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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 14,50 Mrd. $ | Umsatz (TTM) = 2,02 Mrd. $
Marktkapitalisierung = 14,50 Mrd. $ | Umsatz erwartet = 1,94 Mrd. $
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 13,25 Mrd. $ | Umsatz (TTM) = 2,02 Mrd. $
Enterprise Value = 13,25 Mrd. $ | Umsatz erwartet = 1,94 Mrd. $
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Dividende je Aktie
📈 Was ist das?
Die Dividende je Aktie zeigt, wie viel Geld ein Unternehmen pro Aktie an seine Aktionäre ausschüttet – typischerweise jährlich oder quartalsweise.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die absolute Größe der Auszahlung je Aktie – wichtig für alle, die regelmäßige Erträge suchen oder Dividendenstrategien verfolgen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile oder wachsende Dividende je Aktie ist oft ein Zeichen für ein solides Geschäftsmodell.
- Die Dividende je Aktie allein sagt aber nichts über die Rendite – dafür ist auch der Aktienkurs relevant (→ Dividendenrendite).
- Langfristig steigende Dividenden sind oft ein sehr gutes Merkmal (z. B. Dividenden-Aristokraten).
📘 Dividendenrendite
📈 Was ist das?
Die Dividendenrendite zeigt, wie hoch die Dividende eines Unternehmens im Verhältnis zum Aktienkurs ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft dabei, Dividendenaktien vergleichbar zu machen – unabhängig vom absoluten Auszahlungsbetrag.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile Dividendenrendite kann auf verlässliche Ausschüttungen hinweisen.
- Ein Vergleich der 1J- und 5J-Rendite hilft zu erkennen, ob das Dividendenwachstum mit dem Kurswachstum Schritt hält.
- Eine niedrige Rendite ist nicht zwingend negativ – sie kann auf starkes Kurswachstum hindeuten.
📘 Dividendenwachstum
📈 Was ist das?
Das Dividendenwachstum zeigt, wie stark ein Unternehmen seine Dividende je Aktie über die Zeit gesteigert hat.
🧮 Wie wird es berechnet?
5J: durchschnittliche jährliche Wachstumsrate (CAGR)
🏛️ Wofür ist es wichtig?
Stetig steigende Dividenden gelten als Zeichen für finanzielle Stärke und Aktionärsorientierung – besonders interessant für langfristige Investoren.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein stabiles Dividendenwachstum ist ein Zeichen nachhaltiger Ertragskraft.
- Ein hohes Dividendenwachstum kann ein erheblicher Hebel deiner Rendite sein:
- Wenn ein Unternehmen z. B. 1 € Dividende zahlt und diese über 5 Jahre jährlich um 15 % erhöht, bekommst du im 5. Jahr bereits 2 € je Aktie – doppelt so viel wie zu Beginn!
📘 Ausschüttungsquote (Payout)
📈 Was ist das?
Die Ausschüttungsquote zeigt, wie viel Prozent des Unternehmensgewinns (pro Aktie) als Dividende an die Aktionäre ausgeschüttet wird.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Quote hilft einzuschätzen, ob eine Dividende auf Dauer tragfähig ist – besonders im Verhältnis zum erzielten Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige Ausschüttungsquote bedeutet: Das Unternehmen behält einen größeren Teil des Gewinns für Investitionen – typisch für Wachstumsunternehmen.
- Eine moderate Quote (z. B. 25–50 %) steht oft für ein gesundes Gleichgewicht zwischen Ausschüttung und Zukunftsinvestitionen.
- Hohe Ausschüttungsquoten können attraktiv wirken, sind aber riskanter, wenn die Gewinne schwanken oder sinken.
📘 Dividendensteigerungen in Folge (Erhöhungen)
📈 Was ist das?
Diese Kennzahl zeigt, wie viele Jahre in Folge ein Unternehmen seine Dividende pro Aktie erhöht hat – ohne Kürzung oder Aussetzung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Ein langer Track Record kontinuierlicher Erhöhungen spricht für Verlässlichkeit, solide Finanzen und aktionärsfreundliche Unternehmenspolitik.
🎯 Was bedeutet das für Anleger?
- Ein langer Zeitraum mit Dividendensteigerungen stärkt das Vertrauen – besonders in Krisenzeiten.
- Solche Unternehmen gelten als verlässlich und planbar für Einkommensinvestoren.
- Je länger die Serie, desto stärker das Commitment gegenüber den Aktionären.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
BB Seguridade Participações Aktie Analyse
Analystenmeinungen
16 Analysten haben eine BB Seguridade Participações Prognose abgegeben:
Analystenmeinungen
16 Analysten haben eine BB Seguridade Participações Prognose abgegeben:
BB Seguridade Participações Events
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BB Seguridade Participações — Q2 2026 Earnings Call
1. Management Discussion
Welcome to our virtual meeting to present the results of the second quarter of 2026. This event is being recorded and times translated in English to listen to the audio in English. [Operator Instructions] Event will be divided into 2 parts. In the first part, our CEO, Delano Valentin, and our CFO, Rafael Sperendio, will present the main deliveries of the quarter. The presentation and the slide deck in Portuguese and English can be downloaded from our Investor Relations website at the address bbseguridaderi.com.br.
In the second part of the event, there will be a Q&A session. [Operator Instructions] Now I would like to give the floor to Delano who is going to present the main highlights of the quarter. The floor is yours now.
Thank you, Felipe. Good morning, everyone. Good morning, all of you with us here today. It's a great pleasure to be here to show you the results of the first quarter of 2026. .
2. Question Answer
I would like to start by thanking everybody for joining us for this conference call, I would also like to thank our investors and especially our customers for their continued trust in our company. .
I would also like to extend special banks to our employees at Banco do Brasil sales force. We continue to play a key role in the execution of our strategy and I would like to thank them for their contribution to the performance we presented here today.
Along the first 6 months of 2020. We continue to operate in a very challenging retirement. The part that we have kept discipline in the execution of our strategy SP1673683492 Taking more in management with a consent of conglomerates to be more efficient both in the way we serve our customers and in the management of our expense.
I would like to start the presentation by running your attention to our recurring net managerial income of BRL 4.4 billion, an increase of 3.2% compared to the first half of 2025.
The net operating income after access reached BRL 3.5 billion, an increase of BRL 0.3 million compared to the same period as the previous year supported especially by the drop in the loss ratio in insurance operations, which remains at the lowest historical level and the growth in revenue from management fees accompanied by improved operational efficiency with Brazil plan.
In addition, the net investment income after taxes has reached almost BRL 1 billion, BRL 99.1 million, an increase of more than 16% compared to the previous year, reflecting the increase in the profitability of our financial insets in an environment with still high interest rates. It's also worth mentioning the payout of BRL 3.9 billion in dividends and a payout of 88%, which represents a to per share, thereby reinforcing our commitment to generating and distributing value to our shareholders slightly belong the bottom line of our P&L.
I would like to highlight some operational indicators in insurance, we think premium to an BRL 7 billion in the first half of the remaining practically stable as compared to the year before. In the segment, I'd like to draw your attention to the recovery we saw in the second part of 2026 for credit line written premiums are products where we have demonstrated the greatest capacity to develop new solutions to help offset the impact of the current scenario on high interest rates in addition to the expansion of corporate credit portfolio of persons eligible to insurance, which I have been highlighting since last year and the first half of 2026, added almost BRL 400 million in premiums written.
I would like to highlight the implementation of a partial credit life insurance, which allows the pyramidization of policy terms by the relationship managers a way to reduce the effective cost of insurance. And with this place -- facilitate the placement of the product in payroll loans.
In pensions, we have reached BRL 496.5 billion in reserves. An increase of 10.6% over the same period in the year before. In the period, we have a net -- positive net inflow of BRL 2.8 billion. This is a very relevant number considering the market context and the intense competitiveness that we have seen further pursuit of investors.
Finally, in premium bonds collection reached BRL 3.4 billion in the semester. In addition, we paid out almost BRL 42 million in lottery prices, a growth of 36% compared to the first half of the previous year, reinforcing customer -- the engagement of customers with our products.
We think that these results once again demonstrate the solidity of BB Seguridade its execution capacity and the resilience of our business model despite the still challenging environment.
With that, I end my presentation, and I would like to give the floor to Rafael, who's going to give you details of each one of our operations. Thank you so much.
Thank you, Delano. Good morning, everyone. So now looking at the details of our results second quarter. Second quarter, close to BRL 2.2 billion. And income, a drop of 3%. Year-on-year, this drop is a result of the drop in investment income. So 2 factors.
The most important is negative mark-to-market, BRL 12 million after taxes in the second quarter and as compared to Q2 last year that was positive by BRL 34 million, and most of the negative mark-to-market is resulting of the opening of the structure.
The other factor impacting the second quarter comparing year-on-year was the quite high intense high of the IGPM, which is lagging by 1 month which is the rate that we use to update the liabilities of plans as defined by Brasilprev. So in Q2 of '26 so the lag was 24% as compared to second quarter last year, with 1 month lag, there was a deflation of $0.6 million.
So this effect was not followed up by PCA and had an effect in Brazil prep. And together with marking to market explain the drop in net income year-on-year. Here on the right-hand side, there is a 3% growth in investment income and segregating the time mismatch, so the net income is almost flat.
So most of 3% growth, when we look at yearly numbers is a result of a smaller effect of the time mismatch, which was much worse last year. And as I said, in a defined benefit plans, there is a liability and IGPO is what accounts for most of these results as we see the mismatch.
A long time, 16% in investment income. Most of it is resulting from the time mismatch, which is clearly when we break down the net income in its main components.
So the 3% growth year-on-year represent BRL 136 million, BRL 126 million coming from net investment income, and it's very clear here, BRL 125 million, resulting from the time mismatch and its impact in the first half of this year as compared to the first half of last year, and the benefit resulting from the high selling rate was booked this year because it was almost in full taken to mark-to-market, which was BRL 18 million negative after taxes.
And last year, it was BRL 23 million positive. So these are the main effects of the financial result when we look the combination of all companies of the group. So in operation, we see a growth of BRL 10 million resulting from BRL 54 million growth after taxes as we can see increase in management fees resulting from volume as you are going to see and another benefit that we saw this year was a reduction in the loss ratio, especially in agricultural sector.
So the improvement in these 2 variables were partially offset by the reduction in retained earned premiums very much because of the worst performance compared to last year in agriculture. So in this quarter -- so resulting from brokerage in the correction of the premium bonds and BRL 39 million negative here, most of the movement is a result of the drop in agricultural insurance premiums and this variable captures the commissions in reinsurance premiums. So 75% of the premiums that we issued in agricultural premiums and Brazil is in volume, there is a direct impact in commissions.
Now operation by operation, first, going to insurance operations. There is a drop of 5% year-on-year in the second quarter. It was 4% in year-to-date numbers. And as I said, most of the drop arises from a performance that is worse than what we had last year in agricultural segment impacting rural and share that accounts for most of our written premiums.
And you can also see here in other comparisons a drop of almost 5%. The highlights here in the quarter in the quarter and year-to-date numbers is home insurance growing on both basis. And the other highlight here is our performance in terms of retained premiums.
So here, we isolate this effect of the performance in agricultural insurance that is granted to insurance and we have 5% retention and retained premiums is almost flat, second quarter considering year-on-year and the first half both the quarter and the first half. performance ratios, we can see an increase in the combined ratio, resulting essentially from commission ratios, which is a positive point because of the mix and more concentration on products that have higher commission rates and the other factor impacting as I mentioned before, it's a smaller amount of revenue from commissions from reinsurance, which work to reduce this rate.
So they reduced the acquisition cost, and we are always operating considering income. This rate also goes up because of that. loss ratio, a slight increase because of a person's segment, and there is better operational efficiency and translated into a G&A ratio. Now in year-to-date numbers, very similar dynamics considering, especially the loss ratio in the segment of persons. This is more diluted and there is better loss ratio considering the agricultural insurance.
Commissions, same explanation such as in the second quarter year-on-year, there is better operational efficiency and a reduction of SG&A. So financial results dropped year-on-year -- quarter-on-quarter. And also the considering the first half of the year and expenses increased and because of SELIC and IPCA and here, there is the update.
So there has been an increase in these actual numbers, and that's why financial expenses went up. And offset financial expenses or investment expenses. And then the net income is 2% comparing year-on-year, the 2 quarters and 1% down comparing the first half of the year.
So it's down year-on-year and the combined ratio and a drop in investment income, which was partially offset, but not in full and that's why there is a year-on-year drop by 2% and 1% considering the first half.
Now considering pension plans with very robust performance both in the quarter and in the first half of the year, 4% year-on-year and 7% growth in the year-to-date numbers, getting to BRL 24 million, was significant drop in redemption rates on both basis.
So it was 11% last year, both in the quarter and in the first half of the year, last year as a whole and this rate dropped by 3 percentage points, quite significant drop in reduction rates, very, very good performance in terms of net inflows closing the half with BRL 3 billion.
Reserves grew 11% in 12 months, getting to BRL 496 million in June 2026. Management fee, you can see a less accelerated growth, they're looking at average fees so the risk aversion still persist in the market and most of the flow that we've been seeing here is concentrated on lower risk products. And as a consequence, lower management fee.
That's why there is a reduction on both comparison basis. in terms of operational efficiency, so a considerable improvement, almost 3 points year-on-year, 2.4% if we consider year-to-date numbers. So most operations of the group, except for our premium bonds. So here, the net investment income, second quarter very much impacted, but this very sharp pie of the IGPM, which was not followed by a PCA.
So investment income was down by 49%. If we look year-to-date numbers, for the 1% growth here precisely because of the effect that I mentioned in the second quarter is diluted for the 6 months and most of the growth of 41% results from a better effect of the time mismatch, as I said before.
And then Net income despite better efficiency and the growth in revenue. It's taken by the negative investment income. Net income drops 19%. And year-on-year, but it's not so sharp if we consider the first 6 months of the year.
So there is a 13% growth also favored by the 41% high in investment income. Now in premium bonds, we had a drop of 12% year-on-year, 3% in year-to-date numbers despite that there's a 2% growth in the balance of reserves in premium bonds because of the level of retention that is a lot slower than last year.
In terms of lottery prices paid so BRL 18 million pay down, 17% growth year-on-year, BRL 42 million paid in the first half of the year, so far, 36% growth. Net investment income on a high of 7% year-on-year because of the better financial margins of 20 bps and in year-to-date numbers, even more intense growth, 39% considering the investment margin.
And last year, we had a negative adjustment of hedge, which ended up causing a negative impact in the first half of last year, considering the basis. So that's why it's affected. That's why we had this very, very sharp growth of 39%.
If we look at the first 6 months of the year and investment income drove the net -- the growth in net income, 1% year-on-year, 40% in the first 6 months, now BB corridor or brokerage outlet. So here, a drop of 3% year-on-year and 1% down by 1%.
If we look -- the first 6 months, same reason explaining there is a reduction in the share of brokerage from premium bonds. So in terms of net margin, almost flat year-on-year, up by 0.5 percentage points considering the first 6 months because of the average rate.
And then the stability in financial margin, you can see here if you look year-on-year, the drop in net income agrees with the drop in revenue. But on the other hand, the improvement in year-to-date numbers partially offset the drop in revenue and net income is stable, considering revenues at 0.1%.
Now addressing the guidance for the year. So in terms of actual numbers, in terms of reserves pension plans, so we ended at 11% in the range from 8% to 11% in terms of Britain premiums. So we are 0.5% below the lowest range in noninterest operating results. So from minus 7% to minus 3%.
We ended the year at minus 2% thereby outside the expected range. So from here until the end of the year, looking here at our guidance in terms of growth in reserves and variation of noninterest operating results. So they are more a symmetrical tending towards the top here from written premiums, the main driver here from now until the end of the year is going to be our performance in terms of crop insurance.
And it's absolutely feasible for us to deliver along the year. Now I end my presentation, and now I am going to join Delano and Felipe for the Q&A session. Thank you.
[Operator Instructions] So we are going to have Arnon from Citi Bank.
First is related to the tax reform. This is something that we haven't been talking much. And in 2027, there will be changes -- how are you seeing the potential changes so far? And how can this impact your bottom line in 2027? Do you see any risks associated to that?
And then the second thing is related to credit life. I think April was a very weak month, but May and June and especially June, considering your results, they were not good months. Do you think this is going to continue from now on?
Well, Arnon thank you very much for your question. So let's start from the tax reform. So there is still a lot of uncertainty in the reinsurance environment, but overall for the country as a whole. It's not 100% clear. So, so far, we are not giving you any guidance on the impact. And in pension and premium bonds, we are seeing more the transition considering especially the new regime.
But in insurance operations, we still have the potential impact involving the way we manage risk and reinsurance operations, especially because of some changes in tax rules, which are not yet 100% clear.
So in insurance, this is where we place the greatest emphasis in a transition to the new regime, not just operational but also potentially considering the financial impact year-on-year in the way we designed it and in terms of seeking alternatives and maybe if these changes happen as we expect them to happen.
As to credit life, in fact, there has been a very sharp recovery in May and June. And here, most of the recovery is due to 2 factors. One is external to BBC Seguridade and Banco do Brasil, which was a change in Maxx for pay loans that with more months -- and this by itself gave us -- improved the credit origination.
So it open more room for the insurance products to be offered for the life of customers. So this was an external factor that favored the performance, there is an internal factor that is also contributing, as Delano mentioned and partial credit life.
It's now credit life parameters in terms of time and coverage or coverage times considering the more restrictive environment with interest rates at this level, and now for the distribution rate, there is an alternative, more flexible coverage times to make the product more accessible so that we are more successful in selling the products.
So these are the 2 main factors that explain the better credit life product.
Our next question by Antonio Ruette.
So thank you so much for your time. My first question is related to the loss ratio so we can see that the operational result has been changing above the guidance, which is related to some worsening in loss ratio from now on. If we look at the loss ratio, and in term life and credit life.
The difference is really rural that which is considerable low historical averages. Could you tell us what you're seeing so potential impacts of El Niño? Are you pricing it to wait for the loss ratio to go back to normal. If I may ask another question, slightly broader about El Niño.
So we are seeing in the guidelines and in practical effects of El Niño already showing themselves present, what are you seeing higher demand for insurance? Are you getting paired with more reinsurance.
