal in terms of premium income with a market share of 17.4%.