Frank Keating, president of the American Council of Life Insurers, said the favorable tax treatment of assets accumulated within insurance policies is justified even if the affluent are big beneficiaries, because "it is good public policy" to encourage wealth accumulation that helps feed capitalformation and job creation.
Also over this time period, Brazil recorded 2.8% growth in household consumption, 2.5% growth in gross fixed capitalformation and 1.2% growth in the public administration sector.