So the second question, what are the prospects of having a slightly more severe El Niño this year?
Well, about the guidance of operational results. So the distribution of likelihood was more asymmetric so that said, considering in the first half of the year, it's very much the result of an effect, which is likely to become more difficult in the second half of the year is because the loss ratio in the first half of '25 was higher than the loss ratio in the first half of '26 and a more normal loss ratio with a smaller carryover of earned premiums.
And that's why I mentioned the likelihood of us closing the year -- so it's not wise to review this range because this gradual convergence was already expected for the second half of this year. But in any way, we are not really ruling out that we might overcome but anyhow, it's not going to be too soon. As to El Niño, Well, we could go on for hours about it, but trying to be objective and simplifying. So how does one impact the main aspects of your question?
Well, as to risk management, in terms of reinsurance, it didn't change. It remains the same. We defined 15%. So whenever we work in the management of our reinsurance panel, we look at the longer horizon and all the questions considering nonproportional contracts in terms of denials and everything.
We look at the longer time range. In terms of demand, no significant changes either. Now as you said, some time ago, we were discussing the likelihood of it happening. Now it looks like it's a given, it's taken for granted. It is going to happen. Apparently, it's already happening in some regions.
And the question is related to the intensity of El Niño, whether it's going to be more moderate or more severe and how this is going to affect considering the sensitivity to our business, especially considering the center of the country.
So considering a draft in the north of the country, in the center or the south and how it impacts our country. So this excess rainfall, it may impact loss ratio. I would focus on our portfolio of beverages and how excessive brain might impact our portfolio more focused in the center and south of Brazil.
For the crop insurance, we should look at the longer horizon for 2026 in terms of El Niño, we don't really see much of an impact this year. We see the resales curve. The first crop has been harvested, corn. So it's already almost fully harvested. So there might be some marginal effect on loss ratio, but really marginal for the summer crop.
So for 2026, the El Niño effect maybe in damages portfolio, but exposure to risk in those portfolios so considering how big Brazil sees this is very limited.
It's not going to have an impact in our bottom line in 2026. Now depending on the severity of the impact and how it may affect the replanning of soy. So we should look at rainfall, especially during planting September, November this year. So the amount of rainfall and too much rainfall may delay the planting of soybean and may affect the crop next year.
And then if planting soybean, is delayed and then the harvesting of soybean is further ahead thereby compressing the planting and the interim crop.
So it's going to be later -- the offseason crop with incidents of frost and they have a potential impact in the loss ratio in the second and third quarters of 2027. It's not certain.
So this year for 2026, a very limited effect and for 2027 in the second crop. So potentially, and we need to observe the level of rainfall between September and November this year.
Thank you, Rafael. Could you explain in terms of damages for 2026 while damage lines in home insurance is their reinsurance or is reinsurance focusing more on agriculture.
We have coverage for excess damages is not in the way you are familiar in the agricultural, but we buy stop-loss coverage.
Our next question comes from Kaio from UBS.
Delano, Rafael, Felipe. First question regarding rural insurance. Can you tell us more about premiums, we have a better performance with a live with 10% year-on-year in terms of growth. So what are the drivers of this specific line?
And others, and the other rural lines. And the second one is related to brokerage crops with a weaker premium in recent -- there was a contraction of revenues in broker almost 3% year-on-year.
My question is how much you have deferred thinking of this pace of premiums? What should we expect for next year? And what could be the drivers for us to see it growing again.
Kaio, since you got back to the theme of rural insurance and I forgot to mention in Antonio, in terms of impacting our bottleneck so because of reduction in the portfolio, the impact in the crop loss ratio is very small.
Today, considering the share of the portfolio and the whole, which is less than 2% of retained premiums. If our loss ratio doubles it has a 1% impact. So even in agriculture where it would be more impact forward, still very much limited for the numbers as a whole.
Now your question about written premiums that to date, our main difficulties in rural segment is very much related to crop insurance, especially for soybean and corn crops. And how does it reflect on the insurance company? As we expanded the portfolio of products, so crop insurance today that is suffering the most is very much limited to the modalities of costing, especially in grains that is suffering the most, and that's why we see this drop year-on-year.
When we expand to lean and life so there are credit lines to cross-sell the products for rural lean insurance, we see the cost in investment lines and in life. So we see costs -- so also in costing, we can go in renegotiated in terms of crop renegotiation, the cost of agricultural insurance, it's [indiscernible]
So if they had insurance or they harvested and they sold the crop. So in renegotiated the only risk that we can somehow cover [ e-farmers ] for life insurance risk and needing for renegotiated we have farmers credit life insurance. That's why it's better than the other 2 lines despite the higher interest rates.
Now I would say that in rural insurance we are not really certain in terms of the second half of the year considering and but I would say that most of the growth that is easier to be captured, it was captured in the first half of the year. So we can estimate that we can keep the same base that we have for farmers life insurance.
Now there is a combination of events and the way the higher interest rates between 1425 and how it impacts our business. There is a combinated between insurance products and accumulation products. Most of the insurance companies are associated to credit so this environment favors accumulation problems which are pension and premium bonds and this favors or rather makes it more difficult to sell credit or products related to credit, like credit life and other kinds of insurance.
So as you see, the faster pace of growth, we need to count on a slow go in interest rates. I'm not talking about spot. So interest rates to have a slightly more breadth for the lines related to credit. So for now and for the time being considering all the geopolitical issues that is -- the environment is very volatile and we also are going to have elections in Brazil in the second half of the year. So it's very difficult for us to make any predictions in terms of timing and so we need to wait and see.
And we hope that geopolitical issues lose strength in the second half of the year. And once we define the elections, how this is going to impact the cars that we are slightly more at ease in terms of our lines that depend on credit origination.
So now Daniel Vaz from Safra is the next one to ask a question.
I would like to focus on rural insurance, and I think some of my colleagues have partially asked this question. I was looking at your subscription results today, 2/3 come from rural. Looking in previous years that was 50% and most of the underwriting is related to the loss ratio.
There is an effect of the mix. There is more Farmers Life and Lean. So there's a very high level in a segment, looking at crop insurance 35%, 40% today is 20% and lean is 16% and farmers life is slightly lagging behind thinking of the sustainability. So I would like you to hear the likelihood of these 3 lines, whether it's below expected and whether it's going to become normal for any of those lines.
We try to model that and analysts have been getting it long for better your loss ratio is below historical averages. So is it going to go back to normal? Or is this a new normal?
Daniel, thank you for your question. I'm going to try and answer in part because the reasons are different considering the 3 products. For in Farmers Life we are not expecting much change. For Farmers Life, we had an atypical change when we had BRL 70 billion for farmers like that died because of COVID. And that's something happens and we hope this never happens again. We don't expect that kind of farmers credit life insurance. There may have been some material oscillation because of damages.
So wind, hail storms, that might affect the storage and the warehouses, and we are not really expecting that. That might be a one-off thing.
Now crop insurance, as I answered to Antonio considering El Niño. So insurance companies are more sensitive to La Niñ than El Niño. This is where we have the greatest uncertainty and we are coming from 3 very favorable climate cycles. This is not usual, considering current levels. We have historical holes in terms of loss ratio in crop insurance.
So the likelihood and the distribution is more asymmetrical. It's difficult to improve. And the expectation is for it to increase and thinking about Antonio's question. So considering La Niña and the sensitivity, so there is a substantial increase. Now when we look at the longer time frame, the loss ratio is around 60% to 70%.
So naturally, it would be average it's bound to happen in a short time span, and it might be more gradual.
Our next question comes from Marcelo Mizrahi from Bradesco BBI.
And now combining themes and looking at rural insurance. So first, Rafael talked about the impact. So considering the provisional measure, you are not expecting any effect from the bill for rural credit that might impact the risk appetite.
My question is considering this and thinking about the operational dynamics of the bank, you talked about the results. So before interest in terms of the guidance in premiums, how do you see the premium guidance for the year also because it hasn't been realized, how do you see this?
Is it going to be more favorable in the second half of the year? How can we see that?
So Mizrahi, thank you very much for your question. So first, the impact of the bill. It's difficult to quantify impact so I can quantify as positive considering that now there are no more uncertainties associated. So farmers were waiting for the definitions how does it impact?
So sometimes farmers in areas that were waiting for this build once it's defined, whether they settle the loan or whether they are eligible to the provisional measure. They can become eligible for the product for summaries and we somehow expand the number of customers that are eligible considering crop insurance.
Now giving you numbers is very difficult for us. About now about refunding considering the provisional measure and only farmers credit life can be measured here with a more positive effect resulting from the provisional measure is the limitation of customers that can take credit as to premium.
So our circumvented in the presentation, considering when I explained the guidance, we're just 0.5 point below the range. So going back to the range is absolutely feasible in the second half of the year.
Now most of this movement of convergence depends very much on the recovery of crop insurance, which, in principle, we do -- we can't really see very clearly in terms of the levels of premium origination that we can see in the second and third quarters, especially this month and next month. So for now, we are very conservative. And we do not yet have any more positive prospects of bringing it back to range, considering the.
Next question comes from Ricardo Buchpiguel from BTG. .
Well, this subvention for crop insurance program. So combining some concerns of a stronger El Niño, we are seeing more reinforcement of the program or creating a public private catastrophe fund that would serve to offset climate losses. How could this catastrophe fund affect BB Seguridade?.
Thank you for your question, Ricardo. Well, there was a reduction really and we should consider what was budgeted and what was truly spent in the subsidy for crop insurance. So we are not expecting any material reductions in terms of what is going to be effectively spent for the subsidy program. .
Yes, there was a considerable reduction in insured area is something like 15% to 18%. And it went down to 7% with a low bias. It's difficult to tell how much of this result from the subsidy program or whether this is a result of the change in the metric of funding for farmers.
So this is something that we need to proceed. The catastrophe fund, this is an alternative that the government has been studying. We have this and it was not as expected. It's very difficult for us to go into details because it would be too early.
So it might not be the right time for us to quantify the impact. So there are discussions involving the mandatory insurance [indiscernible] subsidized by the government the catastrophe funds, and there are many things under discussion, but nothing has been -- has reached the final decision yet.
So Goldman Sachs.
So with Brasilprev, I would like to change the change in dynamics between the first and second quarters, you talked about the end of the competition with exempt that had an effect -- what about the second quarter? So considering net inflow? Is it any different from what you're expecting for the second half of the year? .
Tiago, thank you very much for your question. Well, there are many factors contributing. So the high interest rate environment ends up favoring our businesses and provide slightly more stability. The side effect is that most of the flow goes to low-risk strategies with lower prices. But in terms of volume, considering favorable environments. So first of all, we've been seeing that most of the impact of last year considering incidence of IOF.
And considering the amount, this very much affected the management and the calendar that we had in terms of distribution which was designed, not taking that assumption into account. So the entire mechanism of induction and the incentive program for distribution was designed based on IOF at a certain level.
And so at some point in time, we didn't even have the structure. But just does no one in the market have the structure for retaining the IOF sometimes, we would suspend allocations above the limit because we couldn't retain that. So this is not the case this year. So last year's impact. This year, the scenario has already been defined.
We are okay. We have adapted to the new environment. and all targets for incentive agreements. Factor number two, and we can take a look at time. So this is very similar to what we are seeing in terms of interest rates and inflation than what we saw in 2015, '16 and the level and behavior of pension operations was very similar.
If there is an initial movement where customers are more adverse to risk because of shocks. So as the structure kind of stabilized at a higher level, and we take the risk from funds, customers slightly more at ease with the profitability. And then in this environment, competition with equity, private it is more favorable for fixed income bonds.
So there is less competition in certain class of assets, and this is combined, as I said, to less interest on private bonds and incentivized bonds. So we don't know how much came for to each one of these factors that are more favorable than in the last 2 years
Now we have a question from Anahy Rios from Santander.
Well, my question is about commission rates. And Rafael talked about the dynamics that are driving up that rate, there is a mix effect and less commissions from reinsurance, but considering that we are seeing a consolidation in the mix as today, do you think we should still see an increase in commission rates in future periods? Or are the levels today more or less normal for you?
Anahy, thank you for your question. What are the 2 things -- and you summarized well. So when we look at commissions of Brazil saying, there is an increase resulting from the change in mix with loss of the share of crop insurance which is the product with the lowest commission and increasing the share of home insurance, sometimes even credit life compared to crop insurance in the building of the premium, which needs to higher average commissions.
And even though this is in principle negative for the insurance company has a positive impact in a brokerage company. So part of the higher commissions is negative. When we look at the numerator of that number, we see acquisition costs of commissions paid by the brokerage rose and there is a reduction factor, which is the commission received by the premium of reinsurance, especially for crop insurance.
So the reduction all written premiums in crop insurance. So there is a lower volume of commissions coming from reinsurance. And as a consequence, there's a lower share of this commission reduction in commission rates, and this would be negative.
From now on, there is no indication that, that increase in commission rates is likely to persist in a longer horizon time. So our expectations with the reduction of crop insurance is precisely of a reduction again of that rate considering the longer time spend.
Even if recovery doesn't happen, the share of crop insurance, considering total numbers will not be sufficient to take this number to an even higher level.
Now we have a question from Carlos Gomez-Lopez from HSBC.
As to contracts, we do not have and the horizon for the beginning of negotiations, and we did not talk to the bank about that, but we are going to. And you know if we have anything new coming up in that front.
Carlos as to the rates in principal. So it's 1425. So soon, there will be a [indiscernible] Meeting and consensus we are betting on a drop of 25 bps. If that becomes true, if that happens, there is no indication that the Central Bank might drop interest rates at the sharper rate that we had in the beginning of the year.
So we might end this year with a cynic rate very similar to the one that we ended 2025 with the impact that affected the results of 2025 of the year. We have the guidance expectations of 2026 so we expected that financial would suffer a lot.
Now for future years, in our vision, the cover is pricing a risk premium that is very high, way above what it think would be reasonable, considering the foundations. But today, it's very hard for us to estimate how much premiums will be because of the uncertainty in the second half of the year considering the political scenario.
Not to mention the entire geopolitical scenario that has been affecting the country, creating some inflation, and we can see the effect being reflected in our structure. So our expectation is that there will be a reduction. Now how big this is going to be. It's very hard for us to estimate now.
Yes, we are going to start discussing the budget this month, and we are going to use the assumptions of the economic scenario for Banco do Brasil following Banco do Brasil, but we will begin budgeting over the next few days.
As we have no more questions we just have one question in the Q&A. Regarding our admin expenses that we have seen in some of the companies of the group, better operational efficiency.
And the question here is how much of that is recurring and what we in terms of management of expenses.
Now I'm going to take the opportunity and give you my final message. So this control of admin expenses as part of our day-to-day work and I believe that in the second half of the year, we are going to focus on that with great emphasis. And as you've been able to see, especially in the answers that we have given.
And as Rafael said, we are very confident in our business model, the sustainability, resilience of the business. We know that we have faced a very complicated scenario, not just in Brazil but also internationally, geopolitics, influences, lots of volatility.
We have just had the provisional measure of renegotiation of rural debt and we believe that somehow this will bring back many customers and may favor our business. And even so we are going to work very carefully so that we may continue delivering the robust results that we have been seeing so far.
A special highlight after the closing of the first half of the year we had BRL 0.5 trillion in reserves in Brasilprev. This is a historical landmark, not just for our company but for entire private pension market in Brazil. And I believe that -- we still have a lot to build.
We're working together and very intensely with Banco do Brasil to try and develop new journeys, new products to have a better product mix to try somehow fill the gaps that we have already seen here, as we mentioned that especially from high interest rates that end up impacting the credit cycle.
And as a consequence, some of our products. The idea is to keep up the good work and the hard work to continue delivering the same very good results. I would like to thank your attendance to our earnings release, video calls, I'd like to thank our shareholders and customers for their trust in us. Thank you so much.
Well, now we are ending our earnings release video call. So there is a short research after the event just to hear what you think about it. Thank you so much, and have a good day.
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BB Seguridade Participações — Q2 2026 Earnings Call
Solide Halbjahreskennzahlen mit Rekord‑Vorsorgevermögen und hoher Dividende, aber leichtes Gewinnbremse durch Mark‑to‑market und Indexeffekte.
📊 Quartal auf einen Blick
- Recurring net: BRL 4,4 Mrd. (+3,2% YoY (Year‑on‑Year))
- Netto‑Invest. ≈BRL 991 Mio. (+16% YoY) – Vorteil aus höheren Zinsen
- Dividende: BRL 3,9 Mrd. ausgezahlt; Payout ~88%
- Prämien: BRL 7 Mrd. in H1, praktisch stabil vs. Vorjahr
- Vorsorge: Rückstellungen BRL 496,5 Mrd. (+10,6% YoY); Nettomittelzufluss BRL 2,8 Mrd.)
🎯 Was das Management sagt
- Kostendisziplin: Fokus auf operative Effizienz und engeres Zusammenspiel mit Banco do Brasil‑Vertrieb zur Margenverbesserung
- Produktinnovation: Einführung teilweiser Kredit‑Lebensversicherungen zur Staffelung von Laufzeiten, Senkung effektiver Kosten und besserer Platzierung bei Lohn-/Gehaltskrediten
- Risikomanagement: Reinsurance‑Strategie beibehalten; Erholung der Ernteversicherung als Schlüssel zur Erreichung der Prämienziele
🔭 Ausblick & Guidance
- Vorsorgewachstum: +≈11% – am oberen Ende der Guidance (8–11%)
- Operative Vorgaben: Netto‑Ergebnis aus dem Nicht‑Zinsergebnis leicht außerhalb der Zielspanne; geschriebenes Prämienvolumen knapp (≈0,5 Prozentpunkte) unter Ziel
- Haupttreiber/Risiken: Erholung bei Ernteversicherungen, Zinsverlauf, mögliche Steuerreform, Klimrisiken (El Niño) sowie politische Unsicherheit (Wahlen)
❓ Fragen der Analysten
- Steuerreform: Management sieht Unsicherheit; mögliche Änderungen bei Reinsurance/Steuerregeln — keine Quantifizierung bisher
- Ernteversicherung & El Niño: Kurzfristig begrenzte Wirkung auf 2026; höhere Unsicherheit für 2027 (Pflanz‑/Erntekalender Sept–Nov entscheidend)
- Kredit‑Life: Juni‑Aufschwung durch externe Kreditvergabe‑Verbesserung und neues teilweises Produkt; Management blieb zurückhaltend bei konkreten Volumenprognosen
⚡ Bottom Line
- Fazit: BB Seguridade zeigt Stabilität: hohes Vorsorgevermögen, attraktive Dividenden und operative Effizienz, während das Ergebnis kurzfristig durch Bewertungs‑ und Index‑Effekte belastet ist. Die Aktie bleibt stark vom Verlauf der Ernteversicherung, dem Zinsniveau und regulatorischen/klimatischen Risiken abhängig.
