Slides
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BB Seguridade Earnings Presentation 2Q25
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2/14 Loss ratio Pension plans reserves Brokerage revenues +9.7% 21.5% -5.7p.p. R$449.0bn +9.4% R$1.4bn +5.6% Net income¹ R$ 2.2bn +19.7% Operating result² R$ 1.8bn +11.3% Financial management performance² R$ 0.5bn +68.8% R$3.7bn Premium bonds collection R$1.8bn +24.1% ROAE 89.7% +15.1 p.p. Focus on results and value generation Retained earned premiums *Changes on 2Q24 1 – Recurring managerial net income (does not consider IFRS 17 standards and one-off events) 2 – Consolidated, net of taxes, considering the effective tax rate of each company.
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3/14 R$856mm in premiums written via partnerships (11% of the total) Structured businesses: +40% yoy Cooperatives and agro resellers: +55% yoy Portfolio management Innovation delivering results 1 – Accumulated data until July 25, 2025. Credit life for consortium 7k proposals with projected premiums of R$82mm Credit life R$94mm in premiums of private payroll loans Credit life for companies R$69mm¹ in premiums of new SME credit lines (launched in June 26) 330k sold 46% of total sales for new customers Diversification of distribution channels Livestock insurance R$69mm (+48% yoy) enhanced features for renewing insurance policies “Ourocap 30 anos” R$135mm collected with 45k bonds sold +230% premium bonds +102% personal protection +43% personal items Digital channels R$11mm in premium bonds in the popular modality +3.8mm of bonds sold to new customers
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4/14 Efficiency enhancement Commitment to efficiency and customer-centric strategies *Changes June 2025 vs. June 2024 Improved customer experience and retention metrics -7.8 p.p. Brasilcap -1.0 p.p. BB Corretora -0.4 p.p. Brasilseg 1 – Changes 2Q25 vs. 2Q24 Reduction in the G&A ratio¹ +5.7 pts NPS in the quality zone -27% Reduction of complaints -10% Improvement of churn
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Our numbers
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6/14 YoY: +20% YoY: +69% Recurring managerial net income and net investment income¹ Consolidated net investment income³ (R$ mm)Recurring net income (R$ mm) 1 – Does not consider IFRS 17 standards 2- Adjustment of the one-month lag in the IGP-M accrual on defined benefited plans of Brasilprev. 3 – Net of taxes considering the effective tax rate of each company. 1,871 2,240 3,714 4,236 1,797 2,316 3,715 4,390 2Q24 2Q25 1H24 1H25 Recurring net income Normalized net income² 74 (76) (0) (154)IGP-M lag +14% 275 464 506 784 14.7% 20.7% 13.6% 18.5% 2Q24 2Q25 1H24 1H25 Net investment income % net investment income in the net income +55%
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7/141 – Changes on retained claims and acquisition costs, considering the ratios reported in 1H24. +R$245 mm +R$277 mm +R$23 mm (1H25) vs. -R$150 mm (1H24) Recurring managerial net income main components (R$ mm) Operating result change Net investment income change
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8/14 3.3 3.4 7.0 7.0 2Q24 2Q25 1H24 1H25 +0.2% Brasilseg Prewmiums written (R$ bn) YoY: +45% 1 – As of April 2024, a contract for the warranty insurance product was discontinued, which impacted the comparable for the corporate segment. YoY: -1% YoY: +25% Retained premiums (R$ bn) Rural Term life Credit life Corporate¹ Home Mortgage life Breakdown of premiums 48.0% 22.7% 20.6% 3.2% 3.1% 2.3% Premiums written by segment Performance ratios (%) Net investment income (R$ mm) Recurring net income (R$ mm) 3.8 3.7 8.0 7.8 2Q24 2Q25 1H24 1H25 -3.4% YoY: +2% Chg. On 1H24 (1.6%) +0.3% (14.3%) +2.4% +11.1% +8.3% On 2Q24 (3.2%) (3.6%) (4.9%) +465.5% +8.5% +6.1% 27.2 21.5 26.8 23.8 28.7 31.2 28.8 30.8 10.9 10.5 10.7 10.5 66.8 63.2 66.3 65.0 2Q24 2Q25 1H24 1H25 Loss ratio Commission ratio G&A ratio Combined ratio 215 311 417 593 2Q24 2Q25 1H24 1H25 +42% 1,003 1,258 2,020 2,363 2Q24 2Q25 1H24 1H25 +17%
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9/14 410 423 429 439 449 Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Brasilprev YoY: -1% YoY: +9% YoY: -22% YoY: +20% Contributions (R$ bn) Net inflow (R$ bn) Reserves (R$ bn) Mgmt. fee (R$ mm) Recurring net income (R$ mm) 12 10 29 23 2Q24 2Q25 1H24 1H25 -21% -0.3 -4 5 -5 10.1% 10.6% 9.4% 11.1% 2Q24 2Q25 1H24 1H25 Net inflow Redemption ratio 939 928 1,829 1,848 0.92% 0.87% 0.92% 0.87% 2Q24 2Q25 1H24 1H25 Management fee Avg. management fee 19.9% % of multimarket funds on P/VGBL AuM 15.5% 19.9% 15.5% +1% 347 416 652 772 2Q24 2Q25 1H24 1H25 +18%
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10/14 11,165 11,025 11,020 10,981 11,279 Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Brasilcap YoY: +1% YoY: +24% YoY: -6% YoY: +6% YoY: +5% Collections (R$ mm) Reserves (R$ mm) Lottery prizes paid (R$ mm) Net investment income Net income (R$ mm) 1,490 1,849 3,154 3,508 2Q24 2Q25 1H24 1H25 +11% 16 15 29 31 2Q24 2Q25 1H24 1H25 +6% 116 123 243 197 4.0 4.2 3.9 3.1 2Q24 2Q25 1H24 1H25 Net investment income (R$ MM) Net interest margin (p.p.) -19% 70 74 141 128 2Q24 2Q25 1H24 1H25 -10%
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11/14 Insurance 78.0% Pension plans 12.4% Premium bonds 9.2% Other 0.4% 1H24 Insurance 81.3% Pension plans 8.4% Premium bonds 9.9% Other 0.4% 1H25 BB Corretora YoY: +6% YoY: +3.2 p.p. YoY: +11% Brokerage revenue breakdownBrokerage revenue (R$ mm) Net margin (%) Net income (R$mm) 1,335 1,410 2,681 2,811 2Q24 2Q25 1H24 1H25 +5% 59.5 62.7 59.2 61.7 2Q24 2Q25 1H24 1H25 +2.4 p.p. 794 884 1,588 1,733 2Q24 2Q25 1H24 1H25 +9%
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Guidance
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13/14 Guidance 2025 Non-interest operating result (ex- holding)¹ Premiums written of Brasilseg PGBL and VGBL pension plans reserves of Brasilprev 1 – Sum of the adjusted non-interest operating results before income taxes of Brasilseg, Brasilprev, Brasilcap, Brasildental and BB Corretora, weighted by the equity stake of BB Seguridade in each company. Previous estimates Revised estimates 4%1% 1%-4% 12%9% 8% 7.4% Observed 1H25 0% 3% 7% -3.4% Observed 1H25 0% 2% 16%12% 9.8% Observed 1H25 0%
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Contacts Investor Relations Rua Alexandre Dumas, 1671 – Térreo – Ala B Chácara Santo Antônio – São Paulo - SP CEP: 04717-903 Telephone: (11) 4297-0730 ri@bbseg.com.br bbseguridaderi.com.br/en