SUSEP May data: Resilient earnings, but unlikely to drive upward revisions

Research evidence excerpt

SUSEP May data: Resilient earnings, but unlikely to drive upward revisions

Equity Research

24 July 2026 | 1:16AM BRT

BRAZIL INSURANCE

SUSEP May data: Resilient earnings, but unlikely to drive upward

revisions

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

+55(11)3371-4574 |

slightly below tiago.binsfeld@gs.com

Goldman Sachs do Brasil CTVM S.A.

On July 23, the Brazilian insurance industry regulator SUSEP released monthly

Tito Labarta

operating data for May. Net income tracked at R$2.2bn for BB Seguridade (6% above +1(212)357-6760 | tito.labarta@gs.com

Goldman Sachs & Co. LLC

Bloomberg consensus), R$1.2bn at Caixa Seguridade (6% above consensus) and

Juliana OharaR$0.9bn at Porto Seguro (2% below consensus). IRB(Re) net income remained flat +55(11)3372-0202 |

qoq (27% below consensus), although we model stronger financial income relative to juliana.ohara@gs.comGoldman Sachs do Brasil CTVM S.A.

regulatory data. Pension contributions were modestly lower mom at BBSE and CXSE,

while reserves continue to benefit from high rates. Most insurance product lines

(particularly rural) continued to show weakness, while the auto segment showed

signs of recovery (mid-single digit growth). Brazil Insurance stocks have rallied in the

L3M (BBSE +20%, CXSE +17%), outperforming Brazil Banks (-9% median), reflecting

expectations of rates higher for longer and the defensive nature of the sector. We

update our estimates ahead of 2Q26 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

Brazil insurance stocks are up 26% YTD in USD (vs. IBOV index at +15% and Brazil

Banks at 9%). We remain Buy-rated on Porto Seguro, with the stock trading at 8.6x