BB Seguridade Participações — Q1 2026 Earnings Call
1. Management Discussion
Good morning. Welcome to our conference call to present the results of the first quarter of 2026. This event is being recorded and has simultaneous interpretation into English. [Operator Instructions]
The event will be divided into two parts. In the first part, our CEO, Delano Valentim and our CFO, Rafael Sperendio, will present the main deliveries of the quarter. The presentation in Portigues or English can be downloaded from our Investor Relations website at the address www.bbseguridade.com.br.
In the second part of this conference call, we are going to have a question-and-answer session when analysts and investors will be allowed to ask questions. I will come back after the presentation to give you the instructions to ask questions.
Now I would like to give the floor to Delano who is going to talk about the main highlights of the quarter. Delano, please, the floor is yours.
Thank you, Felipe. Good morning. Good morning, everyone who is here with us. It's a pleasure to be with you today to present the results of the first quarter of 2026 for BB Seguridade.
First, I would like to thank everybody to being here for your attendance, everyone on this live streaming. I would like to thank the investors and especially our customers for the trust that they place on BB Seguridade. This support is fundamental for our work. I would also like to extend my special thanks to all our employees and sales force of Banco do Brasil. You are the ones who make the difference in the day-to-day of our business. And once again, you rocked.
We have had a very challenging beginning of the year. Still, despite the adverse macroeconomic scenario, we are able to stand out on several fronts. This has been only possible thanks to the well-defined strategy and strong discipline in its execution, a work that began as early as November last year. Within this context, I would like especially to highlight our performance in pensions, a segment in which we have played a leading role in the first 3 months of the year, accounting for more than 50% of the market's positive net inflow. In the premium bonds, we have also had important advances. March was 1 of the best months in our history, possibly the best since our IPO.
In the insurance vertical, we recorded relevant achievements with emphasis on the homeowners and farmers [ Golden Life ] products. We are fully aware that the rest of the year will remain challenging. However, we are confident that the solutions we are delivering, which originally had the main objective of adding value to the business, but they have proven to be extremely important also to mitigate some of the effects of the current macroeconomic scenario. I am convinced that we will continue to constantly evolve and deliver consistent results, such as the ones we are going to present here today to you.
Our managerial net income reached BRL 2.2 billion, a growth of more than 11% compared to the same period last year. The operating net income net of taxes grew 2.2%, mainly reflecting the growth of revenues with management fees and the improvement of Brasilprev's operational efficiency, the good performance of brokerage revenues and the reduction of the loss ratio in our insurance operations. In addition, we had a very relevant contribution from the investment income, which grew almost 60% and compared to the previous year. In our assessment, these are robust numbers, especially considering the current environment of high uncertainty and volatility once again, reinforcing the resilience of our business model.
Going beyond the bottom line of our financial statements, I would like to highlight some operational indicators. In the insurance segment, total retained premium was BRL 3.6 billion in the period, remaining practically flat as compared to last year. This contrasts with a line of written premiums, which demonstrated a slow decrease. In the view of the current moment of interest cycle, we have adopted measures with the objective of preserving premiums earned by the insurer, among which I would like to highlight the increase of risk retention in agricultural insurance, which went to 25% and the expansion of the corporate credit portfolio eligible for lenders insurance, an initiative that I have been highlighting since last year and which in the first quarter alone, has contributed with BRL 182 million in written premiums.
In pension reserves reached the balance of BRL 484 billion in March 2026, very close to the mark of BRL 0.5 trillion with a growth of more than 10% in 12 months. As I have mentioned before, we have had a very solid performance in Banco do Brasil's network in terms of collection of pension, which combined a significant reduction in outflows led to a net inflow of BRL 3.9 billion. It's worth remembering that in the same period of the previous year, we recorded a net outflow of approximately BRL 1.5 billion. This performance is the result of a commercial strategy designed with Banco do Brasil's network still in November 2025.
Finally, in premium bonds, collection grew almost 8%, reaching BRL 1.8 billion. We have achieved leadership -- contributions and maintain the leadership in reserves. Also in this segment, we paid out BRL 24 million in [indiscernible] prices in the growth of almost 55% compared to the same period last year.
With this, I end my presentation and give the floor to Rafael, who's going to give you details -- more details about the results of each one of our business lines. Thank you very much.
Thank you, Delano. Good morning, everyone. So I'm going to start on Page #4, as Delano said in his presentation, the net income of BRL 2.2 billion with 11% growth year-on-year, quite significant contribution of net investment income. Now ever since we are listed, this is the third cycle of decreasing interest rates that we are going through. And as far as we know, this cycle of cuts is likely to be slightly more gradual and slower in terms of interest rates, which is positive for the company's bottom line and when we have more time to react. On the other hand, it's a slightly more difficult environment commercially speaking, especially in lines that depends slightly more on credit original, especially in terms of credit life and reinsurance. So very good result, positive investment income, slightly more than BRL 180 million, contributing with almost 23% to the net income.
Now breaking down the results for the two main components as I said, BRL 224 million growth in the net income with a significant contribution from the investment income, considering rates and excluding mark-to-mark, 75 -- mark-to-market, sorry, BRL 75 million. Here is an effect of Selic cost of liability in addition to the abate of deferred numbers at Brasilprev in considering IGP-M deflation. So there's a time mismatch remembering that the benefits are updated by inflation rates and liabilities with a lag of 1 month, I'm not going to place so much emphasis BRL 180 million.
And this ends up being 0. So this is a time mismatch. It's 1 month of lag because there was a negative -- it was negative in the first quarter last year, a positive first quarter this year, but it tends to be flat in the long term. And here also, it's slightly less negative this quarter, but the main highlight is Selic and the volume and rate charge ex mark-to-market.
So the operating -- the change in operating result was BRL 37 million plus, especially because of credit life and rural insurance, those were the main drivers for the lower loss ratio were BRL 59 million in the bottom line. So BRL 25 million here for the growth of the net income was the growth of revenues from management fee at Brasilprev because an exceptional performance that we had in terms of net inflow as part -- in terms of net inflow, this contributed to the growth in brokerage revenues, adding BRL 11 million after taxes into our bottom line.
Now going into operation by operation, broken down with more details, insurance, so 2% drop year-on-year, very much influenced by the products that are more credit-dependent and a better performance of the projects that are not dependent on credit duration, especially home insurance, corporate with a growth of 22% home insurance and corporate growing 4.5%. Life is the only project that is not related to credit rejuvenation, which ended up performing having a negative performance, minus 4.9%, but this is the portfolio we are working on with a fully revitalize this line.
In terms of retained premiums it's kind of flat year-on-year, very much influenced by the breaking down of written premiums, a smaller contribution from crop insurance, it's only 25% of the risk for us considering the measures that we use to try and attenuate the downwards impact and especially here because of increase in risk retention in crop insurance that is now is 25%, if we consider the composition of the portfolio. Credit life, Delano, mentioned in his presentation, expansion of the addressable portfolio, we ended up having a good performance in the segment -- in the corporate segment, which kind of attenuated the drop and that we see some difficulties in the segment of individuals.
With this composition, retained earned premiums, we grew year-on-year and in the buildup of the result we see a slight worsening of 20 bps in the combined ratio. And this worsening is because of commissions ratio explained by two factors. Number one and the main one is related to what I said before, the dynamics and especially crop insurance. So when more risk retention has led us to have a slower volume of revenue of premiums for reinsurance. Here when we talk about crop insurance in this line in reinsurance, is a reducer of acquisition expenses, and this has -- was the main driver, explaining this higher commission ratio.
The second but slightly less important is the composition with a higher share of crop insurance with lower commissions. So if we look at the composition of written premiums leading to slightly commissions, which kind of fully offset the drop in loss ratio. And what we have here is an increase in G&A ratio affected by more expenses in software.
So here, the investment income with an year-on-year up by 1%. And then the managerial net income with a Y-o-Y 1% compared to last year.
Now moving to pension. This is an operation, that was the main highlight in this first quarter. As I said in the beginning, with contributions growing 9%, getting to BRL 15 billion, very good quality. So net inflow was BRL 3.9 billion, with net outflows of BRL 1.5 billion that we had in the first quarter last year, a significant drop in the rate of redemptions, which has been an important factor that led us towards 10% growth in our reserves of our pension reserves.
So revenues from management fee grew 6% year-on-year because of the reduction in average management fee which is related to this movement of concentration of allocation in lower-risk products that covers a lower management fee. And that's why we see this dilution on the average management fee that is built. And then a lower operational efficiency, a 2-point drop in average management fee, and then added to a substantial growth in the net investment income of BRL 270 million coming, especially from what I said of deflation of the IGP-M with a lag of 1 month added to the high IPCA, almost 1 point above last -- first quarter last year. So you see the growth in revenues and investment income drawing the 51% growth in our managerial net income in the first quarter year-on-year.
Now in our premium bonds, an 8% growth year-on-year in collections, a 4% growth in our premium bond reserves in 12 months. This is a result of the longer times for the bonds. So more lottery prices paid. We paid down BRL 24 million in the first quarter, 50% growth year-on-year, a considerable improvement in the net investment income almost twice bigger than a net investment income in the first quarter last year, with 2.1 points. And it's worth remembering an important factor here. So from 2024 to 2025. We transitioned with pre-locked exposure because of volatility in the macroeconomic scenario in late 2024. And this curve closed very fast in January, and you're going to remember we had a negative adjustment of hedge that impacted the net investment income of Q1 2025. So this was a one-off effect, and then it normalized in the second quarter, but this kind of explains most of this quite significant growth in the net investment income year-on-year, which was the main driver here for the growth in the net income, so BRL 81 million, with 51% year-on-year growth.
Finally, our brokerage businesses with a growth of 1% year-on-year. And as I said, because of collection in pension plans and -- so it went from 9.6% to 11.4% in the first quarter last year to first quarter this year. Net margin was 61.7%. This is a quite significant contribution in the investment income because of the integrality of BB Corretora financial income are allocated post fixed instruments. And that's why the net income had a growth that was higher than the revenue, 3% up year-on-year because of this better net income margin and better investment income.
Lastly, our guidance. So considering the 3 indicators that we performed within expected in terms of PGBL and VGBL pension plans reserves of Brasilprev. So it was 8% to 11% and we closed at the top. In terms of written premiums for Brasilseg, we are within the range, a drop of 3%, 2.3%, and we ended with a drop of actual numbers of 2.3% in the first quarter. Noninterest operating result, so we expect for the drop of 7% -- between 7% and 3%, and we ended the first quarter with a growth of 1.3%.
Very good performance. But for now, considering all the uncertainty that still remains, especially related to climate. So we are going to have a predominance of El Niño the second half of the year. And yes, this may affect winter crops and the loss ratio in terms of home insurance and corporate insurance and 2025 is the weakest comparison basis that we have even though we exceeded, so we should be very cautious. And we -- there's nothing that will lead us to review this range. And so we'd rather wait and see what happens during the year to see whether there is an indication that will lead us to review this range even though the likelihood today needs to keep -- we are likely to remain on the top portion of this range.
So this is my presentation. I'm going to join Delano for the questions-and-answer session.
We are back for our questions-and-answer session. [Operator Instructions] Our first question comes from Antonio Ruette from the Bank of America.
2. Question Answer
I have two questions. One about rural insurance and the investment income. In terms of rural insurance, as Sperendio said in the guidance that you don't think it's cautious to review the guidance for operating results. So I would like to understand that a little bit better. How do you see the risk until the middle of the year, especially for rural considering the El Niño. And how do you see this as a whole? And how did you see it thinking of the resumption of the growth in premiums in terms of rural insurance. So it's just a comment on that?
And the second question is related to investment income. We have no guidance for investment income, but which are the prevailing trends after the first quarter for the rest of the year, I would love to hear that.
Antonio. Now beginning with the first question and your question about rural insurance. So today, according to the most up-to-date predictions is related to the expectation of having El Niño in the second half, and this might affect the winter crop. So when we are cautious and that we say it's still premature to change the guidance for operating results. The main uncertainty is related to loss ratio, but we are not going to look just 2 crop insurance. So Brasilseg is much less sensitive to crop insurance compared to what it used to be 2, 3 years ago.
But when we talk about El Niño, which all is important to consider the effect it may have. Just remembering in a very simplified way, El Niño, usually, we see a higher incidence of rainfall compared to the average in the center south of the country of the country and the center north more draft or drought better saying. So we are less sensitive to El Niño than to La Niña. Now when we look at the portfolio as a whole, we need to consider the effect of more rainfall in its effect on home insurance, mortgage insurance corporate insurance compared to what we had 2 years ago in [ Rio Grande do Sul ].
So when we look at the prospects, the increase in likelihood related to intensity. So now we need to observe along the year, what happens along the year to understand the actual impact of a more severe El Niño in our bottom line and to see if what we delivered in the first quarter year-on-year in terms of operational results whether it's truly sustainable until the end of the business year. For the time being, this is not clear yet. As to your second question in terms of investment income, considering the results of Q4, we have a few sensitivities with the main variables of inpatient IGP-M, IPCA and interest rates. So ever since lots has changed. And if we observe, I'm not going to make any economic forecast considering the focus report published yesterday, considering the Selic rate that is implied today in the structure of interest rates. So according to what we see today, so we are going to have another 2 cuts of 0.25 bps along the year. So what we see is more positive, in fact, that what we were seeing for the Selic and a more negative impact on the side of inflation. And when we consider these 3 drivers -- they kind of offset each other. So according to what we see, it's likely that we are going to have a neutral impact considering the most up-to-date projections. -- the investment income in 2026, a more beneficial scenario than what we were designing considering the information that we had available in February. Thank you.
Thank you Antonio. Our next question comes from Marcelo Mizrahi from Bradesco.
Can you hear me? About the operational dynamics. It got my attention. The thing about pension. I think that the there is some uncertainty in terms of the prospects for the year. I would like you to explain how do you justify such a strong performance in the beginning of the year in terms of inflows, also admin rates. This is it.
Thank you very much, Marcelo. I'm going to start and Rafael is going to complement. Well, for pension last year, we had a bottom line that fell short from what we would like to have in terms of outflows, we had significant outflow. And we suffered in the third quarter. And we started designing our commercial strategy last year. Together with the bank and Brasilprev, we understood what would be the best commercial strategy. And we had a quite significant success. And for the rest of the year, which should remain cautious but performance, not just in absolute numbers, but also considering the scope and the new customers that we have and the new allocations, this makes us confident, but for the rest of the year, we are kind of cautious because our outflow rate was well below what we were forecasting and this combined with record allocations that we have had, there was a significant and a relevant share of the market, more than 50% of net inflow.
So we are happy with the actions that we implemented, we are steady on the implementation of our strategy, our commercial efforts with the results that have a quite positive effect of the sales force of Banco do Brasil. We were aware of that strength, but we have had quite a pleasant surprise when we saw that what were designed and what we expected was even better. So for the rest of the year, we remain cautious so that in future quarters, we can continue delivering quite positive results.
As to the fee, and Rafael can get into more detail. It was better in the first quarter. And we hope that for the rest of the year, it will remain flat. There are many studies going on to see the performance of how the performance of our funds has been performing, and this is very good but we want to remain at the same levels for the rest of the year.
Well, Mizrahi, there is the economic scenario. So with a more gradual and slower. So it tapers us having less volatility. So there is -- the incentivized bonds are less appealing, so to speak, and also the internal movement that we have implemented of reduction. We have taken a risk from the funds, and this helps reducing the volatility in terms of return. So considering we have a low exposure to credit risk than what we have seen in terms of voluntary exposure was minimal for none in some cases and combined with everything with a very just a very low share. So the possibility of return has contributed to a lower outflow and a better inflow volume. And combining everything, there is an issue of the a more favorable overall environment.
Just in conclusion, has there been any change in your commercial practices, any special promotions in terms of cash back or some way of paying of customers of taking up the impact of the tax for inflows and the concern first quarter that was very significant, and we remain relevant.
Our commercial strategy involves multiple aspects we have had since last year, a few promotions for the transferring, we have continued just like what the market has been doing. We have improved our commercial strategies. And together with Brasilprev, we are closer and with all these movements, we were able to get to a result that we have mentioned. There are some external factors, as Rafael mentioned. We do not believe there was in advance, but we also believe that occupying the space of BRL 600,000, not to pay the IOF, the tax on financial operations.
So for the rest of the year, I'm not sure it would be our forecast, but we want to keep positive results, that's for sure, to reinforce commercial actions to make sure that for the rest of the year, we're not going to have a stronger deterioration and to keep the level of reserves and outflows flat as we are seeing today.
Thank you, Marcelo. Our next question comes from Ricardo Buchpiguel of BTG.
What should we expect from acquisition costs and brokerage revenues at Brazil considering gross contributions because we have noted the stability in terms of acquisition costs, whereas contributions have grown along. And then they've been growing in the brokerage. So considering that other acquisition costs may be infected.
Just clarifying, it depends a lot on the composition. So if it's slightly more concentrated on sporadic events, it's about 1.5% in the gross collections. It's more in periodical kinds of products, it will be closer to 2%. And so what we're seeing in the first quarter is slightly -- is exactly that. So good contribution from periodical payment. And also with periodical products, I said sporadic, but more contribution in the volume of sporadic contributions and in periodical payments.
Another factor that has helped in the composition and we made quite robust growth in brokerage revenues at the BB brokerage houses, there is a reduction in the expansion with a return of commissions in plants that are canceled in less than 12 months. So redemptions has a reflection with a movement of outflow, an overall outflow movement that is a lot less intense than what we saw in the first quarter of last year and also web products or allocations that were canceled where the brokerage needs to refund commission to Brasilprev. So on the side of the brokerage house we should consider the cancellations.
