Slides
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Earnings BB Seguridade 4Q25
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2/13 *Changes on 2024. 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 and the equity of BB Seguridade in each company. 3- Growth over the sum of dividends distributed (R$7.1 bn) and share buybacks (R$1.2 bn) in 2024 In 2025 R$ 7.0 billion (+2.1%) R$ 2.1 billion (+61.3%) R$ 8.7 billion (+5,4%³) NPS in the quality zone + 3.6 pts Complaints - 20 % Churn - 5 % Customer experience New products in premiums written with the expansion of elegible portfolio R$ 627 mm Credit life in projected premiums for consortium R$ 88 mm in reserves as credit collateral Pension plans R$ 2.3 bn operating result², with loss ratio at historical low financial result², with higher profitability and expansion of asset balance in dividends distributed 96% payout¹ (R$4.49 per share) R$ 9.1 billion (+11.4%) net income¹ historical record
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3/13 Our numbers
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4/13 Recurring managerial net income and net investment income¹ 2,174 2,286 8,154 9,084 2,154 2,315 8,145 9,145 4Q24 4Q25 2024 2025 Recurring net income Normalized net income² 20 (29) 8 (61)IGP-M lag +11% 319 577 1,286 2,074 14.7% 25.3% 15.8% 22.8% 4Q24 4Q25 2024 2025 Net investment income % net investment income in the net income +61% 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. Recurring net income (R$ mm) Consolidated net investment income³ (R$ mm)
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5/13 81 38 95 (129) (479) 8,295 652 (70) 206 9,084 8,154 535 1 –Changes on retained claims and acquisition costs, considering the ratios reported in 2024. +R$142 mm Operating result change +R$789 mm Net investment income change Recurring managerial net income main components +R$18 mm (2025) vs. -R$188 mm (2024) +11.4%
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6/13 1,262 1,285 4,468 4,921 4Q24 4Q25 2024 2025 +10% 266 339 898 1,257 4Q24 4Q25 2024 2025 +40% 4.3 3.8 17.5 16.0 4Q24 4Q25 2024 2025 -9% 4.0 3.6 15.3 14.7 4Q24 4Q25 2024 2025 -4% Performance ratios (%) Net investment income (R$ mm) Premiums written (R$ bn) Premiums written by segment Recurring net income (R$ mm) Retained premiums (R$ bn) 30.2 31.0 29.4 30.9 19.8 20.6 23.7 22.5 11.8 12.3 11.0 10.9 61.8 64.0 64.1 64.4 4Q24 4Q25 2024 2025 Commission ratio Loss ratio G&A ratio Combined ratio YoY: +28% YoY: +2% YoY: -11% YoY: -9% Brasilseg Rural Term life Credit life Corporate¹ Home Mortgage life 22.5% 19.4% 2.6% 3.1% 2.2% Breakdown of premiums 50.0% Chg. On 2024 (11.4%) (0.9%) (15.0%) (2.1%) +13.5% +5.4% On 4Q24 (10.8%) (8.0%) (23.5%) (7.6%) +14.4% +0.7%
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7/13 953 997 3,776 3,866 0.90% 0.85% 0.91% 0.86% 4Q24 4Q25 2024 2025 Management fee Avg. management fee 17.6% % of multimarket funds on P/VGBL AuM 15.6% 17.6% 15.6% +2% Mgmt. fee (R$ mm) Contributions (R$ bn) Net inflow (R$ bn) Reserves (R$ bn) Recurring net income (R$ mm) 13 8 59 45 4Q24 4Q25 2024 2025 -24% YoY: -37% -1 -6 7 -15 11.6% 10.0% 10.4% 10.9% 4Q24 4Q25 2024 2025 Net inflow¹ Redemption ratio 429 439 449 459 466 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 366 510 1,614 1,991 4Q24 4Q25 2024 2025 +23% YoY: +39% YoY: +5% YoY: +9% Brasilprev 1 – Fonte: Quantum Axis.
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8/13 70 99 281 318 4Q24 4Q25 2024 2025 +13% 108 154 466 518 3.5 4.7 3.3 3.5 4Q24 4Q25 2024 2025 Net investment income (R$ MM) Net interest margin (p.p.) +11% 19 24 63 75 4Q24 4Q25 2024 2025 +20% 1,809 1,441 6,717 6,798 4Q24 4Q25 2024 2025 +1% Collections (R$ mm) Reserves (R$ mm) Lottery prizes paid (R$ mm) Net investment income Net income (R$ mm) 11,020 10,981 11,279 11,643 11,361 Dec/24 Mar/25 Jun/25 Sep/25 Dec/25 YoY: -20% YoY: +3% YoY: +42% YoY: +24% YoY: +43% Brasilcap
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9/13 858 859 3,308 3,535 4Q24 4Q25 2024 2025 +7% 61.1 63.5 60.1 62.6 4Q24 4Q25 2024 2025 +2.6 p.p. 1,404 1,352 5,506 5,644 4Q24 4Q25 2024 2025 +3% Brokerage revenue breakdownBrokerage revenues (R$ mm) Net margin (%) Net income (R$ mm) YoY: -4% Insurance 78.7% Pension plans 11.6% Premium bonds 9.3% Other 0.4% 2024 Insurance 82.2% Pension plans 8.3% Premium bonds 9.1% Other 0.4% 2025 YoY: +0.2% YoY: +2.5 p.p. BB Corretora
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10/13 Guidance
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11/13 Non-interest operating result (ex- holding)¹ Premiums written of Brasilseg PGBL and VGBL pension plans reserves of Brasilprev 4% 2.8% Observed 2025 0% 1% 1% -8.8% Observed 2025 0%-4% 12%9% 9.3% Observed 2025 0% 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. Guidance 2025
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12/13 -3%-7% 2%-3% 11%8% Guidance 2026 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.
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13/13 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