BB Seguridade Participações (BBSE3) Q2 2026 earnings summary

Executive summary

• Recurring net managerial income for 1H26 reached R$4.4 billion, up 3.2%-3.3% year-over-year, with net operating income after taxes at R$3.5 billion, supported by a historically low loss ratio and higher management fees from Brasilprev.

• Net investment income after taxes was R$909.1 million, up 16% year-over-year, reflecting higher profitability in a high interest rate environment.

• Dividend payout totaled R$3.9 billion, representing an 88% payout ratio and nearly R$2 per share.

• Despite a challenging macroeconomic and competitive environment, operational discipline and integrated management drove efficiency and resilience.

• Adjusted net income figures exclude extraordinary events, such as the reversal of judicial claim provisions at Brasilseg in 2Q25.

Financial highlights

• Consolidated net income for 1H26 reached R$4.4–4.55 billion, up 3%–3.9% year-over-year.

• Second quarter net income was R$2.15–2.41 billion, down 0.1%–3.9% year-over-year, mainly due to negative mark-to-market effects and IGP-M indexation lag.

• Retained insurance premiums totaled R$7 billion in 1H26, stable year-over-year, with home insurance growing 24.4% YoY.

• Pension reserves reached R$496.5 billion, up 10.6% year-over-year, with net inflows of R$2.8 billion.

• Premium bonds collection was R$3.4 billion in the semester, with lottery prizes paid up 36% year-over-year.

Outlook and guidance

• Pension plan reserves growth met or exceeded guidance at 10.6%–11% YoY.

• Written premiums were below guidance, with recovery expected in crop insurance for the remainder of the year.

• Non-interest operating results ended at -0.2%, outside the expected range of -7% to -3%.

• Management expects continued focus on operational efficiency and expense control in H2 2026.

• Management continues to monitor impacts of tax reform and regulatory changes, with operational testing of new tax obligations underway.