BB Seguridade Participações (BBSE3) investor relations material

Executive summary

• Managerial net income reached R$2.2 billion in 1Q26, up between 8.9% and 11.5% year-over-year, driven by strong investment income, operational efficiency, and improved insurance margins across key subsidiaries.

• Growth was led by Brasilprev (+R$136.5M), Brasilcap (+R$33.8M), BB Corretora (+R$26.4M), and Holdings (+R$11.3M), while Brasilseg's contribution declined due to lower investment income.

• Despite a challenging macroeconomic environment, robust results were achieved in pensions, premium bonds, and insurance, with notable market share gains in pensions.

• Operational discipline and strategic execution since late 2025 contributed to resilience and growth.

Financial highlights

• Consolidated net investment income rose 58.5% YoY to R$507.1 million, contributing significantly to net income.

• Operating net income grew 2.2% year-over-year, supported by higher management fees, improved brokerage revenues, and a lower loss ratio.

• Pension plan reserves reached R$484.2 billion, up 10.2% YoY.

• Premium bonds collections increased 8% YoY to R$1.8 billion, with a 55% increase in raffle payouts.

• Insurance retained premiums were R$3.6 billion, nearly flat year-over-year.

Outlook and guidance

• Guidance for pension reserves and written premiums remains unchanged, with expectations to stay at the top end of the range and projected growth of 8–11% for 2026.

• Non-interest operating result (ex-holding) is expected to range from -7% to -3%, with recent results exceeding projections due to improved loss ratios and strong pension contributions.

• Cautious outlook maintained due to climate risks (El Niño), macroeconomic uncertainties, and regulatory changes.

• Investment income for 2026 expected to be neutral, with offsetting effects from interest rates and inflation.