Q2 2026 BB Seguridade Participacoes SA Earnings Call Transcript

Aug 4, 2026 / 02:00 PM GMT

Release Date Price: $8.17 (+0.37%)

Transcript

Key Points

Positve

Recurring net managerial income increased 3.2% year-over-year in the first half of 2026, reaching BRL4.4 billion.
Net investment income after taxes grew over 16% year-over-year, driven by high interest rates and improved financial margins.
Pension plan reserves grew 10.6% year-over-year to BRL496.5 billion, with a positive net inflow of BRL2.8 billion.
The loss ratio in insurance operations remains at historical lows, supported by improved operational efficiency and a better performance in agricultural insurance.
The company maintained a high payout ratio of almost 88%, distributing BRL3.9 billion in dividends, reinforcing its commitment to shareholder returns.

Negative

Net income in the second quarter of 2026 dropped 3% year-on-year, impacted by negative mark-to-market and a sharp rise in the IGP-M index affecting pension liabilities.
Written premiums in insurance remained practically stable, with a notable drop in agricultural insurance premiums, particularly crop insurance, due to a challenging environment.
The company's guidance for non-interest operating results was missed, ending the first half outside the expected range, with uncertainty about convergence in the second half.
Management fees in pension plans saw a reduction on both comparison bases due to risk aversion, with flows concentrated in lower-risk, lower-fee products.
The outlook is clouded by potential impacts from El Niño, which could affect loss ratios in 2027, and ongoing uncertainty regarding tax reform and its effect on insurance operations.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BBSE3.SA - BB Seguridade Participacoes SA
Q2 2026 BB Seguridade Participacoes SA Earnings Call
Aug 04, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to our virtual meeting to present part of the second quarter of 2026.

Since this event is being recorded and simultaneously translated into English.

To listen to the audio in English, press the interpretation button at the lower right-hand side of the screen.

The event will be divided into 2 parts.

In the first part, our CEO Delando Valentin, and our CFO Rafael Speranio will present at the main deliveries of the quarter.

Presentation and the slide deck in Portuguese or in English can be downloaded from our investor relations website at the address www.b.e.com.br and the second part of the event, there will be a Q&A session, when analysts and investors

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