Caixa Seguridade Participações (CXSE3) Q1 2026 earnings summary

Executive summary

• Net income reached BRL 1.1 billion in Q1 2026, up 13.2% year-over-year, with ROE at 65.9% and a dividend payout ratio of 91.9%, totaling BRL 1.05 billion approved for distribution.

• Operating revenues grew to BRL 1.5 billion, up 10.3% year-over-year, driven by strong results in insurance, accumulation, and distribution businesses.

• Celebrated five years since IPO, distributing nearly BRL 16 billion in dividends since listing, and received ABNT Women Gold Seal for diversity and inclusion initiatives.

• Premium bonds posted best performance for the fifth consecutive quarter, with over 28% year-over-year growth.

• Private pension reserves surpassed BRL 206.8 billion, growing 15.6% year-over-year.

Financial highlights

• Written premiums totaled BRL 2.5 billion, with mortgage insurance up 13%, home insurance up 5.5%, and auto insurance via Youse up 104%.

• Operating margin in insurance business grew 13%, accounting for 47% of total margin; financial result grew 18% year-over-year, representing 32% of net income.

• Loss ratio improved to 22.5%, down 2.1 p.p. year-over-year, with notable reductions in home and credit life segments.

• Administrative expense ratio stable at 10.6% year-over-year; combined ratio improved by 3.1 p.p. to 54.7%.

• Credit letters portfolio surpassed BRL 50.9 billion, up over 39% year-over-year.

Outlook and guidance

• Focus on bundled insurance strategies, digital sales channels, and expansion of real estate credit portfolio to drive growth.

• Ongoing assessment of M&A opportunities and new product launches, especially in underserved segments.

• Continued emphasis on modernization, customer service, and renewal incentives in premium bonds.

• Strategic priority on diversity, inclusion, and climate management, with recognition in B3 Carbon Efficient Index and ABNT Gold Seal.