Next question from Daniel Vaz as from Safra.
I would like to look at rule insurance premiums, I think someone else has already asked this question. But what is the push that you have in terms of originations in Banco do Brasil? So even though the portfolio is virtually stable. And so the game of BRL 35 billion in [indiscernible], it's a longer portfolio with some waiting time. So if you look in terms of origination. So it's more selective, requiring more collaterals and considering the risk framework that they are designing there. With discounting the impact of the war that will have an impact in the second half of this duration, considering a very tighter or narrower margin.
Now looking at that and considering junior insurance business, I would like to understand whether this worsens your scenario for '26, '27 in terms of rural insurance, both in terms of renegotiations because insurance in this scenario is going to be smaller. And in smaller originations, considering all the context was this expected in your guidance for 2026. So my first reaction is more negative, and it would be nice to appear from you. And does this have any effect?
Daniel, thank you very much for your question. Well, it's not an easy question to answer. There are many variables. When we look at the longer time line, it's even more difficult to predict the correlation between them. I'm going to try and summarize and to focus more on the short term and to see what we can have in terms of influence considering the portfolio that you mentioned, it's not a portfolio. And obviously, it is addressable for cross-sell of crop insurance and crop insurance covers climate events. So there is a longer operation by itself. I cannot cross-sell crop insurance because the risk that is subscribed is over. So the harvest has taken place. The produce has been solved. So we have the farmers [ Golden Life Insurance ].
So the bank has been working intensely with the models, as you said, in terms of being more selective in terms of the risk. This is part of the process of adapting to the new reality. And in itself, this is really notable. And there is an impact in terms of the crop insurance. What we have been doing here is to try and find alternatives in other lines, in investments and that we can somehow cross-sell with other products and portfolio with the farmers insurance and in terms of climate event in the livestock insurance, which is more sensitive to what you said.
So in the first quarter, as Delano has just said in his presentation, in the farmers [ Golden Life Insurance ], which kind of offset the problem with rural insurance. When we look in the long term, looking into 2027, slightly more difficult to predict and this is related to what I said in the first question of Antonio in terms of El Niño. So what is the scenario now. We look at the summer crop being harvested especially with grains where there is more exposure, soybean and corn, it's record crop for the country as a whole, and we look at him, when I talk about margins and supplies, we need to look at the main competitors of Brazil, the U.S. and China, Argentina, for the production of the grains that I have mentioned that they have good yield.
And this implies a surplus and lower prices. At the end of the day, this might lead to a pressure on margins. When we look at the longer term to 2027, I mentioned the effect of El Niño and the impact it may happen in the winter crop extending to the summer crop. But once again, to understand the impact of margin and how this is going to affect Brazil, the U.S. for this kind of brain. So for those competitors with a higher impact and more severe we are going to have a reduction in offer, and this might lead to a positive impact and better margin for farmers and more income and then farmers will have more income to buy other products. So there are many factors and major volatility for each one of those variables, and it's very difficult for us to project such a long time span.
So in terms of designing a scenario, so this might have a negative impact and at first, so higher frequencies of El Niño effects which might become positive considering how this event affects other regions. And here, we have the list of the main competitors with more sensitivity to the underwriting of these products.
Thank you, Daniel. I have a question from Pedro Leduc from Itaú BBA.
So are you considering any type of reformulation on new format for the products, so that it is -- so that it has better penetration, do you have any vision or any comments to share with us?
Considering the program that was announced yesterday for the renegotiation of debt I'm not sure whether includes credit life, and there will be a considerable effect on the margins for civil servants and for social security members. It's not just for rural for all our insurance lines. these dynamics are reviewing and adapting to the new reality. It is present. So there is an important point at the issue of credit life insurance. So we are working to make our products more flexible. We are aware of the theme and impact of high interest rates on the margins that customers have and when the margin needs to be available for them to buy insurance, it's even more difficult. And we've been working with alternatives that will make it possible for our customers and our branch network to include insurance and negotiations to protect credit, and we've been working with credit life insurance, there is some novelty out in the market that has more flexibility.
When we do not have margin flexibility to cover everything. Now, we have other coverages that are smaller for the portfolio whenever necessary. And I believe that this will bring a significant return to us considering the situations that we could not place the insurance and one with the changes and everything becoming more flexible we found a way to be able to meet the needs of our customers even when the margins does not allow us to cover the entire period of the operation. And we believe that this may bring positive results in the short term for us.
As to the [indiscernible] program, it's still too early. We're working intensely, we do not have an idea of the impact of this credit renegotiation product or program in our portfolios. In general, considering our individual segment, any measures to reduce leverage and to give them more room when we have a longer time with higher interest rates. This is positive, but this is more positive in the midterm. It doesn't have such a positive impact in the short term. we should see evidence that deleverage is happening and that credit is increasing and offsetting the pressure somehow of having a higher interest rate for a longer period.
The rural segment, just complementing, as I said before, there is a review in the agenda of the government in terms of providing some subvention for the rural segment in terms of protecting agricultural production. So this should be translated in products and claims regulation is much cheaper then the regulation that is done today in products with broader coverage. So we do believe that there is huge potential. It's a very good product and very popular in Brazil. It's been developed for brazing areas here in Brazil, and we are trying to adapt it to the cover grains to, but it's a very promising product, and we are seeing it globally, but Brazil still taking its first steps.
Thank you for the question, Pedro. Now there is a question from Guilherme Grespan from JPMorgan.
I have two questions. The first one is just a follow-up and just apologize if I am being repetitive, it's for Farmers Life Insurance, a very strong performance is something that we didn't see before. Was there impact of the MP is the only addressable insurance for the [ NP ] would be live, but most importantly is the performance of the first quarter sustainable into the second quarter, are the drivers going to remain positive or not. The second thing about life insurance, most of your portfolio is related to renewals, not too many new sales, and most of the adjustment is tacked to the IGP-M. Is there any renewal for the product along the year, and I want to assume whether the higher IGP-M in the second half, which was quite relevant would affect written premiums in the second half of the year or not?
Thank you very much, Grespan. Thank you for your question. I'm going to start with the first one. with Farmers Life Insurance. Of course, there was a contribution from the renegotiated portfolio. It was not isolated from the rural portfolio, we never negotiated portfolio. What we can have today is the Golden Life for farmers and maybe in the case of [ rural lien ], and there might be something that we can do to some upselling, but it's not a significant movement. At the same time, there has been the movement to review the commercial incentivizing the network.
There's a mechanism of following up the commercial performance and also for renewals, and this was quite helpful in terms of increasing renewals in the first quarter. As to the performance from now towards the end of the year, we are expecting a quite positive performance, not as big as we saw in the first quarter year-on-year. considering the basic comparison basis, which is slightly more difficult.
But I'm going to summarize these as the main drivers for farmers, Golden Life Insurance. So there is a renewal of -- so when the 12 months IGP-M, we don't do price adjustments. It's 0 adjustment, with the adjustment of the IGP-M in terms of price adjustment and coverage for the portfolios, we just need to be very careful in terms of the signs, how much can the IGP-M weigh considering the size and it may lead to and as I mentioned in the answer about financial results, -- is there an acceleration of IGP-M? And if I'm not mistaken, Focus is expecting something like 5%. It's not really a material it's more positive than negative in terms of price adjusted.
Now we have a question from Tiago Binsfeld from Goldman Sachs.
My question is quite fast, as part of a credit life, can you talk about SME and [indiscernible]? How do you see these considering the origination at Banco do Brazil and also including the payroll loan.
Thank you very much for your question. As to credit life, what we have been observing very good performance, and there is a lot of influence of the increase in the addressable portfolio in terms of corporations. In terms of the corporate segment, it's accounting in terms of origination and expansion of lines in the context of credit life insurance, it's much better than what we have been seeing in a segment of individuals. If we compare year-on-year in the segment of corporates, there was a threefolds growth as compared to last year. So very, very good performance in corporate insurance that was very positive for the overall performance.
So there is some difficulty of including this product for individuals considering interest rates, there is not so much room for the installments to fit into -- they can't really afford it. So the environment to cross-sell the credit life insurance in terms of credit origination of renewal of the operations. But for corporations, it has been having very good performance favored by the new lines that are addressable. And as we said, we can format while interest rates are at this level. And this is a product adopting a more customized approach in terms of coverage, we can make it cheaper so that it can be affordable despite the adverse interest rate scenario. And we hope that this is going to be available for the bank's distribution network in the second half of the year, and it should escalate in the second half of the year.
We have another question from Arnon Shirazi from Citibank.
Congratulations on your performance for the second half of last year, you decided to improve efficiency. How has this been evolving? What can be done? What are you doing?
Arnon, thank you very much for your question. The pursuit for operational efficiency is a constant in our day to day. We are seeing some positive results, and we have just installed a project office to look after our strategic projects for the year, especially in terms of integration of the operations and we can capture a lot of efficiencies, and we have been seeing some positive results.
So we have some quite relevant numbers. We have been invested on changing the customer churning, reviewing processes. And this has also provided quite significant efficiencies. And as I said before, we are accelerating the delivery of solutions, complementing our portfolio and these changes were planned to add value to the company, but they're being very important to cover a few gaps. And I believe that when we go through a new cycle, of reducing interest rates and the credit cycle is good. Again, these solutions and changes that we are implementing and trying to make more efficiency. They are going to be very important to leverage our results.
So far, we are happy with everything that we've been doing for operational efficiency. We still have a lot to do. There's lots of efficiencies to capture. But so far, we are very happy what we have achieved. Anything else?
This is very much in line with what you have mentioned in terms of mapping, redundancies than what we see in the companies of a conglomerate so we can have more synergies and the activities that we can somehow work together, combining the companies of the group. And we've been assessing this and there is a significant potential for a gain, but it's not for the short term. It's more for the midterm.
Thank you, Arnon. Now we have a question by Kaio Da Prato from UBS.
It's a very quick follow-up about credit life. Can you explain a little bit Sperendio's answer about penetration of credit life in the payroll loan. And for workers' credit, there has been a recent change with the limitation of the total effective cost of those operations. So do you understand this has some impact the possible addressable market? But if you could -- what is the level of growth that you imagine and that the company can deliver?
Considering all the changes that we've been discussing along the call like the new favor role, the new credit negotiation program of the federal government. Well, trying to summarize everything. When we look at the scenario as a whole, so any measure to reduce leverage and to give more room for credit is positive. The thing is that this impact is not in the short term. We are going to see the benefits in the company's bottom line in the medium term or in 2, 3 years.
Overall, as I said shortly ago. There is an environment with a cycle of cuts interest rate that is very beneficial for the bottom line, but that there is an undeniable impact on the operational aspect, considering the scenario that we used to have when we published the guidance earlier this year, the overall expectation of guidance and even the interest rate curve was a cut of 1 point. But as I said before, when we look at the rates and the structure, and you see the cut in blind is more to cuts of 0.25 -- even though the Selic will end the year at 13 with 2 other cuts of 25, which would provide stability in the average Selic rate as compared to actual rates of 2025.
And rates at that level is very, very restrictive and it impacts our credit regeneration, especially for individuals. And as I said before, we've been feeling the when you break down corporate and individuals, we feel more in individuals than with companies. So the addressable lines, there is less room for corporations to expand the portfolio. We've been working internally, and this is related to what the asked. We are trying to find alternative ways for the product to become cheaper so that it can fit into the credit installment, which is the most effective way for us to place this product out in the market. now considering everything that has been going on, even for standard products, we are not seeing a relevant impact for credit life. So it's very cheap compared to the cap that has been imposed. So we are not expecting to see any impact.
So overall, and trying to summarize, and I'm not sure, I forgot something, but if I did, please remind me, but this is the context that we are seeing for credit life, and this has been one of the main factors that changed from what we announced the guidance -- that was published a guidance in February and ever since.
Well, I think that we have no more questions on the line. And in this manner, we are ending our virtual meeting for the first quarter of 2026. Delano, do you have any closing remarks.
Thank you very much, Felipe. First of all, I would like to thank your attendance, everyone watching us live, especially the trust of our investors and customers. And as I said before, the remains challenging, Rafael has mentioned a few specific topics. In terms of still means a warning sign for the rest of the year, but with the discipline in implementing our strategy, we will be able to produce good results considering the expectations that we have launched at the beginning of the year. I believe that these solutions and the changes in processes and improvements in terms of defining parameters for the products, new lines for corporate insurance. I think that all of this will bring for the rest of the year. stronger results, but we need to work with cushion to be very careful and work to deliver the results that our company deserves that our investors expect.
Thank you very much for attendance. A special thanks to our employees. Thank you very much, you rocked again with very robust results. Thank you very much, Felipe and Rafael. So we'll see again next quarter. Thank you.
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BB Seguridade Participações — Q1 2026 Earnings Call
Q1 2026: Solides Ergebnis – Managerial Net Income BRL 2,2 Mrd (+11%), Pensions als Haupttreiber; El Niño und Zinspfad bleiben Risikofaktoren.
📊 Quartal auf einen Blick
- Managerial Net Income: BRL 2,2 Mrd (+11% YoY).
- Pensions: Reserven BRL 484 Mrd (+≈10% YoY); Nettoeinnahmen BRL 3,9 Mrd (vs. -BRL 1,5 Mrd Vorjahr).
- Versicherung: Retained Premiums BRL 3,6 Mrd (praktisch stabil YoY); schriftliche Prämien leicht rückläufig.
- Prämienbonds: Einzahlungen BRL 1,8 Mrd (+8% YoY); Auszahlungen BRL 24 Mio (+≈55% YoY).
- Investment Income: Starke Beitrag zur Profitabilität (CFO: deutlich über Vorjahr; verschiedene Segmenteffekte).
🎯 Was das Management sagt
- Fokus Pensions: Kommerzielle Maßnahmen mit Banco do Brasil (seit Nov 2025) führten zu Marktanteilsgewinn und deutlich positiven Nettozuflüssen.
- Underwriting-Anpassungen: Erhöhung der Risikoretention in Agrarversicherung auf 25%; Ausbau adressierbarer Firmenkredite für Kreditversicherungen (Q1: BRL 182 Mio Prämien).
- Operative Effizienz: Projektbüro für Integrations- und Effizienzprojekte; Software-Investitionen begründen kurzfristig höhere G&A, Ziel: mittelfristige Synergien.
🔭 Ausblick & Guidance
- Guidance-Status: PGBL/VGBL-Reserveziel 8–11% geschlossen am oberen Ende; schriftliche Prämien: -3% Guidance, Q1 tatsächlich -2,3%.
- Operatives Ergebnis: Erwartetes Non‑interest operating result -7% bis -3%; Q1 lag +1,3% — Management ändert Guidance vorerst nicht.
- Risiken: Zinspfad (CFO erwartet implizit zwei weitere 25bp-Senkungen) und Klima (El Niño H2) können Loss-Ratios und Investment-Erträge beeinflussen; aktuelles Management-Szenario bleibt neutral.
❓ Fragen der Analysten
- Agrar/El Niño: Hauptfrage war Klimarisiko; Management: vorsichtig, weniger sensibel als früher, aber H2-Entwicklung beobachten — keine Guidancerevision jetzt.
- Pensions-Nachhaltigkeit: Analysten fragten nach Treibern der starken Zuflüsse; Management nennt geänderte kommerzielle Strategie, Banknetzwerk und Promotions, bleibt jedoch vorsichtig bzgl. Nachhaltigkeit.
- Kredit‑/Produktanpassungen: Kreditleben stark bei Firmen, schwächer bei Privatkunden; Firma arbeitet an flexibleren Produktformaten, Auswirkungen staatlicher Umschuldungsprogramme noch unklar.
⚡ Bottom Line
- Implikation: BB Seguridade zeigt Resilienz: Pensionsgeschäft und Investmenterträge treiben Q1‑Wachstum; Guidance bleibt intakt. Aktionäre sollten Chancen in stabiler Ertragsbasis sehen, aber Klima- und Zinsrisiken im Jahresverlauf aktiv beobachten.
BB Seguridade Participações — Q4 2025 Earnings Call
1. Management Discussion
Good morning. Welcome to our virtual meeting to present the results of 2025. This event is being recorded. [Operator Instructions] This event will be divided in two parts. In the first part, our CEO, Delano Valentim and our CFO, Rafael Sperendio will be presenting the main deliveries of the quarter. The presentation, both in Portuguese and in English, can be downloaded from our Investor Relations website at the address www.bbseguridaderi.com.br.
On the second part of the event, there will be a question-and-answer session when analysts and investors will be allowed to ask any questions they may need. I will come back after the presentation to tell you how to ask question.
Now I will give the floor to Delano, who is going to talk about the main highlights of the quarter. Delano, floor is yours, please.
Thank you, Felipe. Good morning. First of all, I would like to thank everyone connected, attending our virtual meeting to present our performance in 2025.
Starting the presentation, the highlight is that in 2025, we reached a recurring managerial net income of BRL 9.1 billion, the highest in our history, a very robust result with an 11% growth in the year. Our operating result, which represented almost 80% of this profit grew 2.1% year-on-year with a loss ratio reaching the lowest level ever in our historical series. We also had a relevant contribution from our investment income, which grew more than 61% after tax. All this robustness in our result, combined with the high capacity to generate cash allowed us to approve BRL 8.7 billion in dividend payout in the year, an increase of 5.4% in the volume of -- in the amount paid to our shareholders, an amount equivalent to practically BRL 4.5 per share for the business year of 2025. Bottom line numbers were really spectacular despite the regulatory changes and the volatility throughout 2025.
In the year, we implemented significant improvements in our portfolio and opened new fronts that raise the level of opportunities for future growth as we start a new credit cycle. We have enabled credit life insurance for some credit lines for micro and small businesses, which were previously ineligible. And we also enabled the sale of products for the private payroll loan. Together, these two initiatives have generated more than BRL 0.5 billion in prices. We also started to operate with credit life insurance in BB's credit letter portfolio. In a short time, we had about 11,000 proposals, which accounts for BRL 88 million in premium estimated during the effectiveness of these policies. More important than the initial business volume is the initiative to build in insurance products in an industry that has shown a very consistent growth in recent years.
