Earnings release
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BB Seguridade Participações S.A. | Análise do Desempenho 1T21 1 #interna #Pública
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BB Seguridade Participações S.A. | Management Discussion & Analysis 4Q25 2 ▪ P R E S E N T A T I O N The Management Discussion and Analysis – MD&A presents the economic and financial status of BB Seguridade Participações S.A. (BB Seguridade). Directed to financial analysts, shareholders and investors, this quarterly report provides an analysis of economic and financial indicators of BB Seguridade, stocks’ performance and other aspects considered relevant for the assessment of the company’s achievements. The consolidated financial statements were prepared in compliance with the International Financial Reporting Standards – IFRS. On the other hand, the analysis provided on this report are based on the accounting standards adopted by insurance regulators in Brazil – Susep and ANS –, except when otherwise mentioned. ▪ ON - L I N E A C C E S S This MD&A is available at BB Seguridade’s IR website, where additional information about the Company is also available such as: corporate structure, corporate governance, historical data, among other important information for shareholders and investors. The company’s website can be accessed through www.bbseguridaderi.com.br/en. This report makes references and statements about expectations, expected synergies, growth estimates, earnings forecasts and future strategies regarding BB Seguridade. Such statements are based on current expectations, estimates and projections of the Management about future events and financial trends that may affect the businesses that the company is involved in. These forward looking statements are not guarantee of future performance and involve risks and uncertainties that could overextend the control of the management, and thus can result in balances and values different from those anticipated and discussed in this report. The expectations and projections depend on market conditions (technological changes, competitive constraints on produc ts, prices, etc.), on the country’s macroeconomic performance (interest and exchange rates, political and economic changes, inflation, changes in tax rules, etc.) and on international markets. Future expectations based on this report should consider the risks and uncertainties that involve BB Seguridade’s businesses. BB Seguridade has no responsibility to update any estimate contained either in this report or in previously published reports. Tables and charts in this report show, in addition to the accounting balances, financial and managerial figures. The relative variation rates are calculated before the rounding procedure in R$ million. The rounding method used follows the rules established by Resolution 886/66 of IBGE’s Foundation: if the decimal number is equal or greater than 0.5, it increases by one unit, if the decimal number is less than 0.5, there is no increase. The Brazilian Securities and Exchange Commission - CVM Rule No. 42/2021 made it mandatory for Brazilian Public-held companies the adoption of the principles of IFRS 17 standards for the recognition, measurement, presentation, and disclosure of insurance c ontracts as of January 1, 2023. Thus, since the 1Q23, the audited financial statements of BB Seguridade follows the new accounting sta ndards of IFRS 17, particularly regarding the recognition of the equity investment balance and results arising from Brasils eg, Brasilprev and Brasildental that operate insurance contracts within the new accounting standards. On the other hand, the Brazilian insurance regulators, namely Superintendência de Seguros Privados – Susep and National Supplementary Health Insurance Agency – ANS, have not adopted the IFRS 17 for their sectors and, therefore, the insurance and health insurance companies shall comply with the former standard (IFRS 4), both for recognition, measurement, presentation, and disclosure of financial information, as well as for provisions, liquidity and capital management, including the regulatory capital, that weigh the shareholders’ remuneration policies. For the reason