Q2 2024 BB Seguridade Participacoes SA Earnings Call Transcript
Key Points
- BB Seguridade Participacoes SA (BBSEY) reported a net income of BRL4.2 billion for the first six months of 2024, marking an 11.8% growth year-on-year.
- The company's insurance operations saw a 5% increase in premiums written, with credit life insurance growing by 21%.
- Pension business reserves exceeded BRL410 billion, up by 12% over the past year, with a net inflow of BRL5.3 billion.
- BB Corretora brokerage revenues increased by 12% year-on-year, totaling BRL2.7 billion.
- Investments in IT infrastructure, cybersecurity, and digital solutions amounted to BRL258 million, enhancing operational efficiency and customer experience.
- The implementation of SUSEP's circular letter 678 led to accounting adjustments, impacting the bottom line with a BRL650 million deficit booked in January.
- The company's adjusted managerial profit grew only 3.1%, which was below expectations due to financial impacts from marking to market and interest rate fluctuations.
- Premiums written were below the guidance range, impacted by unexpected factors such as the late release of the Safra plan and discontinued product lines.
- The loss ratio was affected by a catastrophe in Rio Grande do Sul, adding 1 percentage point to the overall loss ratio despite reinsurance recoveries.
- Investment income was negatively impacted by a reduction in the Selic rate and marking-to-market losses, contributing to a lower-than-expected financial performance.
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Hello. Good afternoon. Thank you for attending our webcast to present the results of the second-quarter of 2024. This event is being recorded and simultaneously translated into English. To listen to the audio in English, just click on the interpretation button.
We are going to start our event with a presentation by our CEO, André Haui; and our CFO, Rafael Sperendio, who will talk about the results and performance of the period. The slides in Portuguese and English are available on our investor relations Web site at www.bbseguridaderi.com.br.
After the presentation, we are going to have a Q&A session, which analysts and investors may ask questions. I'm going to come back at the end of the presentation to give you additional orientations. Now I'd like to give the floor to André to start his presentation. Thank you.
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