And in the attempt to increase the resilience of our business and contributes to the financial health of our clients. We reached BRL 2.3 billion in pension reserves given as credit collateral. This is a very important instrument, which allows if any customer, if they have any financial needs that are temporary, they do not need to give up their long-term reserves but rather offer them as a guarantee to get much better credit conditions to face any momentary need. The improvement in the customer experience is at the heart of our strategy.
And I am showing here to you some indicators showing that we are on the right track. NPS has grown almost 4 points in the period and complaints went down by 20% and as the churn that went down by 5%. In 2026, we'll keep the objective of improving experience and being present for our customers according to their convenience and need to expand, retain and increasingly monetize Banco do Brasil's customer base. We have a road map of new products and journey improvements that carry significant revenue potential over time just as we did last year. We are designing more integrated management of the group's businesses to be more efficient in everything we do and to have a single view of our customers and the way we relate to each other.
During the year, we hope to present what's new, and we are sure that by implementing everything we want to do, we have the potential to further increase our capacity to create value.
I end my speech here and give the floor to Rafael, who's going to give more details about the results and our projections for 2026. Thank you so much.
Thank you, Delano. Good morning, everyone. Now starting here giving you more details about our numbers in Q4 and 2025. So in 4Q, we had a net income BRL 2.3 billion, a 5% growth in comparison to Q4 2024. In the year, as Delano said, the growth was 11% with an income that was not bigger because of the time mismatch in the update of asset liabilities. And in December, IGP-M had a deflation of 0.01%, and that this ended up having an impact in assets and liabilities is always updated a month later. So it was updated with a positive IGP-M of 0.25%. That's why we have BRL 61 million here at the end of the year. And as you know, as the curve stabilizes, this result will be reverted and will be 0.
So operational performance was very good. I'm going to give you more details on the next slide, but the main driver for growth in the quarter and year-on-year to date numbers was the investment income and net investment income grew in Q4, more than 80% year-on-year and 61% in whole year numbers, consolidated with a share between 20% to 25% of our income. So this is a little bit of detail of the net income, the main components, a growth of BRL 1 billion.
Operational added growth very much driven by retained earned premium, especially because of credit life. Same thing with a brokerage, loss ratio another positive point that we've been monitoring along the quarters, we see the loss ratio always with a positive performance, no different in Q4, contributed with BRL 95 million to the operational management added BRL 38 million and this is the main driver for growth for the management. And part of this growth is offset by the increase in expenses.
The net investment income broken down by its main drivers. It added BRL 789 million. Most of that growth came from the volume and rate exchange, especially Selic. So the time mismatched, we lost BRL 75 million compared to the year before, and mark-to-market in 2025, we had a positive mark of BRL 18 million, whereas in 2025, the mark was negative by BRL 188 million, a very strong growth, almost BRL 800 million growth in our investment income.
So no business by business. First, with insurance businesses, premium written, BRL 3.8 billion, a drop of 11% year-on-year, 9% in the whole year numbers. And this is very much sensitive and we've been monitoring along the year, because of the performance, especially because of the lines related to credit performance, which is natural because of 15% Selic, which leads to additional difficulty for the placement of product. The product takes up part of the margin with a very high rate, so there is less room for placement, especially for credit life insurance.
When we look at retained premiums, 9% drop year-on-year, 4% in the whole year. And so this is much smaller than the drop of premium -- written premium, especially because of retained premiums, we minimize the effect of crop insurance. So it was 23% to 25% of the premiums retained. So in retained premiums, so less effect than in total premiums written. And this is clear when we see line by line, this is very clear lines and the lines that depend the most on credit end up having a drop that is greater than the lines that do not depend on credit origination. The main highlight here is home insurance that grew in life, so very much in line with the 1% deflation in IGP-M.
Now about the performance ratio. So here, you can see a slight worsening in the combined ratio because for a good reason, most of it coming from higher commissions because of the change in mix. Loss ratio, if we look year-on-year, there's a slight increase, but it was too low in Q4 last year. So expenses and G&A going up also because of a one-off effect. So a write-off of real estate, we adjusted the calculation methodology, and this had an impact in Q4.
In year-to-date numbers, you can see a more stable performance. So only 30 basis points worse in the combined because of commissions as in Q4 and year-on-year. And here, it reflects positively in BB Brokerage. So loss ratio with a very positive performance going from 23.7% to 22.5%. And even though crop insurance increase in other business lines, we had very positive performance, especially in life insurance expenses almost stable comparing 2025 to 2024.
Net investment income. This company has a very -- our positions are very much focused on post fixed and Selic has a direct impact in the growth in investment income, 28% year-on-year, 40% in year-to-date numbers. Now when we look at increase in earned premiums and investment income, driving the recurring income 2% year-on-year, 10% in the whole year.
Now pension operations, 10% year-on-year, 24% in the whole year because of IOF in investments that started to be levied after next year. And now this limit is going to go up to BRL 600, something that was unexpected. We needed to adapt in the way we work with our customers' funds depending on the cash flow.
And in the end, this was very sensitive in terms of net inflow. And you can see here, even though there was a significant drop, the redemption ratio, if we see in the Q4 year-on-year, it was negative 6% negative as compared to 1% negative as last year. So this was not sufficient to offset. So in years, redemption ratio went 50 basis points at a very low level. So same thing here. So because contributions dropped 24% in the end, net inflow was negative by BRL 15 billion against BRL 7 billion positive last year with a similar redemption ratio.
Reserves grew 9% over 12 months. And this explains the entire growth in management fee, 5% year-on-year, 5 basis points or 0.05 percentage points drop in the average management fee because of mix, and we've been following this over the last 2 years with this level of interest rates customers prefer to allocate most of their portfolio in fixed income, and this decreases the average management fee. Same thing in year-to-date numbers. 2% growth in revenue and 0.05 percentage points in reduction in the average rate.
Brasilprev is a company that has had the performance in terms of expenses that is very good, very well behaved. So better efficiency rate year-on-year, almost 1 point in year-to-date numbers. And added to what I said in the beginning of the presentation, deflation of IGP-M in the year as a whole, had a very positive impact in the reduction of financial expenses affecting our liabilities and the better efficiency and better investment income come from a drop in financial expenses with a net income growing 39% year-on-year, 23% for the whole year.
Now in Brasilcap, our premium bonds, we had 20% down year-on-year and then 1% for the whole year, reserves grew 3% in 12 months. In lottery prices paid, a growth of 24% year-on-year, comparing the quarters at 20% and accumulated for the whole year. And the net investment income here. The main highlight is that the company is essentially operating depending on the financial margin. So the considerable increase here, 120 basis points in the spread, 43% growth in the financial net investment income year-on-year, 11% for the whole year, with 20 basis increase in the spread for the year. It was not bigger just because in the beginning of the year, we started 2025 with most of the operation was hedged because of liquidity and capital, and this had a negative adjustment. And this affected the financial net investment income of 2025, and this was limited to Q1 and we recovered over the year in which we grew 11%, and net investment income is directly reflected in our net income, 42% growth year-on-year and 13% growth for the whole year with BRL 318 million in net income, a record in Brasilcap history.
For distribution, BB Brokerage company, 4% year-on-year, very much affected by the slowdown in the pension and premium bonds reduction. So brokerage revenues grew 3% for the whole year with a carryover of deferrals of commissions that were deferred and this ended up generating a 3% growth in -- for the whole year, because of insurance net margin increased 2.5 percentage points year-on-year, 2.6% for the whole year. This is directly influenced by the investment income, influenced by the average interest rate because we have the Selic and the growth in volume, this ended up creating a quite positive impact in our bottom line, even though revenues dropped 4% and net income was stable year-on-year and grew 7% for the whole year. This is the net income.
Now about the guidance for 2025 in pension plan reserves of Brasilprev, we are within the guidance and in operating result also within the range, 2.8%. We would have been within the previous range that we used to have before we reviewed it. So the previous floor was 3%, the only line that are below is premiums written by Brasilseg, the range was a negative version of 4% to the growth of 1%. We ended the year with a drop of 8.8%, very much affected by the performance of the lines that are more dependent on credit.
For 2026, these are our expectations. So in terms of PGBL and VGBL pension plan reserves, we expect a growth of between 8% and 11%. Noninterest operating results, we are expecting a decrease between 7% and 3% and very much influenced by the influence that we have or written premiums, which will range between a drop of 3% to a growth of 2%. This may be the indicator where we have the most uncertainty associated to it during the year. So we have a quite positive expectation in terms of premiums, but it's still too early because most of the expectation in growth comes from the lines that depend on credit. And for this to become true, we need to observe a reduction as expected in the risk related to the interest rate curve. So we want to adopt a more cautious approach in the beginning of the year. And as we see the year and we have more information during 2026, we might calibrate this range better so that it will better reflect the reality.
So with this, I end the presentation, and now I would like to join the Delano and Felipe for the questions-and-answer session.
[Operator Instructions] Now starting with the questions asked to us. The first question comes from Tiago Binsfeld from Goldman Sachs.
2. Question Answer
The first one is about the guidance. So I want to hear more about the guidance for premiums that is slightly conservative. Can you tell us why it is more conservative, considering your different business products, credit life, life, the crop. So where is growth going to come from? And where are the main risks related to your expectations?
And the second question, I know that you don't give guidance for the investment income. But if you could tell us a little bit about your expense expectations for 2026. What is the average Selic, remember how sensitive you are to Selic and also to put the bottom line of 2025 on a comparable basis, discounting the time mismatch and everything.
Tiago, thank you for your question. So I'm going to start by answering the first one, in the order. As to the premium guidance, let's recap about 70% of our premiums today are related to credit origination. So when we assess the budget that has been defined with the bank in the end of 2025, so we define the growth mission in those lines that is quite relevant, a quite significant growth. But most of this is supported by a reduction in interest rates considering the future, considering a reduction in your premiums, considering the 5 or 10 years. This leading to more credit so that especially if we consider individuals, there is more room in penetration in the modality that we call -- that is related to credit origination.
So there is less room, so that you are in credit, and this is outside the operation, and this ends up creating more cancellations. So we have more premiums to have a net premium compared to what we used to have in the building in the composition of total premiums.
So the credit life is within the installment, and this leads to a higher recurrence and more stability in the writing of premiums. So we have something similar that we're expecting a recovery of crop insurance, considering everything that we did, all negotiations. I think that you must have been seeing what's going on and we have better expectations for the growth of crop insurance.
On the other hand, the lien and rural lien lines because this is aligned with high interest rates, but also considering that products and we have these two specific ones, we expect a drop comparing the 2 years, if you compare year-on-year. So we are very optimistic with a credit line and everything related to agricultural crop insurance, rural lien and in life, we have an expectation that reflects something more in line with inflation and mortgage and business, we expect to be above the range.
So this is more or less our ambition for 2026. But as we're still very much in the beginning of the year. It's still too early for us to try and guess what is going to happen with the interest rate curve. So we are being more cautious in the beginning of January. And as we have more information and we see a reduction in volatility with more stability in the curve after the reduction and how this is going to be reflected in credit performance, we can calibrate the range of the guidance.
So in a nutshell, this is what we have to say about premiums, many moving parts. To try to get to a range that is kind of ideal for us to project the results for 2026. But this is not an easy task, it's not volatile, there will be elections in the second half of the year. So naturally, there are volatilities, this happens every year. So we want to have a more cautious approach in the beginning of the year, and then adjust it during the year.
In terms of investment income, we worked on the assumptions for our budget. So in terms of average Selic, we are expecting a reduction of 1.1 percentage point during the year, which is very close to what the curve is pricing. Sensitivity is still the same as we have been having for quite a while as it's been indicated to the market so 1 point up or down has an impact of BRL 100 million in the net income. So it's quite straightforward.
In terms of inflation, here, there is an important component to give you details. So considering the breakdown of assets and liabilities and how this affects the financial -- or the investment income of the company as a whole and considering Brasilprev IGP-M today. So for every point above the year before, we have an impact of BRL 12 million less in terms of bottom line for BB Seguridade IPCA, and we worked for every point up in IPCA about BRL 30 million for IGP-M. And also looking at the focus without much signs. So we think IGP-M is going to go up and IPCA is going to go down. So both effects for each point that IGP-M is above the year before, BRL 12 million down and IPCA for every point, it's below the year before BRL 30 million down.
So this would be overall our sensitivity. So to compose -- so two points that I would like to highlight for you in the presentation, we indicated we had BRL 80 million positive in marking to market. And then it's up to you to project what you think is going to be the marking to market. In 2026, we always assume 0 because we are very conservative for the budget. And as a reminder, another point that I highlighted, we had BRL 61 million in terms of time mismatch. So usually, when we work with the budget, we assume the reversal of that time mismatch, whether it's up or down, considering the current business year, because if you've been following the company along the years, it's -- this number is likely to go down to 0. It's usually a time or temporal mismatch. It's trends to 0 naturally. So these are the variables that we consider in the projection of our investment income.
Thank you, Rafael, for your answers, if you allow me to ask a follow-up question. If you review your guidance, how would you make the decision along the year? Because I think that some seasonality in crop insurance in the second half is stronger. Are you going to make that decision more towards the end of the year, but maybe if credit life starts stronger, you might have an earlier decision. What do you think in terms of distributing the growth of your guidance along the year?
Tiago today, I would tell you that we are more sensitive to any kind of revision of the guidance and the performance that we are going to see in credit life and more for crop insurance. Crop is undoubtedly an important business, but most of the risk is related to reinsurance. Today it's about 3/4 of risk is assigned to reinsurance. So there is some volatility in the first line, but in the bottom line, it's not so sensitive as credit life. So today, I would tell you that we are monitoring much more closely the credit life than the crop insurance.
Thank you very much, Tiago for your question. We have another question. The next one from Maria Luisa Guedes from Safra.
I would like to talk more about the guidance. And there are some points of uncertainty, but to think about the likelihood of extreme accounts. So there is a premium that is more uncertain, but what about the loss ratio goes into your estimates? So is there any component in terms of being conservative for the loss ratio and how conservative you would be for each scenario. So on the low end and high end, how are you thinking the loss ratio in a more optimistic scenario with operational going down 3%, are you expecting a flat loss ratio. So what do you expect considering the current level?
Maria Luisa, thank you for your question. So talking about loss ratio, there is a component of uncertainty that is quite relevant. It's still too early for us to try and guess the impact of the weather, the climate. So considering operational results, so we are expecting a worse loss ratio as compared to 2025. When we look at the beginning of the year and the numbers that we have so far, so this worsening has become material in terms of frequency and severity, not really. So both frequency and severity for now is below what we saw in January.
And you mentioned in terms of premiums written in calculation, the loss ratio. So there is a determinant in terms of earned premiums, even though the loss ratio is lower in 2025. We still have a certain uncertainty of how earned premiums are going to behave in this year. So if it's according to expected loss ratio might be flat or even a reduction as compared to 2025, along '26, which would bring an upside for the operational guidance. But for now, it's still too early. We prefer to have a slightly more cautious approach in the beginning of the year. And the climate is a variable that is very difficult for us to guess or to forecast.
Perfect. Just for us to try and understand in terms of the follow-up. So this scenario was flat would lead to an upside for each line of the guidance or whatever. But it makes sense to think of a worsening of 200 basis points would be a gradual convergence towards the historical average.
Well, there is an upside for the guidance of operating results. But just stressing that this is not related to loss ratio and claims, but there is also a variation in earned premiums. Today the main variable that we are seeing is that severity and frequency is below expected, but we still need more time to see at which level this is going to stabilize at which level of earned premiums, we are going to demonstrate along the year.
Next question comes from Arnon Shirazi from Citibank.
My question is also about the guidance. It's very clear about the growth in premiums in 2026 and as you answered Maria's question about the loss ratio. But we are still seeing in your operating results, a drop of minus 7% to minus 3% expected for 2026. I would like to understand where does this drop come from? I know that the thing of premiums written this year is going to affect more future years. So to understand whether this drop is coming from top line considering originations in 2025 and understand the loss ratio plays an important role. As you said, what else lead to this expected decrease in operating results.
Well, Arnon, thank you for your question. As to the negative variation, as you put very well, during your question. Yes, there is a significant component in the operating result performance comes from the negative variation that we showed to you during the presentation. The 8%, almost 9% drop in written premiums. So there's a smaller carryover to 2026, affecting the insurance company, but also the brokerage company because of the generation of revenues from commissions. There is also a quite significant component in terms of commissions to be booked or unearned commissions. And so this end up taking up a little bit of this buffer of unearned premiums and these unearned commissions.
And so now we are more dependent with considering the current business year. So there is a variability. We don't go into much detail because there are possibilities. But in origination, this is more concentrated in credit life. There is less bottom line in the current business cycle. So contributing to the operating results in 2026 and more bottom line for the future. If credit life is below expected, we have a higher share of life, corporate and all the other products, we can have more bottom line in 2026 and that's for 2027. So when we see the breakdown of written premiums, so this affects the operating result. This is added to the loss ratio.
And as I said in the previous answer, so we have a higher loss ratio. We protected the operational results, higher loss ratio, especially in the rural segment than in other business lines. This also ends up affecting the operational result, so leading the 2025 to the negative range. So these are the main variables. So higher loss ratio and then in earned premiums, so what we are carrying over from 2025 and how we work in the breakdown of the issuance of the writing of premiums for 2026, whether I focus on present value or future value.
Thank you, Arnon. Our next question comes from Kaio Da Prato from UBS.
Sperendio, Delano, also this is related to the guidance that Sperendio just talked about the effects of Brasilseg within effect to brokerage. And what about the effect coming from Brasilprev too. We saw that there was a relevant drop in contributions along 2025 because the IOF, but it's not a full year yet. So which are the effects that this might impose in your brokerage revenues, thinking about 2026, what is the scenario that we are contemplating in the guidance in terms of drop for 2026 and how you see the future scenario? Is there any kind of campaign, and saw something that is offering IOF cash back to try and mitigate the effects. So could you tell us a little bit about the company's strategy and how this is going along the year, if you can see any kind of recovery and the expectation for the full year?
