BB Seguridade Participações S.A. is a holding company in the insurance and pension sector, controlled by Banco do Brasil S.A., with common shares traded on B3 under the ticker BBSE3. Established in December 2012, the company was created to consolidate, within a single corporate structure, the insurance, open private pension, capitalization and related activities of the Banco do Brasil conglomerate. Although BB Seguridade is relatively recent as a legal entity, its formation stems from a reorganization process that began years earlier in Banco do Brasil’s insurance arm, involving the creation and acquisition of several insurance, pension and capitalization companies, strategic partnerships with private groups, and the centralization of these holdings in BB Seguros Participações S.A. In April 2013, the company carried out its initial public offering, becoming a publicly traded company and joining B3’s Novo Mercado segment, with Banco do Brasil retaining control.

The origins of the conglomerate’s insurance area date back to the 1990s, with the creation of companies such as Brasilprev Seguros e Previdência S.A. to operate in open private pension plans, Brasilcap Capitalização S.A. in the capitalization bonds segment, and insurers such as Brasilveículos Companhia de Seguros and Companhia de Seguros Aliança do Brasil, now Brasilseg Companhia de Seguros. Throughout the 2000s, Banco do Brasil carried out a broad corporate restructuring, including the creation of the holdings BB Seguros Participações S.A. and BB Aliança Participações S.A., increased stakes in companies such as Brasilprev and Brasilcap, and the formation of significant joint ventures, such as the partnership with the MAPFRE group in general and life insurance. This process culminated in the creation of BB Seguridade as a vehicle to consolidate and streamline the group’s insurance strategy, seeking scale gains, greater operating efficiency, and expansion of insurance, pension, and capitalization businesses.

BB Seguridade’s business model is based on holding equity interests in companies that operate across different branches of the insurance industry and on distributing products through specialized brokerages. The company organizes its activities into two main operating segments: insurance and brokerage. In the insurance segment, it concentrates investments in companies that underwrite insurance risks, manage open private pension plans, issue capitalization bonds, and offer dental assistance plans. In the brokerage segment, it operates in the intermediation and sale of these products, mainly through BB Corretora de Seguros e Administradora de Bens S.A. and the digital brokerage Ciclic Corretora de Seguros S.A. Its corporate structure is strongly based on long-term partnerships with domestic and international private groups, combining Banco do Brasil’s customer base and branch network with the technical expertise of specialized insurers.

In insurance, BB Seguridade operates mainly through Brasilseg, the result of a joint venture with the Spanish group MAPFRE that was restructured in 2018. Brasilseg concentrates its operations in life, rural, mortgage, homeowners, commercial and mass insurance, in addition to managing a run-off large-risk portfolio composed of policies sold up to 2018. In open private pension, BB Seguridade holds an interest in Brasilprev in partnership with Principal Financial Group, focusing on PGBL and VGBL plans for individuals and companies, as well as a stock of traditional defined benefit plans that are no longer sold. In capitalization, Brasilcap, in partnership with Icatu Seguros and Aliança da Bahia, offers bonds in the traditional, popular, guarantor and incentive modalities. In dental plans, Brasildental Operadora de Planos Odontológicos S.A., structured as a joint venture with Odontoprev, manages and sells private dental care plans. In 2024, the insurance segment accounted for 52% of BB Seguridade’s consolidated net operating revenue, with results arising mainly from equity income from its investees.

Product distribution is a core pillar of BB Seguridade’s business model. BB Corretora is the main platform for selling insurance, pension, capitalization and dental plans, operating mainly through Banco do Brasil’s banking channel. The investee companies that operate in insurance, pensions and dental plans have exclusivity agreements for distribution via BB Corretora in Banco do Brasil’s network, leveraging its presence in most Brazilian municipalities, with physical branches, ATMs, banking correspondents and digital channels serving millions of active customers. In the capitalization segment, BB Corretora sells Brasilcap’s bonds without contractual exclusivity. The brokerage uses Banco do Brasil’s staff and systems infrastructure, reimbursing distribution and product administration costs. In parallel, BB Seguridade invests in alternative and digital channels through Ciclic and partnerships with cooperatives, agricultural machinery and input dealers, broker platforms and financial institutions, expanding its reach beyond the traditional banking environment.

In terms of sector performance, BB Seguridade, through its investees, has a significant share in various markets regulated by SUSEP and ANS. In life and credit life insurance, it holds prominent positions in written premiums, leading in credit life and with relevant participation in life insurance. In the rural segment, Brasilseg has established itself as one of the main players in written premiums. In open private pension, Brasilprev is among the leaders in contributions and reserves, reflecting the importance of the banking channel and the offering of PGBL and VGBL plans. In capitalization bonds, Brasilcap also holds leading positions in reserves and collections, while Brasildental has market share in private dental plans. The company considers its activities non-cyclical and without major seasonality, with a diversified portfolio of risk and accumulation products distributed across the entire country.

From a regulatory standpoint, BB Seguridade is subject to the oversight of multiple authorities. As a listed company on B3, it is part of the Novo Mercado segment and follows the rules of the Brazilian Securities and Exchange Commission (CVM), including requirements on disclosure, corporate governance and securities trading. As it is controlled by Banco do Brasil, a federal mixed-capital company, it is also subject to the State-Owned Enterprises Law, which governs governance, transparency, risk management and bidding and contracting processes, in addition to Banco do Brasil’s internal regulations. Operations related to insurance, pensions, capitalization and dental plans are regulated by bodies such as the National Council of Private Insurance (CNSP), the Superintendence of Private Insurance (SUSEP), the Board of Appeals of the National System of Private Insurance, Open Private Pension and Capitalization, and the National Supplementary Health Agency (ANS). The company and its subsidiaries also comply with regulations related to anti-money laundering, client risk profiling and specific rules for operating as an insurance broker.

In terms of environmental, social and governance (ESG) practices, BB Seguridade has commitments aligned with the regulatory requirements of B3’s Novo Mercado and the State-Owned Enterprises Law, publishing an annual sustainability report. This report follows international standards such as GRI and SASB and, in fiscal year 2024, underwent limited assurance by an independent auditor. The company structures its ESG strategy based on a materiality assessment, which since 2019 has guided the identification of topics considered most relevant in terms of financial and socio-environmental impacts. In 2024, this process was updated together with its main investees, resulting in aligned materiality matrices, including innovation and technology, customer satisfaction and transparency, climate change, service quality and safety, information security and data privacy, ethics, integrity and compliance, as well as aspects related to attracting and developing people. This approach seeks to integrate sustainability management into the strategic planning of the insurance conglomerate under BB Seguridade’s leadership.

BB Seguridade’s operations are concentrated in the Brazilian market, without significant revenue from abroad. Consolidated operating revenue is generated mainly by domestic operations in insurance, pensions, capitalization, dental plans and insurance brokerage. In 2024, the breakdown between segments reinforced the importance of both distribution activities, which accounted for 48% of net operating revenue through BB Corretora, and insurance activities, which accounted for 52%, based on the performance of Brasilseg, Brasilprev, Brasilcap and Brasildental. The holding structure allows BB Seguridade, listed on B3 under the code BBSE3, to allocate capital across these business lines, strengthen strategic partnerships and capture returns from its investees in a Brazilian insurance market that is still developing in terms of penetration and the offering of long-term protection and accumulation products.