Q3 2024 BB Seguridade Participacoes SA Earnings Call Transcript
Key Points
- BB Seguridade Participacoes SA (BBSEY) reported a net income of BRL6.4 billion for the last nine months, reflecting a growth of 9.7% year-on-year.
- The company achieved a record high in managerial net income, growing by 5.7% to BRL6 billion.
- Retained premiums grew by 8%, indicating strong performance in more profitable insurance segments such as credit life and crop insurance.
- The loss ratio decreased by 3 percentage points, maintaining historically low levels at 25%.
- The company invested BRL368 million in digital transformation and analytical maturity over the last nine months, enhancing operational efficiency.
- Premiums written only grew by 1% year-to-date, which is below the expected range of 8-13%, leading to a revised guidance of 0-3% growth.
- The financial result decreased by 16% year-on-year and 19% year-to-date, impacting overall profitability.
- The net investment income dropped by 18% year-on-year due to the compression of financial margins.
- Crop insurance premiums were reduced by 32% year-on-year in the third quarter, affecting overall premium growth.
- The average management fee for pension funds decreased due to a higher concentration in more conservative vehicles, impacting revenue growth.
Hello, good afternoon. Thank you for attending our virtual meeting to present the results of the third quarter of 2024.
This event is being recorded and there is a simultaneous interpretation into English. To listen to the audio in English. Please click on the interpretation button. The event will be divided in two parts. First, the CEO, Andre Haui, and then our CFO will make presentations about the results. Then there will be a Q&A session.
The company presentation is available at the company's Investor Relations website, www.bbseguridaderi.com.br. (Operator Instructions) Now I would give the floor over to our presenter, to Andre, and then we'll come back for the Q&A session.
Thank you, Felipe. Now I would give the floor over to our presenter so to Andrea and then we'll come back for the Q&A session. Thank you, Felipe.
I'll
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