BB Seguridade Participações (BBSE3) investor relations material

Executive summary

• Managerial net income reached R$2.2 billion in 1Q26, up between 11% and 11.5% year-over-year, driven by strong investment income and operational efficiency improvements across key subsidiaries.

• Growth was led by Brasilprev, Brasilcap, BB Corretora, and Brasilseg, with each segment contributing to the overall increase.

• Despite a challenging macroeconomic environment, market leadership was maintained in pensions and premium bonds, with March marking a historic high since the IPO.

• Operational discipline and strategic execution since late 2025 contributed to robust results across business lines.

Financial highlights

• Managerial net income grew to R$2.22 billion from R$1.996 billion in 1Q25, a 16% increase.

• Combined net investment income rose 58.5% YoY to R$507.1 million, contributing almost 23% to net income.

• Pension reserves reached R$484.2 billion, up 10.2% YoY.

• Premium bonds collections increased 7.6% YoY to R$1.8 billion, maintaining leadership in contributions and reserves.

• Total retained insurance premiums were R$3.6 billion, nearly flat year-over-year.

Outlook and guidance

• Guidance for 2026 projects PGBL and VGBL pension plan reserves and written premiums to grow by 8–11%.

• Non-interest operating result (ex-holding) is expected to range from -7% to -3%, with actual results exceeding guidance due to improved loss ratios and higher pension contributions.

• The company remains cautious for the rest of 2026 due to climate risks (El Niño) and macroeconomic uncertainties, especially for rural and home insurance.

• No immediate revision to guidance is planned, but ongoing monitoring of climate and market conditions will inform future updates.