Well, Kaio, thank you for your question. In terms of assumptions, underlying the growth in reserves. So we are expecting growth in collections and for the floor, we assume a drop in 2025. 2025 was a very stressed year. The IOF is something that we were not prepared for. It was a surprise during 2025. And then we had to review the way we capture pension funds, and we had to review it together with the different sales areas of the bank. We reviewed and it was a quite in-depth revision of what we had and designed an inflow strategy for 2026. Now that we know that we have IOF being levied in contributions to allocation above BRL 600,000. So we know that in '26 in terms of connection, it should be a better year than we had in 2025.
So I think that this is the more overall vision. And we are also working with a better rate of redemptions. We saw that happening at the end of 2025. We have better rate of portability, and we work with this among of Q4 and the same thing that we saw in the beginning of 2026. So today, our mindset for pension is more optimistic than in 2025. That was a year of great volatility, lots of uncertainty. And we had to revamp ourselves along the year. And now in 2026, we are better prepared.
Just a follow-up. In terms of the management fee, do you see any drop? What can we expect in 2026? And how close are we to a more normal level in terms of considering that there was a shift in pension products.
Well, if the scenario that we project becomes true of a sustainable reduction in interest rates, and then a change in the risk structure. This is likely to reduce the risk aversion by customers. So once this scenario becomes clearer, then we are going to have slightly more opportunities to review the allocation of our customers' funds and to add a little bit more risk, increasing exposure to the stock exchange and to credit.
So if this comes true, there will be a slowdown in the drop of management fees. But today, with information we currently have available, assuming that this is once again a year of high volatility. This is not the usual regular year. So we have the scenario in our minds, but assuming that most of the benefit we are going to book from '27 onwards, considering the volatility and the risk. And we know that, especially in fixed income they do not tolerate volatility in return rates and reviewing this allocation, we are very cautious along this year. We are going to book what we have.
Thank you very much, Kaio. Our next question comes from Marcelo Mizrahi from Bradesco.
I have two questions. And we saw many loss ratios that are better in life, crops. I understood that there is a risk that there is an upside in loss ratio. So there is an inbuilt expectation for worse performance, which product has a more recurring performance? Is it life? And the other question, if we take the guidance and we put in our numbers for 2026, there's an indication that there may be a drop in net income in 2027. Does it make sense to you? Or is it too early to say that? I'd also like to know about are you offering new products and in agro that are new products to penetrating CPR in the base scenario? Do you expect a drop in 2027?
Well, Mizrahi, thank you for your question. Talking about loss ratio. As I said in the beginning, we have a more cautious approach, especially for rural insurance. Today, we have the impact of La Nina and along the second half, the predominance and still to be a predominance of neutrality and may be migrating to something different. So today, there is no indication of any worsening in the climate that would lead us to expect a loss ratio that would be much higher than last year. But we are not just ruling out that it might be marginally higher, maybe at the end of the first half of the year. But for the time being, we prefer to be slightly more cautious in our approach before we say anything.
For the other lines, we are not expecting any major variations, maybe for long, the loss ratio is slightly lower than usual but it's not too sensitive. We are not worried about anything. All other lines are very well behaved in terms of the behavior among 2026, especially the variable of uncertainty for rural products, especially in crop insurance.
So for 2027, which is your second question, it's still too early to say anything. And 2027 performance will depend heavily on the performance of 2026, not just in terms of growth of premiums. But as I said before, in terms of the breakdown of the premiums. So even though we have a growth, and we have short-term products. In 2027, we will need to carefully assess the scenario in terms of the lines and behavior to see how much result I'm going to generate, whether this growth is very much focused on credit life, we are in 2026, we're going to start 2027 with a much more positive approach, this is going to mean a relevant carryover in commissions to earn in 2027. So it's still too early for us to say anything about that.
And this is added to the issue of investment income. If indeed there is a reduction in the risk premium. We will see credit lines going up more and maybe a performance that will be slightly more neutral in '27 and stronger in '28, also because investment income as you are well aware, so there is an immediate impact of variations in interest rates. And we are expecting a more gradual reduction. If it's stronger, it's going to affect the investment income of 2027, but creating a better operational quality results in the future, in '28, maybe '29.
So as I said before, there are many moving parts, and there is still a lots of uncertainty associated to all of them. And that's why it's so difficult for us to project 2027.
And just complementing in terms of VPR and CPR, we are working intensely on that. CPR represents or accounts for 8% of our expanded rural credit line. So there is -- we are working very much to sell that for all products, everything planned for 2026, so about BRL 1 billion increase in written premiums, not this year, but a long time, and this would be one of the novelties that we want to explore along the year.
Our next question from Antonio Ruette from the Bank of America.
If you could talk about the private payroll loans. So what about the sales? Are you selling your debt? How does your platform work inside and outside the bank? And continuing in terms of other products, so you mentioned a road map for your portfolio during the presentation. If you could give us more details, this would be great.
Thank you so much, Antonio, for the question and opportunity. As I see -- I mentioned CPR and VPR, talking about the private automatic paycheck deduction loan, we could have a reduction in order to explore -- in 2026, we have an expectation that is strong in terms of continue operating. So credit is very much related to the interest rate cycle to increase the allocations, but there are other lines as we talk about the road map for 2026. There are other lines that we are going to explore for rural insurance that are segments that we haven't yet explored that are unfunded areas that we are placing in terms of credit life, we have a very major portfolio of foreign trade that we are not exploring today.
There are some segments in corporate, as I show recently in 2025, so we had PRONAF. And other lines that we were not exploring in 2025 because those audiences, we're not eligible. And now we are exploring and there is more novelty to come. So there too, we've been working not just for higher penetration in segments that today we believe have some room for us to increase our businesses but we've been working intensely on reviewing our journeys and how we can facilitate not the day-to-day, all of the network of Banco do Brasil branches, but also digitally how we can favor the journey so that customers can serve themselves, help themselves for what they want. So as the year goes by and novelty is delivered, we are going to report to you not just what we tried, but also future expectations for 2026 and also for future years.
Thank you, Antonio. Our next question is from Eduardo Nishio from Genial Investment.
I have two questions. Number one is the sensitivity to the cycle, especially in terms of credit life insurance. Could you tell us because this is probably not linear, depending on the percentage points, they do not have same impact in the origination of new insurance. Could you tell us what is the optimal level from which level, do you expect more growth in premiums?
And the second question regards pension where you have had a growth in Q4 even greater than the rest of the year and also later with a lag. So what you're implementing in 2026, do you have the intention of reaping the fruit in the beginning of the year? Or is this going to be a journey more towards the end of the year as usual.
So Nishio, thank you very much for your question. As to credit life, I'm going to try and mention a few numbers to you, to see if I can answer your question in a satisfactory way. The Selic is 15% that has reduced the penetration of the portfolio considerably. As I said before, in the end, a higher rate will reduced the speed of origination and renewal of operations. And this in itself and along with a higher rate, there is less room in credit to incorporate insurance. So there has been a reduction of 4 to 5 percentage points. Considering the last high cycle of Selic that increased to 15%. So the expectation is for a recovery as the long-term rate goes down and the bank should incorporate this in the pricing. And once that happens, we are going to have more space for credit life insurance in built in our more sustainable products.
What we are experiencing now is much different from what happened in the past. So naturally, so the rate goes up, there is a slowdown in origination and penetration. And then we have less room for the penetration of credit life insurance for individuals. Same thing for companies, but in companies we feel it faster because it's a shorter portfolio, especially in terms of working capital. So there is a reduction in the balance, and we have observed a quite significant volume of cancellations of credit life insurance.
And in 2026, as Delano said, we were able to somehow offset it by opening new business lines. So as we address the portfolio, so we have private paycheck loan and this affected the slow down. But it's very difficult for us to try and guess the exact rate and to say how sensitive it is because there are many variables affecting. So breakdown individuals, companies, time, rate. So those are moving parts, the lower the rate, the better, of course, as we saw with credit life. So when Selic was at 1-digit level. And if that happens, again, we are going to have a strong performance, especially now that our addressable portfolio has increased.
Just complementing, Eduardo, for pension, Rafael had mentioned before, and we worked very intensely in the last quarter to design strategies for 2026 to anticipate 2026. 2026 first started in early December last year with a very strong strategy to occupy the spaces that are limited by the IOF of BRL 600,000 per taxpayer number, and we're having very good response. We have promotions to attract more customers. And the idea is to diversify the customer portfolio and to work much more on recurrence rather than sporadic allocations and we are going to have a better performance during 2026.
Do you think that in 2026, the net inflow is going to be positive or closer to 0, reversing this trend of negative net inflow?
We are working on that. But it's still too early Eduardo for us to be sure that we are going to reach that level. So we are working intensely on that.
Thank you, Nishio. Our next question comes from Carlos Gomez. [Foreign Language]
[Foreign Language]
Thank you, Carlos. This is related to tax. We do not have any expectation in our radar of any changes in the law. We are working with the law that is in effect and anything new we expect to be prepared, but we do not have any long-term expectation in the law that was approved last year.
So Carlos, as to the sensitivity that you asked for. Just to make it clear, the impact of IGP-M is BRL 12 million for each basis points that it is above the IGP-M of the previous year. So if I'm not mistaken, IGP-M was negative by 1% in 2025. If we look today, I don't know whether the market and Central Bank is expecting IGP-M around 4%. So we can assume 5 points of increase in IGP-M with a sensitivity of BRL 12 million, down for each point. For IPCA, our sensitivity today is something like BRL 30 million, down for each point that IPCA. So we should consider that. And today, what I'm saying also, and this is public information, what is in the market projections, considering the focus is of 30 basis points of reduction more or less that is expected.
So BRL 9 million from IPCA, BRL 60 million of IGP-M and total close to BRL 70 million.
Yes, more or less. It's reasonable to assume that.
Thank you, Carlos. Our next question is from William from Itau BBA.
I would like to go back to what Rafael said in the first question. Rafael you said that crop insurance should improve in 2026 according to your guidance, and at the same time, life and credit life are going to go down slightly. So fast rapidly. What are the drivers lying behind or underlining this expectation, something related to price for crop insurance, but this -- the resumption of crop insurance should somehow affect the sale of life insurance or credit life insurance? Or are they completely independent products?
Well, we, thank you for your question. I would say that today, in 2026, expectation is that they are more independent. I'm going to try and summarize without going to too much detail. But when we see the breakdown of the bank's rural credit portfolio for funding of grain, especially we have costing, investment and marketing. So for crop insurance, the product is much more sold for costing. So lien expands the array for investment and rural life farmer. As we said before, is a product that I can operate in the three lines: Costing and marketing. When we see more difficulty for crop insurance, there are many initiatives that we are thinking internally to expand the addressable portfolio, to expand the basis for both types of insurance to be bought. So in the end, they helped us attenuate the drop in crop insurance.
So for 2026, we have a very strong basis for these two lines, especially in rural lien and it depends more on investment. And today, there is slightly less margin for new lines to create addressable audiences. So considering the strong basis and the limitation that we have in terms of expanding the addressable portfolio, we are expecting a weaker portfolio than we had in 2025 for crop, it's the opposite, considering everything that has been going on along 2025 with the portfolios and everything. So we -- our mindset is slightly more optimistic with a basis that dropped to 40% in 2025 for crop insurance, so we're more optimistic expecting growth in 2026.
Thank you, William. So we have no more questions to be asked in audio in the line. We have a few questions that had been asked in writing, but most of them have been answered along the event. The only one that hasn't been answered is regarding the payout of dividends. Number one, the level of payout expected for 2026 and whether this is feasible and a dividend payout policy. We addressed a few times and the possibility of change for the payments.
Well, above 90% is something that is difficult for us to try and predict now, but keeping the average that we have been having in the last few business years up to 90% is something that is absolutely feasible. And this is a decision that is going to happen along the business year, more towards the end of the year, but this is absolutely possible.
Thank you, Rafael. Now we end our earnings release meeting, I'm going to give the floor to Delano and Rafael for their closing remarks. But before anything, please answer the feedback form that we sent to you at the end of our virtual meeting with the perceptions of the event, meeting and our materials. Thank you very much. Delano, Rafael, please.
Well, first of all, I would like to thank the participation of everyone attending our virtual meeting for earnings release. And so we have a very robust results and very good results for our shareholders. I would like to thank the hard work of all our staff and Banco do Brasil sales force and especially the trust of our customers to make sure that we will continue working intensely to deliver results that agree with the size of BB Seguridade. Thank you very much, and have a nice day.
Well, once again, I would just like to say that I am available to answer any questions you may still have, and have a good day.
[Statements in English on this transcript were spoken by an interpreter present on the live call.]
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BB Seguridade Participações — Q4 2025 Earnings Call
📊 Quartal auf einen Blick
- Recurring Nettoergebnis: BRL 9,1 Mrd, +11% YoY (wiederkehrender Management-Nettogewinn, Rekordwert).
- Q4-Netto: BRL 2,3 Mrd, +5% vs. Q4‑2024.
- Netto‑Anlageertrag: +61% YoY im Jahr; Q4 >+80% YoY; entspricht 20–25% des Gesamtergebnisses.
- Brutto‑Prämien: BRL 3,8 Mrd, −11% YoY (stark kredit‑zyklisch, insbesondere Kredit‑Life).
- Dividende: BRL 8,7 Mrd ausgezahlt (+5,4%), ~BRL 4,5 je Aktie.
🎯 Was das Management sagt
- Produkt‑Expansion: Aufnahme von Kredit‑Life für KMU und Verkauf an private Gehaltskreditlinien; erste Verkäufe in BB‑Kreditbrief‑Portfolio (≈11.000 Anträge, ~BRL 88 Mio Prämie).
- Capital & Collateral: Nutzung von Pensionsreserven als Kreditsicherheit (BRL 2,3 Mrd) zur Erhöhung Kundenresilienz und besseren Kreditkonditionen.
- Kundenerlebnis: Fokus auf Journey‑Verbesserungen und Group‑Integration; NPS +≈4 Punkte, Beschwerden −20%, Churn −5% — Ziel: bessere Monetarisierung der Banco‑do‑Brasil‑Kundenbasis.
🔭 Ausblick & Guidance
- Pensionsreserven: Erwartetes Wachstum 8–11% in 2026 (PGBL/VGBL).
- Operatives Ergebnis: Erwarteter Rückgang −7% bis −3% in 2026, wegen Carry‑over aus 2025 (insb. geringere Prämien‑Schreibungen) und mix‑/Kommissionseffekten.
- Prämien‑Prognose: Prämienwachstum −3% bis +2% (hohe Unsicherheit; abhängig von Zinskurve und Kreditvolumen, Kreditabhängige Linien kritisch).
- Sensitivitäten: Budget nimmt −1,1 pp Selic an; Δ1 pp Selic ≈ BRL 100 Mio EBITDA‑Effekt; IGP‑M ≈ BRL −12 Mio/pp, IPCA ≈ BRL −30 Mio/pp; Mark‑to‑market konservativ mit 0 angenommen; Zeitmismatch BRL 61 Mio tendenziell revertierend.
❓ Fragen der Analysten
- Guidance‑Konservativität: Analysten fragten nach der Zurückhaltung bei Prämien—Management erklärt: ~70% Prämien sind kreditabhängig; Erholung hängt von sinkenden Zinsen und Kreditvolumen ab.
- Schadenquote / Agro: Kritik an Unsicherheit der Schadenquote, insbesondere Crop/Rural wegen Witterungsrisiken; Management bleibt vorsichtig, beobachtet Frequency/Severity.
- Pension & Dividende: IOF‑Effekt 2025 reduzierte Zuflüsse; Management hat Inflow‑Strategien für 2026, hält eine Dividendenausschüttung nahe historischem Durchschnitt (bis ≈90% durchschnittlich) für realistisch, finale Entscheidung später im Jahr.
⚡ Bottom Line
- Fazit: Sehr starke 2025‑Zahlen, getrieben von außerordentlichem Anlageertrag; operativ bleibt das Geschäft durch kreditbezogene Prämienrückgänge und Agro‑Risiken anfällig. Guidance ist bewusst konservativ und stark zins‑abhängig — Anleger sollten Selic‑ und IGP‑M‑Pfad sowie Prämienmix (Credit‑Life vs. andere Linien) verfolgen; Dividendenbilanz bleibt robust, finale Auszahlungspolitik wird im Jahresverlauf bestätigt.
BB Seguridade Participações — Q3 2025 Earnings Call
1. Management Discussion
Good morning, welcome to our virtual meeting to present the results of the third quarter of 2025. This event is being recorded [Operator Instructions] This event will be divided in two parts. In the first part, our CEO, Delano Valentim and our CFO, Rafael Sperendio will present the main belief of the quarter. The presentation, either in Portuguese or in English can be downloaded from our Investor Relations website at the address www.bbseguridaderi.com.br.
In the second quarter of the event, there will be a Q&A session when analysts and investors will be allowed to ask questions. I will return after the presentation to give you instructions if you want to ask a question.
Now I would like to give the floor to Delano who is going to introduce himself as the new CEO of BB Seguridade and will share with you the main highlights of the quarter. Delano, floor is yours.
Thank you so much, Felipe. It's a great satisfaction to have you here for another BB Seguridade results presentation. where we will share the progress of our third quarter and the paths we are taking toward the future. This is Delano Valentim, CEO of BB Seguridade, and it's a great pleasure to be here with you.
Before we dive into the numbers, I would like to share with you some impressions that I have had over these 2 months I've been leading the company. I found an extremely solid profitable company with strong cash generation that consolidates itself a strategic pillar in the generation of value for Banco do Brasil conglomerate. This is the result of the work of highly qualified technical teams and exceptional sales force and above all, the trust that our customers place in us every day. The insurance business, not only at Banco do Brasil, but also at other large bank Brazilian banks has proven to be resilient and essential for the balance of consolidated results, especially at times of greater volatility in economic cycles.
Based on my experience of more than 40 years in BB conglomerate, including some time in Argentina, in the United States, I see that it -- the insurance market in Brazil still has enormous growth potential to illustrate in agricultural insurance, for example, we have in Brazil a very small portion of the planted area protected by insurance compared to the American market.
In accumulation life insurance is not yet widespread, and in the pension market, a large portion of the Brazilian population does not have a private pension plan or has one that is incompatible with income they want to have in the future. Given this, my intention is to continue what has already been working well, but with focus on improvements.
