BB Seguridade Participações (BBSE3) Q3 2025 earnings summary

Executive summary

• Recurring managerial net income reached BRL 2.6 billion in Q3 2025, up 13.1% year-over-year, and BRL 6.8 billion year-to-date, a 13.7% increase, driven by strong financial results and higher volumes, especially in Brasilprev.

• Net investment income surged 55.1% in Q3 2025 and 54.9% in 9M25 year-over-year, mainly due to higher Selic rates and reduced liability costs.

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

• New credit line insurance for SMEs and private payroll loans contributed BRL 294 million and BRL 160 million in premiums, respectively.

Financial highlights

• Net investment income for Q3 2025 was BRL 714 million, up 55% year-over-year; 9M25 was BRL 1,497 million, up 55%.

• Operating income after taxes increased 2.4% year-over-year in Q3 2025 and 5.7% year-to-date.

• Premiums written in insurance dropped 15% year-over-year in Q3 2025, mainly due to rural insurance performance.

• Pension contributions fell 19% year-over-year, impacted by IOF tax changes, but reserves grew 9% in 9M25.

• Brokerage revenues increased 4% year-over-year in Q3 2025, with net income up 9%.

Outlook and guidance

• Non-interest operating result (ex-holding) delivered 5.9% growth year-to-date, above guidance, expected to converge in Q4.

• Written premiums at Brasilseg fell 7.9% in the first nine months, below guidance due to rural insurance.

• Pension plan reserves grew 9% in the nine months ended September, at the lower end of guidance.

• For 2026, expect low growth in earned premiums and a reduction in investment income due to lower Selic rates and less favorable inflation indices.

• No expectation of stability or profit growth in 2026; a small decline is anticipated.