May data provides a glimpse into 2Q26 earnings; CXSE better than BBSE & PSSA

Research evidence excerpt

May data provides a glimpse into 2Q26 earnings; CXSE better than BBSE & PSSA

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Insurance - Brazil

May data provides a glimpse into 2Q26

earnings; CXSE better than BBSE & PSSA

Industry Overview

Results broadly in line with BofAe 23 July 2026

EquitySUSEP released data for May. The figures point to bottom-line results broadly in line

Brazilwith BofAe in 2Q26 across our coverage: i) a robust quarter for CXSE, with positive

Insurance - Multi-linetrends in both underwriting and financial results; ii) a weak quarter for BBSE, pressured

by declining premiums and weak financial results; and iii) a weak quarter for PSSA, with

flat underwriting results, but with potential pressure from the banking vertical. At the

industry level, written premiums continued to expand at a steady pace (c.5% YoY), while Mario Pierry

the loss ratio improved YoY, supported by better trends in life, credit life, and auto. Research Analyst BofAS

BBSE: financial losses at Brasilprev hitting 2Q +1mario.pierry@bofa.com646 743 0047

Brasilseg’s written premiums are tracking -10% YoY in 2Q26E, pressured by rural Antonio Ruette >>

insurance despite stronger trends in May. While the loss ratio stayed near historical lows Research Analyst Merrill Lynch (Brazil)

(21.8%, in line with BofAe), higher G&A expenses kept underwriting results roughly flat +55 11 2188 4225

YoY. At Brasilprev, pension contributions remain solid (+13% YoY), but financial results antonio.ruette@bofa.com

are declining 11% YoY and should come c.40% below our forecast. The shortfall reflects Augusto Uehara >> Research Analyst

the mismatch between inflation indices, with a strong gain in April (R$314mn) followed Merrill Lynch (Brazil)

by a loss in May (-R$195mn).