set forth herein, except when otherwise mentioned, the analysis on this report are based on managerial informa tion prepared according to IFRS 4, which are not audited at the holding level. For information purposes, Chapter 3 of this document presents the audited financial statements in accordance with IFRS 17 of the holding co., Brasilseg and Brasilprev so that the stakeholders can get used to the new reporting models. This information does not rule out the need of reading the explanatory notes to the audited financial statements to understand the accounting practices and impacts on the transition and on the recognition of insurance contracts’ income. Finally, it should be noted that, due to operational issues, as of January 2023, the accounting recognition of the investment in Brasildental will be carried out with a delay of one month. Thus, the 4Q24 and 4Q25 equity income contains information related to September, October and November.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 4Q25 3 Virtual meeting for earnings presentation Index 1. Summary 4 2. Investees Performance 12 Brasilseg 12 Brasilprev 28 Brasilcap 42 Brasildental 54 BB Corretora 56 3. Information in IFRS 17 63 4. Appendix 69 5. Business Overview 72 6. Definitions 76 February 10th, 2026 Portuguese with simultaneous translation into English Time: 11:00 AM (Brasilia time) 09:00 AM (EST) To register for the event and receive the connection information click here or access the investor relations website www.bbseguridaderi.com.br/en Contacts Investor Relations +55 (11) 4297-0730 ri@bbseg.com.br IR Website: www.bbseguridaderi.com.br/en Rua Alexandre Dumas, 1671 – Térreo – Ala B Chácara Santo Antônio – São Paulo – SP CEP: 04717-903
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BB Seguridade Participações S.A. | Management Discussion & Analysis 4Q25 4 1. S U M M A R Y ▪ R E C U R R I N G M A N A G E R I A L N E T I N C O M E A N A L Y S I S Table 1 – Holding’s recurring managerial income statement Chg. % R$ thousand 4Q24 3Q25 4Q25 On 4Q24 On 3Q25 2024 2025 On 2024 Equity income 2,169,630 2,532,237 2,253,652 3.9 (11.0) 8,134,051 9,022,780 10.9 Underwritting and accumulation businesses 1,272,160 1,547,148 1,412,743 11.1 (8.7) 4,754,762 5,398,434 13.5 Brasilseg 946,302 949,795 959,708 1.4 1.0 3,338,764 3,673,093 10.0 Brasilprev 274,825 532,432 383,040 39.4 (28.1) 1,211,869 1,494,965 23.4 Brasilcap 46,702 61,037 66,145 41.6 8.4 187,464 212,431 13.3 Brasildental 4,330 3,885 3,850 (11.1) (0.9) 16,665 17,945 7.7 Distribution businesses 857,570 943,027 859,075 0.2 (8.9) 3,308,139 3,535,128 6.9 Other 39,899 42,062 (18,166) - - 71,150 89,218 25.4 G&A expenses (5,381) (7,045) (6,999) 30.1 (0.6) (22,939) (28,737) 25.3 Net investment income 12,483 49,597 58,405 367.9 17.8 51,989 121,748 134.2 Earnings before taxes and profit sharing 2,176,731 2,574,789 2,305,058 5.9 (10.5) 8,163,100 9,115,792 11.7 Taxes (2,844) (12,860) (19,255) - 49.7 (9,513) (31,979) 236.2 Recurring managerial net income 2,173,887 2,561,929 2,285,803 5.1 (10.8) 8,153,587 9,083,813 11.4 Quarterly Flow Chg. % Annual Flow In 4Q25, BB Seguridade’s recurring managerial net income reached R$2.3 billion, R$111.9 million higher than in the same period of 2024 (+5.1%). The g rowth was supported by the combined financial result of the group ’s companies, driven by the expansion of the average balance, the increase in the Selic rate, the reduction in the liability cost of defined benefit pension plans as a result of the decline in the one -month lagged deflation of the IGP -M and a positive mark ‑to‑market result, whereas in 4Q24 mark ‑to‑market result had been negative. For 2025, recurring managerial net income totaled R$9.1 billion, an increase of R$930.2 million (+11.4%) compared to 2024, largely explained by: ▪ Brasilseg (+R$334.3 million) : driven by growth in earned premiums, a lower loss ratio and higher net investment income; ▪ Brasilprev (+R$283.1 million) : boosted by the increase in net investment income, with a reduction in liability costs and positive mark‑to‑market result; ▪ BB Corretora (+R$227.0 million): due to higher brokerage revenue and expansion of net investment income; and ▪ Brasilcap (+R$25.0 million): supported by higher net investment income. Figure 1 –Quarterly net income breakdown ¹Individuals revenues and expenses from BB Seguridade and BB Seguros. Figure 2 –Year-to-date net income breakdown ¹Individuals revenues and expenses from BB Seguridade and BB Seguros. Figure 3 –Normalized net income (R$ million) 2,174 2,562 2,286 8,154 9,084 2,154 2,436 2,315 8,145 9,145 4Q24 3Q25 4Q25 2024 2025 Net income IGP-M lag Normalized net income¹ 20 126 (29) 8 (61) ¹Net income excluding the impacts of the one -month lag in the IGP -M accrual on liabilities.