Susep April data: Strong financial results at BBSE likely transitory

Research evidence excerpt

Susep April data: Strong financial results at BBSE likely transitory

Equity Research

15 June 2026 | 1:48PM BRT

BRAZIL INSURANCE

SUSEP April data: Strong financial results at BBSE likely transitory

Recurring earnings running above consensus at BBSE, CXSE and PSSA Tiago Binsfeld, CFA

+55(11)3371-4574 |

On June 15, 2026 the Brazilian insurance industry regulator SUSEP released monthly tiago.binsfeld@gs.com

Goldman Sachs do Brasil CTVM S.A.

operating data for April. Net income tracked at R$2.2bn for BB Seguridade (18%

Tito Labartaabove Bloomberg consensus), R$1.2bn at Caixa Seguridade (6% above) and R$0.9bn +1(212)357-6760 | tito.labarta@gs.com

at Porto Seguro (3% above). The stronger results at BBSE were largely driven by Goldman Sachs & Co. LLC

Juliana Oharaelevated financial income at Brasilprev, which we expect to normalize as the IGP-M +55(11)3372-0202 |

index declines sequentially in May. IRB(Re) has not yet filed its April results. Pension juliana.ohara@gs.comGoldman Sachs do Brasil CTVM S.A.

trends remained solid, but most insurance product lines (particularly rural and credit

life, and to a lesser extent auto) continued to show weakness, with the industry

trending toward low-single-digit growth. Despite these soft operating trends, Brazil

Insurance stocks have remained resilient since mid-April, outperforming Brazil Banks.

This is likely related to expectations that interest rates will remain higher for longer,

and weak operating trends that appear largely priced in, combined with the absence

of credit risk concerns that have weighed more heavily on banks. We update our

estimates and maintain a Buy rating on Porto Seguro and Neutral ratings on BB

Seguridade, Caixa Seguridade and IRB(Re).

Brazil Insurance outperforms Brazil Banks YTD