BB Seguridade (BBSE3) recorded a net profit of R$1.843 billion in the first quarter of 2024, an increase of 4.7% over the first quarter of 2023, with an increase in earned premiums and an improvement in insurance claims, growth in insurance revenues brokerage and increased volumes collected in pension and capitalization.
The result of participations totaled R$1.836 billion in the first quarter of this year, an increase of 4.1% compared to the same stage in 2022.
The consolidated financial result of BB Seguridade and its investees reached R$220.9 million, a decrease of 34.7% compared to the same period in 2023. “The drop is largely attributed to the negative variation in the financial result of Brasilprev ”, explains the insurer.
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Premiums issued increased by 15.3% in the comparison, with emphasis on: (i) credit life (+35.2%), due to the increase in the volume of credit originated and the reduction in cancellations; (ii) rural pledge (+54.1%), driven by animal pledge insurance, launched at the beginning of the year; and (iii) rural producer life (+28.0%), a consequence of growth in the average ticket and increase in quantity sold.
Non-interest operating income grew 7.4% in the period, largely due to the 6.2% increase in revenue from management fees, driven by the 14.5% expansion of pension reserves in the last 12 months.
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Revenue from capitalization bonds increased by 16.4%, a movement attributed to the higher average ticket for bonds.
Revenue from loading quota did not keep pace with collection and grew 7.6%, with the average loading quota falling 0.8 pp
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BB Seguridade ended the first quarter of 2024 with a net worth valued at R$11.028 billion, an increase of 17.5% compared to a year before.
Tags: Seguridade BBSE3 profits R1 .84 billion quarter annual increase
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