Latin America Insurance – Multi-Line: 2Q26 Preview: CXSE Leading Through Resilience

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Latin America Insurance – Multi-Line: 2Q26 Preview: CXSE Leading Through Resilience

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09 Jul 2026 17:37:59 ET │ 28 pages

Latin America Insurance - Multi-Line

2Q26 Preview: CXSE Leading Through Resilience

CITI'S TAKE

Gustavo Schroden AC

Our core view is unchanged: premium growth should remain challenging +55-11-4009-5858

across most segments, while claims ratios continue to be well controlled. gustavo.schroden@citi.com

The highlights within our coverage: a weaker financial result at BBSE due to

index mismatches at BrasilPrev, while CXSE should once again deliver Arnon Shirazi, CFA AC

resilient earnings, supported by favorable mortgage insurance trends. Porto +55-11-4009-7906

continues to benefit from healthy fundamentals in its core insurance arnon.shirazi@citi.com

businesses, although credit operations remain a headwind. At IRB, stronger

international operations and solid financial income should continue to Brian Flores, CFA

support earnings growth. Finally, Quálitas is likely to face greater pressure +55-11-4009-2842

from the competitive environment in fleet insurance, alongside higher luis.brian.flores@citi.com

claims ratios driven by uncertainties related to the VAT implementation.

BB Seguridade - Lower Financial Results from BrasilPrev Expected — We expect

results to be impacted by non-operational factors, with weaker financial income at

BrasilPrev from index mismatches. While earnings should remain pressured on a

yearly basis, underlying insurance operations continue to show resilience, despite

weak rural insurance activity.

Caixa Seguridade- Resilience Overall — Caixa Seguridade should continue to

deliver consistent earnings growth, supported by strong performance in its core

insurance businesses. Favorable operating trends and robust financial income