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 4Q25 5 ▪ E X T R A O R D I N A R Y E V E N T S 2Q24 Brasilprev: Supplementary Coverage Provision (“PCC”): In 2Q24, Brasilprev set up an Supplementary Coverage Provision (“PCC”) in the amount of R$216.7 million, following the full enforcement of SUSEP Circular 678/2022 in January 2024. This regulation introduced the assumption that 100% of defined benefit plan (traditional plans) clients will decide regarding the form of benefit withdrawal upon reaching the end of the accumulation period. Since this change resulted from an external factor (regulatory change) and affected the entire stock of plans with expired deferral periods, it was classified as an extraordinary event. For further details on the changes introduced by Circular 678/2022 and their impacts, refer to Section 4 – Appendix. 2Q25 Brasilseg: Reversal of Provision for Judicial Claims (“PSLJ”): On August 28, 2024, Law No. 14,905/2024 came into effect, establishing the IPCA as the official inflation index for monetary restatement of civil-related claims, and the Selic rate, net of IPCA-based inflation adjustment, as the default interest rate for updating such amounts. Until then, there was no standardization, and Brasilseg used, for the purposes of calculating and updating its legal provisions, the prevailing practice in Brazilian state courts, namely, a fixed simple interest rate of 1% per month plus the INPC. With the enactment of the new law and based on existing case law, in addition to adopting the Selic and IPCA for updating amounts in new cases, Brasilseg reviewed its stock of PSL J, resulting in a reversal of R$151.2 million in monetary restatement and interest on provisions and R$22.2 million in monetary restatement and interest on reinsurance assets, totaling a positive impact of R$129.0 million on the company’s net investment income in 2Q25. Accordingly, the following adjustments were made to calculate the recurring managerial net income (Susep accounting standards) for both investees — Brasilseg and Brasilprev — and for BB Seguridade, based on the adjustment of the equity income: Table 2 – Recurring managerial net income Chg. % R$ thousand 4Q24 3Q25 4Q25 On 4Q24 On 3Q25 2024 2025 On 2024 Recurring managerial net income 2,173,887 2,561,929 2,285,803 5.1 (10.8) 8,153,587 9,083,813 11.4 Extraordinary events - - - - - (97,094) 61,575 - Brasilprev: constitution of supplementary coverage provision - PCC - - - - - (97,094) - - Brasilseg: reversal of provision for judicial claims (PSLJ) - - - - - - 61,575 - Managerial net income 2,173,887 2,561,929 2,285,803 5.1 (10.8) 8,056,493 9,145,387 13.5 Quarterly Flow Chg. % Annual Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 4Q25 6 ▪ E A R N I N G S B R E A K D O W N Figure 4 –Earnings breakdown¹ (%) 0.2 2.0 2.1 12.6 39.4 43.5 0.2 0.6 2.9 16.8 37.6 42.0 Brasildental Other Brasilcap Brasilprev BB Corretora Brasilseg 4Q25 4Q24 0.2 1.1 2.3 14.9 40.6 40.9 0.2 1.7 2.3 16.5 38.9 40.4 Brasildental Other Brasilcap Brasilprev BB Corretora Brasilseg 2025 2024 1. Does not consider the individual results from BB Seguridade and BB Seguros holdings and, when negative, the investees.