BB Seguridade (BBSE3) reported recurring managerial net income of R$ 6.8 billion in the first nine months of 2026 (9M26), virtually flat compared with the same period in 2025. The combined financial result of the company and its investees totaled R$ 1.6 billion, net of taxes, up 4.4% year to date, supported by higher returns on financial assets, which offset the reduction in the average balance.
Operating result, net of taxes, reached R$ 5.2 billion. The company highlighted the performance in pensions, with higher management fee revenues and an improved efficiency ratio, as well as the recovery in net inflows (contributions minus redemptions). This movement contributed to the 12.1% expansion in reserves, which exceeded R$ 514 billion.
In pensions, managerial net income was R$ 1.6 billion, up 7.1% over 9M25. Non-interest operating result rose 9.4%, with 6.5% growth in management fee revenues and a 2.5 percentage point improvement in the efficiency ratio. Net inflows were R$ 4.5 billion, versus net outflows of R$ 9.1 billion a year earlier, with contributions up 6.1% and redemption and portability ratios at their lowest levels in five years.
In capitalization, net income was R$ 269.9 million, up 23.2%, with an expanded financial margin and a higher average asset balance. According to Susep, in August Brasilcap led the market, with 22.0% of collections and 25.9% of reserve balances. In the insurance segment, recurring managerial net income declined 4.2%, pressured by an 8.8% drop in the financial result and in retained earned premiums. The loss ratio fell 0.5 percentage point, to the lowest level in the historical series. Written premiums declined 9.2%, while residential insurance grew 25.0%. On November 3, the company had revised its written premiums guidance for Brasilseg to a decline of 11% to 15% in 2026.
BB Corretora had net income of R$ 2.6 billion in 9M26, down 2.2% from the same period in 2025. CEO Delano Valentim said the numbers "demonstrate the resilience of our businesses."
