BB Seguridade Participações S.A.

Core financials (YTD up, Q3 down): Recurring managerial net income BRL 6.8bn (+0.1% YoY) for Jan–Sep 2026. Operating income net of taxes BRL 5.2bn (-1.1% YoY) due to still-contracting macro/low activity and high rates pressuring insurance volumes. Q3 2026 net income BRL 2.4bn (-5% YoY) mainly from lower insurance sales volumes (especially credit-related) and weaker investment income YoY (Selic comparison base).

Good offset from investments + strong insurance/pensions metrics: Investment income was supportive: BRL 1.6bn after tax (+4.4% YoY) driven by higher Selic and inflation index updates on Brasilprev assets. Insurance loss ratio improved to 22.7% (-0.5pp vs prior-year YTD)—described as lowest in the company’s time series. Pensions are the standout: reserves BRL 514bn (+12.1% YoY over last 12 months) and net inflow BRL 4.5bn (YTD to Sep); management highlighted inflows driven by contributions, redemptions/portability at “lowest levels in recent years.”

Main negative: premium guidance cut; credit/rural insurance pressure persists (2027 outlook restrictive): Premiums guidance revised: expected 2026 drop worsened to ~-9% after 9 months; company is reviewing 2026 guidance from -15% to -11%. Key driver: credit origination-linked insurance weakening (credit life + rural, especially crop) from restrictive long-term interest rates and slower penetration/origination. For 2027, leadership expects continued restrictive environment (implicit in the interest-rate curve) and no strong acceleration; premiums could still decline, but likely less than 2026.