BB Seguridade (BBSE3) recorded net profit of R$2.05 billion in the fourth quarter of 2024 (4Q23), an increase of 13.7% over the performance of the same period in 2022.
The result of participations totaled R$2.05 billion in the fourth quarter of last year, an increase of 13.6% compared to the same stage in 2022.
The consolidated financial result of BB Seguridade and its investees reached R$453 million, a decrease of 0.8% compared to the same period in 2022.
Brasilseg’s premiums issued increased by 1.2% over 4Q22, a variation explained by the retraction in the sectors: (i) agricultural (-25.5%), due to lower demand and reduction in the average insured amount; (ii) rural pledge (-7.9%), due to the drop in sales volume; and (iii) life (-2.1%), resulting from a drop in renewals compared to the same period in 2022.
Non-interest operating income grew 17%, as a result of reversals of provisions for unpaid claims and related expenses, which
positively impacted the lines “expenses with benefits, redemptions and claims” and “variation in other technical provisions”, respectively.
Revenue from capitalization bonds recorded a drop of 0.6%, due to the smaller number of bonds sold, an effect that was partially offset by the higher average ticket for single payment bonds.
Revenue from loading quota contracted 6.8%, with a reduction of 0.6 pp in the average loading quota, impacted by the greater share of single payment titles with a shorter term (24 months) in total revenue, as These products have a lower quota compared to longer products (36 and 48 months).
BB Seguridade ended the fourth quarter of 2023 with a net worth valued at R$9.112 billion, an increase of 20% compared to a year before.
Projections
The company also released projections for 2024, with the expectation for non-interest operating results pointing to growth of 5% to 10% after expansion slightly above the estimate of 17.6% in 2023.
The insurer also predicts growth of 8% to 13% in premiums issued by BrasilSeg.
Dividends
BB Seguridade approved the distribution of R$2.455 billion as remuneration to shareholders in the form of dividends, referring to the net profit recorded in the 2nd half of 2023, plus the balance of prescribed dividends relating to past years. The amount per share is equivalent to R$1.25548194703.
Dividends will be updated at the Selic rate, from the balance sheet date (December 29, 2023) until the payment date (22.02.2024) and will be based on the shareholding position on February 8, with the shares traded ex-dividends from of February 9th.