Caixa Seguridade Participações (CXSE3) Q4 2025 earnings summary

Executive summary

• Achieved record managerial net income of BRL 4.3 billion in 2025, up 14.9% year-over-year, with ROE at 70.4%, the highest on record.

• Operating revenues rose 13.4% to BRL 5.8 billion, driven by strong performance in mortgage and home insurance, premium bonds, and credit letters.

• Maintained market leadership in mortgage insurance, with written premiums up 11.2% and home insurance up 25.3%.

• Private pension reserves grew 15.3% to nearly BRL 200 billion, with net inflows of BRL 3.7 billion.

• Distributed BRL 3.93 billion in dividends, representing a payout ratio above 91%.

Financial highlights

• Written premiums totaled BRL 9.7 billion, with mortgage insurance at BRL 4.0 billion (+11.2%) and home insurance at BRL 1.16 billion (+25.3%).

• Premium bonds collections reached BRL 1.87 billion (+27.1%), and credit letters inventory exceeded BRL 48 billion (+46.1%).

• Earned premiums grew 6% year-over-year; loss ratio improved to 23.9%, down 5.8 BPs.

• Operating margin grew 12.1%; insurance vertical contributed 45% of total margin.

• Financial result contributed 33.9% of net income, up 37.2% year-over-year.

Outlook and guidance

• Continued focus on digital transformation, modernization, and customer-centric strategies to sustain growth.

• Launch of new insurance products, including income loss and travel insurance, and new credit letter categories for heavy vehicles in 2026.

• Private pension segment aims to repeat strong 2025 performance, focusing on value accumulation and less competition from other products.