So we're going to do that based on three fundamental pillars: number one, focus on the customer with a review of portfolios and journey seeking to improve the experience, increase the perception of value and strength and loyalty. Number two, innovation and digital transformation. Integrating business journeys, creating new lines and expanding our presence in strategic and profitable segments; and number three, operational efficiency, making the most of the synergies between our investees and between them and our brokerage operation, seeking sustainable gains.
And I am, and I see that my team is also very motivated with a challenge that lie ahead. I reiterate here, my commitment to continue seeking alternatives to keep the company's capacity to generate economic value.
Now moving to our quarterly numbers. I will focus on the managerial results, which does not include the effect of IFRS 17. We ended the third quarter with historical milestone, the highest recurring net income ever recorded by BB Seguridade totaling BRL 2.6 billion, an increase of 13.1% over the same period of the previous year.
Year-to-date until September, we reached BRL 6.8 billion in recurring profit, a growth of almost 14%. This performance was mainly driven by the investment income, which after taxes grew about 55% year-on-year in the third quarter, the same rate observed in year-to-date numbers. Operating income net of taxes also follows a positive trajectory, 2.4% year-on-year growth and 5.7% in year-to-date numbers.
In the quarter, we highlight the control of expenses in insurance and pension in addition to the growth in our brokerage business. Year-to-date, the main highlight is the loss ratio which remained at a very good level in all lines showing the quality of the risk contracted. I also highlight two relevant initiatives that we started this year. Number one, credit life insurance for new credit lines for small and middle-sized businesses available as of July.
In about 3 months, this initiative has already generated BRL 294 million in prices. credit life for private payroll loans, workers credit launched at the end of March has already then generated more than BRL 160 million in accumulated in premiums. These -- our new portfolios, which help compensate our monetary gaps and still have great potential for penetration, generating important opportunities for expansion as the credit cycle reverses.
In line with what I mentioned at the beginning about customer focus, we already have very positive indicators. Our NPS grew by 5.1 points, complaints fell 24%, even though they already represent a small portion of the operations. And we saw a 7% reduction in churn, reinforcing greater loyalty of our customers. These results reflect consistent work of our teams and the trust of our customers. We remain committed to generating sustainable value and building a future even more promising for BB Seguridade.
Now I would like to give the floor to Rafael Sperendio, our CFO, to share the financial details of the quarter, and I will be back afterwards for our questions-and-answer session. Thank you very much.
Thank you, Delano. Now starting the details of the numbers of the third quarter. So here, we have BRL 2.6 billion in Q3 2025 with a 13% growth year-on-year. The operation has grown 2.4% after taxes, but the main highlights in the Q3 is the net investment income with a 55% growth year-on-year, accounting for 28% of our bottom line. One of the main factors I would like to highlight the volume rate, especially because of the Selic rate and reduction of the liabilities in Brazil because of Brasilprev because of IGP-M inflation.
On next slide, you can see the details of our recurring managerial net income. So we had BRL 288 million came from operating results change. If we break down the operating income the main driver here is the growth of BRL 145 million in retained earned premiums at Brasilseg in contrast with the carryover of premium -- unearned premium revenue from sales done in the past, especially in credit life. We have another highlight, quite significant that Brasilseg that has been repeating itself is a reduction in loss ratio here in all the main lines of business and showing year-on-year numbers. And lastly, part of that was partially offset by higher expenses of BRL 292 million.
In terms of the net investment income, BRL 550 million, this is how much we added BRL 530 million. Additionally, as I said before, Q3 year-on-year, some of the justifications are repeated in year-to-date numbers. Here, you can see BRL 426 million came because of volume and rate, basically Selic and the time mismatch in terms of updates of the IGP-M in terms of the liabilities in Brasilprev [ tech ] BRL 21 million and BRL 125 million came from a mark-to-market BRL 8 million positive this year in contrast BRL 117 million negative in the first 9 months of 2024.
Now going into details on Slide #6 about our operations, per operations versus insurance operations, premiums written dropped 15% year-on-year in Q3. And then the variation accelerated in terms of premiums in year-to-date numbers for 7, especially because of our performance in rural insurance. If you see the lines that are significant in building our revenues, you can see that credit life and life were better in the third quarter year-on-year than we were seeing in year-to-date numbers.
However, the performance of rural insurance, especially agricultural subsegment was slightly worse than what we saw in the first half of the year. And this is evident when we see earned premiums or retained premiums. So retained premiums dropped well below the drop in terms of written premiums, 8% year-on-year and 3% drop in year-to-date numbers.
Now if we look at the quality of that performance, here in Q3 year-on-year, there is an increase in the combined ratio, especially because of higher commission ratios and then a reduction in share of agricultural insurance in the premiums, agriculture has the lowest commissions and then average commission goes up year-on-year. We had higher margins in the loss ratio here. And this is an effect in terms considering the comparison basis and agricultural insurance had a significant reduction in the provision of insurance to settle.
And here, especially considering the loss ratio, if we look at the third quarter, year-to-date numbers, all rates are behaving very well. and in commissions here, it has a positive effect on the brokerage business loss ratio, dropped in all business lines and G&A ratio, general administrative also dropped a little bit.
Net -- recurring net income dropped. And here, the explanation for year-to-date, you can see net income growing 7% year-on-year and also a growth in the net investment income in the year-to-date numbers, 13% growth, same explanation combined with the loss ratio.
Now going to pension business, year-on-year, dropping 19% in terms of contributions, very much affected by the IOF in allocations above BRL 300,000. So we had BRL 4 billion negative and BRL 9 billion in the year-to-date numbers redemptions increased year-on-year, 20 basis points and in year-to-date numbers it's low. So reserves growing 9% year-on-year in 12 months, a direct reflects of revenues with the management fees. And here, the balance, it's growing less than the balance because we are concentrating lower risk products, therefore, a smaller management fee. Looking at year-to-date numbers because of fewer business days.
In net -- in terms of financial income, which has not been too favorable for Brasilprev especially because of reduction of IGP-M year-on-year. And this has been the main driver for the growth of our income, 19% year-on-year and 19% in year-to-date numbers too.
On the next page, here we have premium bonds, Brasilcap, a very good performance. Collections grew 5% year-on-year, 9% in the first 9 months, reserves grew 6% year-on-year. And then we paid lottery prices which grew 42% year-on-year, high of 18% in the first 9 months. Net interest income very robust, 45% growth year-on-year in terms of volume and rates, especially because of Selic rate and increase in the net income of 130 basis points year-to-date, the same thing. And then the investment income is the main driver for growth. So Brasilcap -- so this is the net investment income percent, 31% year-on-year and 4% in year-to-date numbers.
Now going to our brokerage business is 4% growth in brokerage revenues year-on-year, 5% in year-to-date numbers. And this is the result, here, you can see the breakdown of the brokerage revenues. So 77% coming from insurance was in '24, and there was a growth in the first 9 months, growing to 81.1%, also in higher -- an increase in premium bonds. Net margin has grown 3% year-on-year, 2 percentage points in the first 9 months of the year because of volume and Selic rate. And for this reason, net income grew at the pace that above that of revenue, 9% year-on-year and 9% in year-to-date numbers. This is the growth of the net income.
And to end the presentation this is our guidance for 2025, noninterest operating result ex holding the range was between 1% and 4%. We delivered 5.9% in year-to-date numbers until September, and this growth will converge back to the range in Q4. Written premiums of Brasilseg, we expected a drop of 4% up to 1%. In the first 9 months, there's a drop of 7.9%, especially, as I said during the presentation, this performance of rural insurance affected this and is falling short from our expectations, but we are doing our best in all other lines where we can control better the situation to bring this year-on-year variation at least to the floor of our guidance.
PGBL and VGBL pension plans reserves of Brasilprev, so we delivered 9% in the period of 9 months ended in September.
These are the main highlights and now I will be together with Delano and Felipe for our Q&A session.
[Operator Instructions]
Our next question -- our first question actually comes from Tiago Binsfeld from Goldman Sachs.
2. Question Answer
My question is about Brasilprev. And so you assess the performance in terms of collections this quarter. So it's slightly above redemptions. It's not the different from the first half of the year, so before the tax, which to what seems to be a greater deviation was in portability. Are there any surprises in this breakdown? Or is this what you expected considering the impact of IOF? And also the action plan of the company to handle that. How do you see the main actions to mitigate this more slightly more challenging scenario?
Tiago, thank you for your question. Well, in fact, after the IOF changes, there has been impact in withdrawals, but almost 2/3 of the withdrawers seek private credit risk in competition, even though we have many funds in our portfolio self-managed portfolios, open multi-management funds we are not willing to take too much private risk. We are being very cautious in choosing also because considering we have high interest rates and also thinking of working in a very selective and careful way in order not to jeopardize the results of our customers.
We are right now working not just in terms of changing the strategy to protect our basis SUSEP, info from August, we are market leaders. We have very strong origination, but we might focus slightly more on periodical allocations than major allocation.
Focus more on permanent allocations than on -- rather than on periodical allocations which is what was -- had been going on until then. We have also been working to protect our basis in a slightly more seeking funds that are with the competition. We are also working to create new products. There's a new product that we have already launched an initial allocation of BRL 100, slightly more democratic to protect the base and to assure that we remain market leaders.
Tiago mentioned something very important. So seasonally, the third quarter should be stronger. But in the end, it was not because of the IOF, and as Delano has just said. So there is some difficulty to adapt to this new environment especially the customers that are autonomous, and they have some cash flow concentration in some periods, there will be a limitation in investing their capitals in pension plans, and we need to focus recurrence, especially in PGBL and periodical monthly investments to try and work around this difficulty that we are having now in terms of raise new funds with the IOF being levied.
Thank you, Rafael and Delano. Just one question, when you look at the Q4 and also considering the guidance, which is around 9%.
Well, Tiago, what we are seeing, that there was a peak between July and August, and we see the portabilities really growing and gaining speed. Today, we are having great difficulty to find issuances with a spread that is adjusted to risks that are interested -- interesting to allocate funds. So in fact, we are not seeing any high portability and with even a slowdown as compared to what we saw in the third quarter.
The next question comes from Eduardo Nishio from Genial Investments.
I have two questions. Number one, we are going to see a lower Selic scenario. But your top line is slightly suffering the pressures in terms of collection, both in insurance and pension, I think that the IOF really got in the way.
In addition to IOF, which are the measures that you are trying to implement to make these numbers positive in your opinion, 2026, with everything that is going on, and we are expecting both in insurance and in pension if you could share with us the prospects for 2026 regarding these two topics.
Also, there is a follow-up for the previous question. The portability rate has almost doubled to 3.5%. And has IOF really increased the aggressiveness by third parties in BB Seg considering that IOF is not charged on transferability and if we get at the same levels? Well, the question has been kind of answered, but is there a possibility of being slightly more aggressive in terms of portability of third parties?
Thank you very much, Nishio, for your question. I'm going to answer your second question first. So it's difficult to tell how much of this comes, is because of IOF. Even though the transferability are related to players that, who are essentially focusing on transferability. So this didn't change with the IOF. Now whether there was more aggressiveness because of IOF, we don't know. It's difficult for us to tell and to quantify. But as I said in October, we see a slowdown, and this is a driver for transferability and this is nominal, and it is the return.
And our base, as Delano said, and as I said before, and as I reinforced, our assets are essentially more concentrated in public bonds, which in terms of risk are safer than the private per nature. But as the market is more net, this has slightly more volatility in the return that we are reporting to our end customers. And then many times, they don't really like it, then they want to choose private credit because there is less liquidity, even though the risk is higher than it is with public credit.
So this is the context we are experiencing, and this is what favored higher transferability in the third quarter. As the volatility goes down, and this is what we are seeing now in October rates closing, this is an additional component for the improvement of this competitive environment, we see transferability going down. So today, with information we have in October, and November, we are not seeing the same level of transferability that we saw in the third quarter.
As to your first question, in this context, so IOF being charged, so they will be after BRL 600,000 per year. This was not expected, and we are still adapting to the new scenario. We are not going to go back to the inflow levels that we used to have until last year. This is going to be gradual work, as Delano said, of change and increase in the composition of the inflows with whatever frequency, whether it's monthly, quarterly, but this is long-term work.
Now we need to expand our basis, having more recurrence and some customers do not mind paying the IOF and others depending on their properties, 5% of IOF really affects collection, and we will need to work with a higher frequency of investments, and this is along the year, this is gradual and takes a while for us to go back to the same level of gross inflows. In terms of insurance, so what do we expect in 2026? Even though it doesn't look like, it looks like our business is anticyclic because of the behavior of net income.
But this is not the essence. It's relatively cyclic differently from other industries in the financial industry, but it depends on credit. So what we are seeing this year with a high interest rate was a reduction in origination in rural with the unique features and credit life that are having more difficulty, both in the origination of new credit and so that the credit life insurance is in there.
For 2026, I'm going to use the assumptions based on interest rate cuts. We are expecting rates to go down as compared to 2025. And in itself, this will provide a better environment for credit origination, which somehow helps to go back to more appropriate levels for us to write premium first in credit life and then rural. So today, for 2026, we are working in a process of discussion in terms of our budget, a growth in almost all business lines and a growth is still at 1 -- high digit, especially thinking in terms of reduction of interest rates in 2026.
Congratulations on your performance. Just a follow-up. As to the prospects for 2026, so this means that in theory, you're going to have growth in 2026, at least in top line. Interest rates. What is the level of interest rates you're working with for 2026 and the numbers that we see in consensus average Selic will be practically the same as 2025? What is your opinion about that? Do you agree with that? Or can we count on investment income more or less at the same level? Of course, you have volume to help, but an average Selic similar. Should we expect the same levels of investment income?
Well, -- in order to avoid projections, I'm going to use what's implicit in the curve. So interest rate curves, 1 point reduction in average Selic. So our sensitivity to Selic in the bottom line is the same. So 1 Selic point up or down, it means BRL 100 million impact up or down. So today -- so if this is what happens in 2026, so a reduction in the curve, which is difficult for us to compensate in any other way.
It's important to emphasize that another component that has favored our investment income along 2025, which is the gap between IGP-M and IPCA, the market projections indicate that there will be a slight deflation for the IGP-M and IPCA above 4. This has also contributed positive for our investment income, something that we cannot count on for 2026. So today, it's very difficult for us to work on prospects of stability or growth of the investment income of 2026. We are thinking in terms of a reduction.
Our next question comes from Gustavo Schroden from Citi.
I have two questions to ask. One is still in the dynamics of the premiums. So what do you expect? What can you share with us about the ratio between written premiums and earned premiums. So in terms of written premiums, we have a slightly more negative dynamic. And how should we think of the carryover in terms of earned premiums? So if you could share with us in terms of premiums written and premiums earned and then in 2025. And more specific question for Delano.
Could you share with us something slightly more strategic since you take over the company, which are the main topics that you're going to address your challenges, the expected legacy for you to deliver now that you're leading the company?
Thank you so much, Gustavo, for your question. As I said just now, my main focus is going to be on seeking synergy between the invested companies so that we effectively have a customer-centered vision so that we can review our journeys, focusing on improving satisfaction, increasing our customer base and making that customer base more profitable. And we are going to focus on operational efficiency. We'll seek to reduce expenses, and we are going to bring that in a positive way also to offset any possible impact in our financial -- in our investment income with interest rates dropping next year.
So the idea is for us to continue focusing on innovation, improving our portfolio, improving how we meet the needs of our customers and the services that we provide to them, going to new business lines, combining business journeys between the different companies and favoring the economic growth of our company. I believe that the legacy that I hope to leave is a company that will not just be stronger economically, but also acknowledged as the best insurance company in Brazil.
Well, Schroden, based on your initial question about earned -- premiums written and premiums earned. So we're still expecting to increase earned premiums with a low growth year-on-year. As I said before in the previous answer in terms of what we expect in terms of resuming growth, especially for credit life, but as credit life has a long time, this is not going to be translated in premiums written, and this is going to be a result that is going to be carried over more to 2027 than to 2026.
For 2026, we still have a residue, so to speak, of past terms to accrue in the result, and this creates growth, but it's a low year-on-year growth that we are expecting for next year.
Next question comes from Marcelo Mizrahi of Bradesco BBI.
Good luck with the challenge. My question goes to the life farmer. So it's been very successful. So it's a very good level, so with this credit life for farmers. So could this product have the impact of this slightly more difficult scenario in agro? Could it remain resilient, keeping the same levels in the future? How should we think about the credit life for farmers looking into the future?
And also about loss ratio, the loss ratio also considering credit life for farmers, it got my attention what it has in terms of the usual life insurance. How should we think about the loss ratio for this product? It's been going down over the last 3, 4 years. Or what should we think in terms of loss ratio for credit life for farmers looking into the future?
Mizrahi, thank you very much for your question. I'm going to start with loss ratio. So speaking about the loss ratio, in terms of the lower loss ratio, also because it is a shorter product than traditional life insurance and with a lower average age. So it has a lower loss ratio. So what it carried over year-on-year, it explains part and we kept the maximum age for maximum capital protected, where we saw that there was room for an increase in risk taking.
And then we had a high level despite the slowdown in agricultural insurance. So what we see for that in the future? I do not believe that it's going to be so closely related because farmers have an awareness of protection that is higher than urban citizens because of their experience of risk that they have in a day-to-day in the farm and also considering their experience that they have, even though this is a smaller public that experience they had during the COVID with more than BRL 1 billion that paid in damages during the COVID-19, more than half of that was to farmers.
And this helps reinforce the culture of protection that they have. Now in fact, when we look at this growth rate year-on-year, it slows down because this adjustment between amount insured and age. So we started having a comparison basis that's slightly stronger. And the fourth quarter is going to be no difference. The space to penetrate is not as big as it used to be as it is in agricultural insurance.
Now I have a question about the loss ratio of rural insurance as a whole. So there was some reversal in August, which is different from last year with a slightly more -- bigger loss ratio. So the costing gets the attention. So should we expect the loss ratio to go up in future quarters?
Well, statistically, that makes sense in the last 3 years, there are 3 cycles in this -- because that were very favorable when we look at countrywide exposure to risk. Now today, in the more up-to-date projections, we are seeing an intensification of La Niña phenomenon in the fourth quarter, and this is likely to have some impact in the loss ratio for the summer harvest that is going to be collected early next year.
