By Brazil Stock Guide – BB Seguridade (BBSE3) reported a recurring managerial net income of R$2.56 billion in the third quarter of 2025, up 13.1% from the same period last year — the company’s highest quarterly profit since its IPO in 2013.
The performance was fueled mainly by a 55.1% surge in financial results, supported by the increase in the average balance of financial investments, Brazil’s still-high Selic rate, and the deflation of the IGP-M index, which reduced liability costs at pension unit Brasilprev.
In the first nine months of 2025, recurring net income totaled R$6.8 billion, a 13.7% rise year over year, supported by higher earned premiums and brokerage revenues, lower claims ratios, and stronger consolidated financial income.
CEO Delano Valentim de Andrade, in his first quarter leading the company, said the results confirm a “customer-centric strategy delivering consistent and sustainable growth.” He added that BB Seguridade remains focused on “innovative, personalized, and sustainable solutions,” reinforcing its goal of being “Brazil’s benchmark in protection and peace of mind.”
Among subsidiaries, Brasilseg posted recurring net income of R$950 million, up 7.2%, helped by a 51.1% jump in financial results amid higher Selic rates and a 6.8% increase in retained earned premiums. Brasilprev earned R$709 million, a 19.1% year-on-year increase, supported by lower liability costs thanks to the deflationary IGP-M.
Brasilcap’s net income rose 31.1% to R$61 million, driven by growth in monthly payment bonds and improved financial margins. BB Corretora reported R$943 million, up 9.3%, boosted by the recognition of commissions from prior-period sales.
Over the first nine months of the year, BB Seguridade’s non-interest operational result came in above guidance, while pension reserves (PGBL and VGBL) tracked within the expected range. Meanwhile, insurance premiums at Brasilseg remained slightly below projections, due to weaker-than-expected demand in credit-linked products, especially agricultural insurance.
With shareholders’ equity of R$12.9 billion and cash and equivalents of R$1.55 billion, BB Seguridade continues to show strong cash generation and dividend-paying capacity. The consolidated financial result reached R$714 million, equivalent to 28% of total profit, highlighting the company’s resilience and leadership as one of the most profitable players in Brazil’s financial sector.
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