By Brazil Stock Guide – BB Seguridade Participações SA (B3: BBSE3) reported recurring managerial net income of R$4.4 billion in the first half of 2026, up 3.2% from a year earlier, as higher financial income and growth in its pension business compensated for softer insurance operations.
The insurer’s combined financial result, including its subsidiaries and affiliates, rose 16% to R$909.1 million after taxes, supported by improved returns on financial assets, BB Seguridade said in a statement Monday.
Operating performance remained resilient as Brasilprev recorded higher management-fee revenue and improved efficiency. Claims at the insurance unit remained at their lowest level on record, according to the company.
“Even in an environment marked by greater financial-market volatility and pressure on key economic indicators, we maintained the strength of our businesses and discipline in executing our strategy,” Chief Executive Officer Delano Valentim said.
“The semester’s results reflect the strength of our business model, customer confidence and the commitment of our distribution network to offering solutions increasingly suited to Brazilians’ needs for protection, financial planning and wealth accumulation,” he added.
Pension business drives earnings growth
The pension operation posted recurring managerial net income of R$875.5 million, a 13.5% increase from the first half of 2025. Management-fee revenue climbed 6.9%, while the efficiency ratio improved by 2.4 percentage points.
The unit’s financial result advanced 40.7%. Net inflows reached R$2.8 billion, reversing net redemptions of R$5.2 billion a year earlier, as contributions rose 7% and redemption and portability rates declined.
Brasilprev surpassed R$500 billion in assets under management in July, a record for the company.
Insurance premiums decline
Recurring managerial net income from insurance fell 0.8%. The result reflected a 2.3% decline in non-interest operating earnings and a 3.8% contraction in financial income.
Written premiums dropped 3.5%, mainly because of weaker agricultural, rural collateral and life-insurance sales. Rural producer life premiums increased 14.9%, while residential insurance expanded 22.9%.
Capitalization profit jumps 40.5%
The capitalization business recorded net income of R$179.3 million, up 40.5% from the same period last year. Financial income grew 38.8%, driven by a wider financial margin and an increase in average assets.
Brasilcap held R$11.5 billion in reserves as of May, representing 25.7% of Brazil’s capitalization market, according to the latest data from insurance regulator Susep.
BB Corretora reported net income of R$1.7 billion in the six-month period, broadly unchanged from a year earlier.
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