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 4Q25 7 ▪ C O M B I N E D N E T I N V E S T M E N T I N C O M E Figure 5 – Combined net investment income In 4Q25, the combined net investment income of BB Seguridade and its investees reached R$577.3 million, net of taxes, an increase of 80.9% compared to the same period of the previous year. This performance is largely attributed to: (i) the increase in the average Selic rate; (ii) the reduction in Brasilprev’s liability cost, due to the decline in the IGP ‑M lag ged by one month (4Q25: +0.3% vs. 4Q24: +3.5%); (iii) net mark‑to‑market result gains of R$9.5 million, considering all group companies (vs. -R$71.2 million in 4Q24); and (iv) a 3.8% increase in the average balance of combined financial investments. In 2025, the group’s combined net investment income grew 61.3%, reaching R$2.1 billion, driven by the same factors mentioned above. For the year, the aggregated mark-to-market result of the group companies was positive at R$17.9 million, compared to a loss of R$187.8 million in 2024. The average balance of combined financial investments increased by 5.5%. 319 714 577 1,286 2,074 14.7 27.9 25.3 15.8 22.8 4Q24 3Q25 4Q25 2024 2025 Net investment income (R$ million) % Net income Figure 6 – Inflation rate (%) Figure 7 – Average Selic rate (%) Figure 8 – Forward yield curve (%) 1.5 2.0 0.9 0.6 0.6 3.8 1.0 -1.9 0.01 -0.1 3.5 2.3 -0.6 -2.1 0.3 4Q24 1Q25 2Q25 3Q25 4Q25 IPCA IGP-M IGP-M (lagged)¹ 11.14 14.90 14.90 10.83 14.32 4Q24 3Q25 4Q25 2024 2025 12.33 12.40 12.44 12.49 12.53 15.37 15.89 15.85 15.71 15.58 14.91 13.80 13.17 13.18 13.33 14.90 14.08 13.38 13.26 13.36 DI1F26 DI1F27 DI1F28 DI1F29 DI1F30 sep/24 dec/25 dec/24 sep/25 1. IGP-M with a lag of one month. Figure 9 – Financial investments (%) Figure 10 – Financial investments by index (%) Figure 11 – Trading portfolio by index (%) 47.6 49.8 52.2 41.6 40.4 38.5 10.8 9.8 9.3 Dec/24 Sep/25 Dec/25 Held to maturity Available for sale Trading 42.9 45.3 48.4 39.4 40.5 38.5 17.6 14.1 13.0 0.1 0.1 0.03 Dec/24 Sep/25 Dec/25 Other Pre-fixed Inflation Floating 90.2 90.9 92.8 7.1 6.7 6.1 2.6 2.2 1.0 0.2 0.2 0.1 Dec/24 Sep/25 Dec/25 Other Pre-fixed Inflation Floating
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BB Seguridade Participações S.A. | Management Discussion & Analysis 4Q25 8 ▪ H O L D I N G ’ S G E N E R A L A N D A D M I N I S T R A T I V E E X P E N S E S Figure 12 – General and administrative expenses (R$ million) 7 6 5 5 10 5 7 7 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Table 3 –General and administrative expenses Chg. % R$ thousand 4Q24 3Q25 4Q25 On 4Q24 On 3Q25 2024 2025 On 2024 Administrative expenses (1,164) (1,028) (1,197) 2.8 16.4 (5,275) (4,986) (5.5) Specialized technical services (328) (101) (102) (68.8) 1.2 (720) (375) (48.0) Location and operation (248) (216) (196) (20.9) (9.4) (989) (830) (16.0) Communication (12) (13) (11) (8.4) (14.9) (52) (50) (3.2) Other administrative expenses (576) (697) (887) 53.9 27.3 (3,514) (3,731) 6.2 Personnel expenses (3,024) (3,016) (3,130) 3.5 3.8 (11,747) (12,270) 4.5 Compensation (1,649) (1,614) (1,701) 3.2 5.4 (6,534) (6,651) 1.8 Welfare benefits (833) (829) (893) 7.2 7.6 (3,294) (3,497) 6.2 Other compensation (225) (205) (209) (7.1) 2.1 (811) (887) 9.4 Benefits (318) (368) (327) 3.0 (11.1) (1,108) (1,234) 11.4 Tax expenses (729) (2,403) (2,712) 272.1 12.9 (4,562) (10,448) 129.0 COFINS (599) (2,057) (2,327) 288.4 13.1 (3,805) (8,869) 133.1 PIS/PASEP (104) (341) (378) 264.5 10.7 (632) (1,462) 131.4 IOF (20) (1) (5) (72.7) - (22) (16) (27.7) Other (6) (5) (3) (59.1) (42.1) (102) (100) (2.0) Other operating income (expenses) (465) (599) 39 - - (1,356) (1,033) (23.8) G&A expenses (5,381) (7,045) (6,999) 30.1 (0.6) (22,939) (28,737) 25.3 Quarterly Flow Chg. % Annual Flow
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BB Seguridade Participações S.A. | Management Discussion & Analysis 4Q25 9 ▪ 20 2 5 G U I D A N C E For the year, the performance s of the non-interest operating result (ex -holding) and the P/VGBL pension plans reserves at Brasilprev were within the estimated ranges in the 2025 Guidance. As for the indicator of premiums written of Brasilseg, the 8.8% decline was below the 4% decrease projected at the lower end of the 2025 Guidance, due to a lower -than-expected volume in the rural and credit life insurance segments. Figure 13 – 2025 observed PGBL and VGBL pension plans reserves of Brasilprev Percentage variation of PGBL and VGBL pension plans reserves, adjusted by extraordinary events, as released by the company on its quarterly MD&A. Premiums written of Brasilseg 1% -8.8% Observed 2025 0%-4% Percentage variation of the