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 operating revenues rising 13.4% to BRL 5.8 billion and accounting net income of BRL 4.29 billion, up 14.0% from 2024.

• Maintained market leadership in mortgage insurance, with written premiums up 11.2% and home insurance up 25.3%, driven by portfolio expansion and bundling strategies.

• Private pension reserves grew 15.3% to BRL 199.4 billion, with net inflows of BRL 3.7 billion and positive portability balances.

• Premium bonds and credit letters achieved record results, with premium bond collections up 27.1% and credit letters inventory up 46.1%.

• Distributed BRL 3.93 billion in dividends, representing a 91.1% payout ratio, and increased free float to 20% after a secondary public offering.

Financial highlights

• Operating revenues reached BRL 5.8 billion, up 13.4% year-over-year, with 57% from equity investments and 43% from distribution.

• 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 funds raised: BRL 1.87 billion (+27.1% YoY); credit letters inventory: BRL 48.2 billion (+46.1% YoY).

• Earned premiums increased 6% year-over-year, and the loss ratio improved to 23.9%, down 5.8 BPs.

• ROE reached 70.4%, up 2.9 p.p. from 4Q24.

Outlook and guidance

• Expectation of continued growth in mortgage and home insurance, supported by digital transformation and customer-centric strategies.

• Private pension segment aims to repeat strong 2025 performance, with focus on adapting to IOF tax changes and market conditions.

• Strategic plan for 2025–2030 emphasizes sustainable results, customer base expansion, digital transformation, and ESG integration.