But when we look at the sequence from the second quarter onwards for 2026, then there's a predominance of it being flat, which is favorable. So it is natural for the loss ratio to go up, especially for the crop insurance. But for now, we don't think this is going to be so significant as in terms of having a material impact in the bottom line, but there will be a higher level if we compare year-on-year.
Now our next question comes from Maria Luisa Guede from Safra.
Now still on rural insurance, there are two things that I would like to explore on. Number one, still what Sperendio just said about loss ratio, but now talking about retention. We see the retention rate going up by a few percentage points. I think that with slightly more favorable loss ratio environment. So how do you see the retention thinking in future crops when the loss ratio might get slightly worse?
And number two, I would like to understand, considering the bank negotiation program that was launched a while ago, was there any window of opportunity to embark rural insurance? And is there any upside related to that in the second quarter? Or there were no opportunities and the next premiums issued in terms of being related to the last crop.
Thank you for your question. First, the second question. As to the renegotiation, yes, there is an opportunity, but we prefer to work as if it weren't there. We prefer to be slightly more conservative also because of the uncertainties related to the environment as to see something completely new, we prefer to have a slightly more conservative environment, and we are not seeing any upside. And also in terms of the guidance and the best efforts to try and have a variation rate closer to the floor of the guidance, but it is concentrated on other lines that do not depend so much on the rural segment, especially credit life.
As to the question involving life insurance, what was your question about retention, especially for rural insurance? I remember now. Sorry, as to retention. Well, we -- so we grant to reinsurance risk, especially for the crop insurance. About 3 years ago, more or less, we conducted a quite deep assessment of the underwriting model, the quality of our portfolio, and we put that against a historical perspective to understand that, yes, we could retain more risk in our portfolio. So we did not just said, but we also worked on a very significant process internally to maximize the operations that we were -- for which we were getting reinsurance.
But all the work ended up leading us to the conclusion of increasing retention, but in a conservative way. This was gradual along the last 3 years and the intention in year 3, 2026, we want to increase our retention slightly more. So increasing the retention on that risk in 2026.
Our next question comes from Guilherme Grespan from JPMorgan.
So I have two questions about rural insurance. It's about the lien insurance. There was an increase in average ticket. Is it related to pricing? Could you give us more details on magnitude? And my second question is about products. I think that there was a gap that is easy to close at [indiscernible]. I would like to explore with you the rural. So we are seeing significant changes in the industry in terms of losing loans against other types of products. Just as a reminder, so does your insurance today include other products other than banking loans and how do you compare? Could you just remind us about the different ways of funding for farmers?
So answering your second question first, Grespan. Thank you. Today, we are working essentially in terms of costing for bank loans. So we are working with CPR in partnership with our investments in the platform, a joint investment that we have with Banco do Brasil. And then we do expect that to expand the scope of operation after 2026. So we are advanced not just in terms of crop insurance for CPR, but it includes the entire rural portfolio materialized in CPR.
So life insurance, credit life for farmers and lien and crop insurance. So it's about the Lien. So there was a higher average ticket. Yes. And this is a recurring process that we do. So especially updating machinery equipment prices that were updated, but this was the main driver for the performance of lien insurance. So there is something related here to livestock lien, something that we are exploring more intensively. It's kind of new. I think it's two years old, and it has also contributed more significantly for the growth in lien insurance.
Now our next question comes from Pedro Leduc from Itaú BBA.
So the first question is about the private -- about the credit life for private payroll loan. And the second question is about other lines that are becoming more important in agro credit and there are players other than BB. So how are you going in terms of trying to find new channels for your products? And so it didn't use to be so relevant in the past. Any updates, anything that we can see for the future?
Thank you for your question, Leduc. As to the credit life for private payroll law, so right at the launch, it went very well. There was a slowdown in premiums now, but it has provided a significant contribution, something like BRL 168 million in premiums, new premiums. This is equivalent to the monthly production in terms of credit life here in Banco do Brasil. We still have room today when we look at the penetration in credit life and in the credit life for private payroll loans. So we will be able to use that opportunity as interest rates go down as expected in future years.
So for now, it's difficult to attribute that -- to attribute a great growth in the short term. It's going to be diluted as interest rate goes down. As to partnerships in the agro segment, so all the effort that we made in the last 3 or 4 years to expand channels when our focus now is more concentrated on the rural segment where we have a competitive advantage, even more than in other segments.
We still place great emphasis. We have expanded significantly the number of partners, but the transition today is very diluted in terms of small partners. So in future years, our intention is to focus slightly more on this segment and seek partners that have a higher capacity for the origination of risk. And this is -- this would be #2. And as I said in the previous answer, also expanding our niche of operation, not just in costing credit, the regular, but also in credits originated from CPR.
Our next question comes from Carlos Gomez from HSBC.
I wonder if you can give us a bit more detail about how the rural insurance is evolving. You mentioned that you have just started with the restructuring program from the government. But how have the last few months been compared to your expectations? And how do you think that we have reached a bottom in terms of credit and insurance origination in the segment?
So when we assess the rural segment as a whole, Q4 regardless of renegotiations is likely to be a weaker segment for insurance. We do not concentrate major issuances of crop insurance. We have a program of renegotiation, and we are placing a focus on that, but we are not working with estimates for the cross-sell of insurance. And so we have life and then lien.
So today, in the rural segment as a whole and everything that we are doing, even though we believe and we expect growth over a very weak basis that is becoming actual in 2025, it's still a period of adjustment, still very far from when we had more premiums being written in 2022, '23, we are not seeing this happening again in the short term.
So as we see it, especially what's going on in the rural segment now is what happened to other industries after the pandemic. There was an imbalance between supply and demand, which went through an adjustment. And this is what is going on with the rural segment right now. Moreover, there was also a reduction in subventions, which has created an additional difficulty for us to be able to continue growing with crop insurance. As these many factors are rebalanced for the industry as a whole, we are likely to see crop insurance growing again also because, as we said in the beginning of the presentation, the penetration of crop insurance in the planted area in Brazil is very low.
And so it's 7%, and we saw this number exceeding 10%. But the thing is we will be able to explore this opportunity better once we go through the adjustment, which is likely to happen a long time. It's not something that is going to take place in the short term.
I mean you are talking about very low growth in premiums. You're talking about a decline in the financial income. Is it realistic to expect flat earnings for next year? Or we should expect a small decline? Or it is too early for you to tell?
Well, overall, Carlos, it's very difficult to keep income stable or to grow in 2026. Today, according to our best estimates, we are seeing very robust performance in 2025, very strong bottom line this year. And as most of the market are aware of the numbers in the third quarter, we'll update their projections for the year and then realize what I'm saying now -- and -- but considering the information that we currently have for 2026 and in terms of a smaller investment income, which has a direct or immediate impact in terms of the growth in revenue and accounting deferral, this is something that happens over time.
Today, the impact of the invest income and slightly higher loss ratio, even though it's marginally higher, it's difficult for us to be able to offset with the growth in sales, especially because of the accounting deferral. So today, the basic scenario, we are not working with stability or higher profit in 2026.
Now we have one last question in the line coming from Antonio Ruette from the Bank of America.
I would like to steer away from rural insurance and look into other lines and more specifically, credit life. Could you give us more details considering the cross-selling, considering individuals and companies. So there is a negative impact of companies. So I would like you to tell us a little bit more about that. How is penetration evolving? And so there is a significant decoupling between credit life. So could you tell us how penetration is evolving and what you expect in the future?
Antonio, thank you for your question. Well, we assess the behavior of the credit life portfolio just as we are considering the credit cycle. 10 years later, it's not too different from what we saw in 2015, considering the perspective of BB Seguridade. So the breakdown between individuals and companies. So for what we consider eligible today for individuals, this is a portfolio with a risk that is very much under control. It's very resilient. So what we have been feeling in terms of individuals, this is more an issue of interest rates and impact of the higher rate and maybe the insurance, whether it fits into what customers think is appropriate for their payment capacity.
But this is not something that has any significant impact. And also the credit life for individuals, it's low. I can't really remember. It's about 2%. It's quite low. Now in terms of companies, especially where we have exposure in terms of micro, small and middle-sized companies, this is where we feel the raise in interest rates. And when we look at year-on-year numbers, so the net issuance for individuals is about BRL 80 million.
So this is a level that is well below what we had been having. This number was not negative just because of the increase of new lines, as Delano said, so we are operating with [indiscernible] and all these lines have brought in a new public, a new audience that made it possible for us to bring corporate credit life to the positive side. So as we saw 10 years ago in terms of credit, so this is more concentrated in small and middle-sized businesses. This is where this is slightly more difficult. As interest rates drop, this is a segment that reacts quite fast, and it will contribute to a healthier level of premium originate.
But in the case of small and midsized businesses, so is it like it is for individuals, it's the rate and higher interest rate and then the price of the installments cannot be included.
Yes. But this is a more sensitive audience. So this is very much focused on civil servants and the INSS, the public and the social security of Brazil. So this is less affected than companies, but the origin is the same. It's just a matter of sensitivity.
Well, nice, if I could follow up. I think Schroden asked you about what you can do in the company's strategic agenda. And you talked about an efficiency agenda. Is there something more specific that today you think you could do?
Well, there's lots of opportunities in terms of productivity and operational efficiency. As a whole, we have lots of redundancies, and this is something that we will not be able to completely eliminate considering all the portfolio with different partners in different businesses. But yes, there is room for improvement, and we have the intention to place great emphasis on that in 2026, which is a variable that's slightly more under our control.
We are going to go through some questions that came in writing from the Q&A. So there are many questions, many of them have already been answered live. We just have a few ones. I think that one that we must answer and for you to start on the right foot is the renewal of the contract with Banco do Brasil and all the discussion of contracts, which is something recurring.
Thank you, Felipe. Yes, it was funny that no one had asked the question. We have no exposure, nothing on the table about contract renegotiation. This is going to happen at the right time. It would be impossible for me to tell a time for that to happen. And there is -- we are not expecting this to happen in the very short term. So as soon as we have -- we find the most appropriate time with Banco do Brasil, we are going to announce that. But for now, there is nothing on that area.
Thank you, Delano. Another question that is also recurring about dividends. So the schedule for the payout of dividends and more specifically, if -- is it possible for us to have the extraordinary payout of dividends based on profit reserve?
So as to the payout of dividends, -- so we have a quite robust cash, not just at the level of holding at BB Seguridade, but also at the brokerage firm, which might allow us to have a payout over the profit of the second half higher than what we had for the profit of the first quarter. But in principle, the basic scenario, we are not expecting to pay extraordinary payout of dividends. There should be a good balance between our brokerage business and is the holding BB Seguros and BB Seguridade so that there is no tax loss in the companies.
So today, essentially, our expectation is to have a higher payout in the second half of the year, but we wouldn't work with earlier or advanced payment of extraordinary dividends.
Thank you, Rafael. So in this manner, we finalize our questions. We would like to thank everyone for your participation, and I'm going to give the floor to Delano and Rafael to -- for their closing remarks.
So I would just like to thank you once again for your participation, for being here with us. and all questions that may not have been answered. So thank you all so much. I would like to thank everyone for your participation. Thank you very much for being here with us. And I would like to thank BB Seguridade team, all the investees and also Banco do Brasil and everyone contributed for our excellent performance. Thank you all very much, and have an excellent day.
[Statements in English on this transcript were spoken by an interpreter present on the live call.]
Transkripte auf Deutsch freischalten
- Alle Event Transkripte auf Deutsch
- Sofortige Übersetzung
- KI-Zusammenfassungen für die wichtigsten Insights
BB Seguridade Participações — Q3 2025 Earnings Call
📊 Quartal auf einen Blick
- Recurring Net Income: BRL 2,6 Mrd im Q3 2025 (+13,1% YoY); YTD BRL 6,8 Mrd (+≈14%).
- Netto-Investmentertrag: +55% YoY im Quartal; machte ~28% des Ergebnisses aus.
- Operatives Ergebnis: +2,4% YoY (nach Steuern); YTD +5,7%.
- Prämienentwicklung: Prämien geschrieben -15% YoY im Q3; einbehaltene Prämien -8% YoY (-3% YTD).
- Pensionen: Beiträge -19% YoY; Reserven +9% YoY; Belastung durch IOF (Imposto sobre Operações Financeiras).
🎯 Was das Management sagt
- Neue Führung: CEO Delano Valentim setzt drei Säulen: Kundenfokus, Innovation/Digitalisierung, operative Effizienz und Synergien zwischen Beteiligungen.
- Produktentwicklung: Kredit-Leben (SMBs) seit Juli BRL 294 Mio Prämien; private Payroll-Kredit-Leben seit März >BRL 160 Mio—beide als Wachstumshebel.
- Operativ & Kunden: NPS (Net Promoter Score) +5,1 Pp, Beschwerden -24%, Churn -7%; gezielte, vorsichtige Asset-Allokation bei Brasilprev und schrittweise Erhöhung der Risikoretention in Ernteversicherungen.
🔭 Ausblick & Guidance
- 2025-Guidance: Non‑interest operating ex‑Holding Ziel 1–4%; YTD bis Sept. 5,9% — Management erwartet Konvergenz zurück in Range in Q4.
- Prämienziel: Erwartetes Wachstum geschriebenen Prämien -4% bis +1% für 2025; YTD -7,9% wegen schwacher Rural‑Performance.
- 2026-Prognose: Erwarteter Rückgang des Investmentertrags (Zinskurve); Sensitivität: 1 Prozentpunkt Selic ≈ BRL 100 Mio Ergebniswirkung. Risiken: IOF‑Effekt auf Zuflüsse und mögliche La‑Niña‑Effekte auf Schadenquote.
❓ Fragen der Analysten
- IOF & Portabilitäten: IOF konnte Rückgänge bei Einzahlungen/Portabilität begünstigen; Management nennt Effekte schwer exakt zu quantifizieren, arbeitet an häufigeren, periodischen Mitteln und neuen Produkten.
- Rural / Schadenquote: Rückgang der Agrar‑Prämien belastet Top‑Line; höhere Schadenquote möglich durch Wetter (La Niña), aber Management erwartet keine massiv materialisierte Auswirkung auf Konzernergebnis.
- Strategie & Kapitalallokation: Fragen zu Cross‑Sell, Absatzkanälen für Credit‑Life und Effizienzmaßnahmen; CEO/CFO betonten Priorität auf Synergien, Kostenoptimierung und selektive Wachstumsinitiativen. Vertragsverlängerung mit Banco do Brasil: derzeit nichts auf dem Tisch.
⚡ Bottom Line
- Fazit: Q3 lieferte Rekordergebnis getrieben von Investmenterträgen; strukturelle Schwächen bei Prämieneinbuchungen (insb. Rural) und IOF‑Effekte auf Pensionszuflüsse schwächen die Sicht auf 2026. Management setzt auf neue Kredit‑Leben‑Produkte, Cross‑Sell und Effizienz, um sinkende Anlageerträge teilweise zu kompensieren — Anleger sollten 2026 mit höherer Ergebnisschwankung rechnen.
Finanzdaten von BB Seguridade Participações
Umsatz
Der Umsatz stellt die Summe aller Einnahmen eines Unternehmens z. B. für dessen Produkte oder Dienstleistungen dar.
Umsatz (TTM) einfach erklärtDirekte Kosten
Direkte Kosten sind die Kosten, die direkt im Zusammenhang mit der Herstellung des Produkts oder der Dienstleistung entstehen.
Bruttoertrag
Der Bruttoertrag gibt an, wie viel vom Umsatz nach Abzug der direkten Herstellkosten im Unternehmen verbleibt. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der Bruttomarge (engl. Gross Margin).
Brutto Marge einfach erklärtVertriebs- und Verwaltungskosten
Die Vertriebs- & Verwaltungskosten (engl. Selling, General & Administrative expenses, kurz SG&A) beinhalten alle Aufwände für Marketing und den Verkauf sowie die allgemeine Verwaltung des Unternehmens.
Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Jun '26 |
+/-
%
|
||
| Umsatz | 2.017 2.017 |
4 %
4 %
100 %
|
|
| - Direkte Kosten | 36 36 |
367 %
367 %
2 %
|
|
| Bruttoertrag | 1.981 1.981 |
282 %
282 %
98 %
|
|
| - Vertriebs- und Verwaltungskosten | 56 56 |
22 %
22 %
3 %
|
|
| - Forschungs- und Entwicklungskosten | - - |
-
-
|
|
| EBITDA | 1.926 1.926 |
5 %
5 %
95 %
|
|
| - Abschreibungen | 0,27 0,27 |
13 %
13 %
0 %
|
|
| EBIT (Operatives Ergebnis) EBIT | 1.926 1.926 |
5 %
5 %
95 %
|
|
| Nettogewinn | 1.774 1.774 |
3 %
3 %
88 %
|
|
Angaben in Millionen USD.
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Firmenprofil
BB Seguridade Participações SA ist eine Holdinggesellschaft, die sich mit der Bereitstellung von Versicherungsprodukten und -dienstleistungen befasst. Der Hauptsitz des Unternehmens befindet sich in Brasilia, Distrito Federal. Das Unternehmen ging am 2013-04-25 an die Börse. Die Aktivitäten des Unternehmens sind in zwei Segmente unterteilt: Versicherung und Maklergeschäft. Die Versicherungssparte bietet Lebens-, Sach- und Unfall-, Fahrzeug-, Sonderrisiko-, Finanz- und Transportversicherungen, Zahnversicherungen, private Renten- und Kapitalisierungspläne sowie Rückversicherungen an. Der Geschäftsbereich Brokerage konzentriert sich auf die Vermittlung von Versicherungen, die Verwaltung von Renten- und Kapitalisierungsplänen sowie die Förderung von Versicherungs- und Rückversicherungsprodukten. Darüber hinaus bietet sie Beratung bei der Auswahl von Versicherungen. Zu den Tochtergesellschaften des Unternehmens gehören BB Seguros Participacoes SA und BB Cor Participacoes SA. Das Unternehmen wird von der Banco do Brasil SA kontrolliert.
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| Hauptsitz | Brasilien |
| CEO | Mr. Haui |
| Mitarbeiter | 222 |
| Webseite | www.bbseguridaderi.com.br |


