April data: preliminary data points to positive 2Q for CXSE and BBSE

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April data: preliminary data points to positive 2Q for CXSE and BBSE

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Insurance - Brazil

April data: preliminary data points to

positive 2Q for CXSE and BBSE

Industry Overview

Positive financial results for CXSE and BBSE 15 June 2026

April data from SUSEP pointed to better-than-expected results for BB Seguridade and Equity

Caixa Seguridade, while Porto Seguro lagged. BBSE’s solid financial results more than Brazil

offset declining written premiums and loss ratio deterioration. CXSE’s results posted Insurance - Multi-line

weaker than expected written premiums, which were more than offset by better loss

ratio and financial results. Finally, PSSA posted better than expected premium growth,

however, loss ratio came in worse than expected. At industry level, written premium Mario Pierry

growth has slowed, mainly pressured by rural and credit life, while loss ratio trends have Research Analyst

remained broadly benign across most segments. BofAS+1 646 743 0047

mario.pierry@bofa.com

BBSE: weak written premiums and an uptick in loss ratio Antonio Ruette >>

BrasilSeg’s written premiums declined 22% YoY and came in well below expectations, ResearchMerrill LynchAnalyst(Brazil)

negatively impacted by weak credit origination at the controlling bank. In addition, loss +55 11 2188 4225

antonio.ruette@bofa.com

ratio deteriorated 270bp YoY to 24.7%, pressured by rural and credit life, possibly

Augusto Uehara >>

signaling a normalization from abnormally low levels. On the other hand, BrasilPrev’s Research Analyst

results surprised positively given very strong financial results. All in, net income is Merrill Lynch (Brazil)

+55 11 2188 4651

running 25% above BofAe. We maintain our Neutral rating, as we expect earnings augusto.uehara@bofa.com

growth to decelerate ahead.