BB Seguridade (BBSE3) reported recurring managerial net income of R$ 6.8 billion in the first nine months of 2026 (9M26), up 0.1% from the same period of 2025 (R$ 6,798 million in 9M25 and R$ 6,804 million in 9M26). The metric does not consider the adoption of IFRS 17 (the international accounting standard for insurance contracts) or extraordinary events. In 3Q26, recurring net income was R$ 2,432 million, compared with R$ 2,562 million in 3Q25.
Operating income (net of taxes) totaled R$ 5.2 billion in 9M26, down 1.1%. Consolidated financial income was R$ 1.6 billion (R$ 1,565 million), up 4.4%, and represented 23.0% of net income, compared with 22.0% in 9M25. In 3Q26, financial income was R$ 656 million, versus R$ 715 million in 3Q25. The loss ratio was 22.7%, down 0.5 percentage point.
At Brasilseg (insurance), written premiums totaled R$ 11.1 billion in 9M26, down 9% (R$ 12.2 billion in 9M25). The segment's recurring net income was R$ 3,482 million, down 4%. The rural line accounted for 46.8% of premiums, followed by life (22.9%) and credit life (prestamista) (20.4%). The combined ratio was 65.5%, compared with 64.5% in 9M25.
In pension plans, reserves reached R$ 514.2 billion in September 2026, up 12.1% from September 2025. Net inflows were R$ 4.5 billion in 9M26, compared with net outflows of R$ 9.1 billion in 9M25. Contributions totaled R$ 39 billion (+6%), management fee revenue was R$ 3,056 million (+7%) and the segment's net income was R$ 1,586 million (+7%). In capitalization plans, collections were R$ 5.2 billion (-3.6%), prize draws paid totaled R$ 60.3 million (+18.1%) and net income was R$ 270 million (+23%). At BB Corretora, brokerage revenue was R$ 4,200 million (-2%) and net income was R$ 2,618 million (-2%).
On November 3, the company revised its 2026 guidance for Brasilseg written premiums, from a decline of 3% to growth of 2% to a contraction of 11% to 15%. In 9M26, the realized change was -9.2%. Guidance for Brasilprev PGBL and VGBL reserves (growth of 8% to 11%; realized 12.6%) and for non-interest operating income (decline of 3% to 7%; realized -1.2%) was maintained.
