BB Seguridade Participações (BBSE3) investor relations material

Executive summary

• Recurring managerial net income reached R$2.6 billion in 3Q25, up 13.1% year-over-year, and R$6.8 billion in 9M25, up 13.7%, driven by strong investment income, operational efficiency, and improved customer metrics.

• Net investment income surged 55.1% in 3Q25 and 54.9% in 9M25, supported by higher Selic rates and reduced liability costs.

• Strategic focus on customer experience, innovation, digital transformation, and operational efficiency to sustain growth.

• Customer-centric strategies led to a 24% reduction in complaints, a 7% improvement in churn, and a 5.1-point increase in NPS over 9M24.

Financial highlights

• Net investment income for 3Q25 was R$714 million, up 55% year-over-year; 9M25 was R$1,497 million, up 55%.

• Operating income after taxes increased 2.4% year-over-year in Q3 and 5.7% year-to-date.

• Premiums written in insurance dropped 15% year-over-year in Q3, with rural and credit-related insurance underperforming.

• Pension contributions fell 19% year-over-year, impacted by IOF tax changes; reserves grew 9% over nine months.

• Brokerage revenues grew 4% year-over-year in Q3 and 5% in 9M25; net income up 9% year-over-year.

Outlook and guidance

• Noninterest operating results ex-holding delivered 5.9% growth year-to-date, exceeding guidance; expected to converge to 1–4% in Q4.

• Premiums expected to drop 4% to 1% for the year, mainly due to rural insurance performance.

• Pension plan reserves delivered 9% growth in nine months; focus on recurring allocations to mitigate IOF impact.

• For 2026, anticipate low growth in earned premiums and a reduction in investment income due to lower interest rates.

• Brasilseg premiums written underperformed guidance due to lower volumes in credit-related products, especially crop insurance.