premiums written reported by Brasilseg, adjusted by extraordinary events, as released by the company on its quarterly MD&A Non-interest operating result (ex-holding) Percentage variation of the combined recurring non -interest operating results of Brasilseg, Brasilprev, Brasilcap, Brasildental and BB Corretora, according to accounting standa rds adopted by Susep and ANS, weighted by the equity stake held in each company and adjusted by extraordinary events, as released by the company on its quarterly MD&A. Table 4 – Breakdown of the non-interest operating result by company Chg. % R$ thousand 4Q24 3Q25 4Q25 On 4Q24 On 3Q25 2024 2025 On 2024 Non-interest operating result 2,618,534 2,701,383 2,467,862 (5.8) (8.6) 9,967,962 10,249,032 2.8 Brasilseg 1,012,520 1,015,617 977,599 (3.4) (3.7) 3,681,410 3,890,483 5.7 Brasilprev 476,798 476,531 443,052 (7.1) (7.0) 1,783,198 1,753,811 (1.6) Brasilcap 3,019 (12,707) (15,131) - 19.1 (9,479) (15,953) 68.3 Brasildental 6,144 5,456 5,394 (12.2) (1.1) 22,569 22,304 (1.2) BB Corretora 1,120,054 1,216,485 1,056,948 (5.6) (13.1) 4,490,263 4,598,387 2.4 Annual FlowQuarterly Flow Chg. % 12%9% 9.3% Observed 2025 0% 4% 2.8% Observed 2025 0% 1%
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BB Seguridade Participações S.A. | Management Discussion & Analysis 4Q25 10 ▪ 20 26 G U I D A N C E For 2026, BB Seguridade maintained the indicators from the previous year and discloses below the estimated ranges: Figure 14 – 2026 estimates PGBL and VGBL pension plans reserves of Brasilprev +11%+8% 2026 Estimate Percentage variation of PGBL and VGBL pension plans reserves, adjusted by extraordinary events, as released by the company on its quarterly MD&A , not considering the adoption of IFRS 17. Premiums written of Brasilseg +2%-3% 2026 Estimate Percentage variation of the premiums written reported by Brasilseg, adjusted by extraordinary events, as released by the company on its quarterly MD&A , not considering the adoption of IFRS 17. Non-interest operating result (ex-holding) -3%-7% 2026 Estimate Percentage variation of the combined recurring non -interest operating results of Brasilseg, Brasilprev, Brasilcap, Brasildental and BB Corretora, weighted by the equity stake held in each company and adjusted by extraordinary events, as released by the company on its quarterly MD&A , not considering the adoption of IFRS 17 as well as the impacts in results from the variation of Supplementary Coverage Provision (PCC) from Brasilprev.
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BB Seguridade Participações S.A. | Management Discussion & Analysis 4Q25 11 ▪ H O L D I N G ’S B A L A N C E S H E E T Table 5 – Balance sheet R$ thousand Dec/24 Sep/25 Dec/25 On Dec/24 On Sep/25 Assets 13,112,031 11,770,639 14,087,404 7.4 19.7 Cash and cash equivalents 335,647 1,547,526 1,595,350 375.3 3.1 Financial assets marked to market 28,783 28,321 28,738 (0.2) 1.5 Investments 8,463,231 10,037,152 8,366,710 (1.1) (16.6) Current tax assets 8,909 18,007 2,828 (68.3) (84.3) Deferred tax assets 116,277 125,724 125,826 8.2 0.1 Dividends receivable 4,145,402 - 3,952,102 (4.7) - Other assets 10,992 11,802 13,942 26.8 18.1 Intangible 2,790 2,107 1,908 (31.6) (9.4) Liabilities 4,426,618 18,814 4,971,798 12.3 - Provision for fiscal, civil and tax contingencies 1,841 2,787 2,704 46.9 (3.0) Statutory obligation 4,411,346 427 4,950,458 12.2 - Current tax liabilities 602 3,546 2,037 238.4 (42.6) Other liabilities 12,829 12,054 16,599 29.4 37.7 Shareholders' equity 8,685,413 11,751,825 9,115,606 5.0 (22.4) Capital 6,269,692 6,269,692 6,269,692 - - Reserves 4,218,833 4,218,877 4,643,858 10.1 10.1 Treasury shares (1,869,833) (1,868,914) (1,868,914) (0.0) - Other accumulated comprehensive income 66,721 42,963 70,970 6.4 65.2 Retained earnings - 3,089,207 - - - Balance Chg. % ▪ S H A R E H O L D E R ’ S B A S E Table 6 – Breakdown of the shareholders’ base Shareholders Shares Participation Banco do Brasil 1 1,325,000,000 68.3% Free Float 578,713 616,214,909 31.7% Foreign investors 886 360,468,081 18.6% Companies 3,318 59,741,732 3.1% Individuals 574,509 196,005,096 10.1% Treasury Stocks 1 (58,785,091) - Total (ex-treasury stocks) 578,714 1,941,214,909 100.0%