CXSE3

Caixa Seguridade Participações S.A. is an insurance-segment holding company created on May 21, 2015 as a wholly owned subsidiary of Caixa Econômica Federal, with the purpose of concentrating under a single structure the parent company’s interests in insurance, open private pension plans, capitalization bonds, consortiums, brokerage and related activities. The company’s shares are traded on B3 under the ticker CXSE3. The creation of Caixa Seguridade stems from statutory authorization for Caixa to establish subsidiaries, as set out in Law No. 11,908/2009, and is part of a corporate reorganization process that involved the transfer of holdings from CaixaPar to the new holding company, including CNP Seguros Holding Brasil S.A., PAN Corretora de Seguros Ltda. and Too Seguros S.A. Since then, the company has coordinated the set of insurance-related businesses linked to the Caixa ecosystem, succeeding a trajectory that began more than five decades earlier when the parent company started offering insurance and financial protection products.

Caixa Seguridade’s business model is based on its role as a holding company, focusing on the strategic management of investments in companies that operate across various insurance lines. The company manages the relationship of its subsidiaries, affiliates and other investees with Caixa Econômica Federal’s distribution channels and with partners, especially under the bancassurance model. In this arrangement, Caixa Seguridade coordinates, together with Caixa’s business units, the commercialization strategies for insurance, pension, capitalization, consortium, assistance and brokerage products offered through the bank channel. Results are generated mainly from three fronts: equity income from operational investees, fees for access to the distribution network and use of the Caixa brand, and brokerage and intermediation revenues from insurance products through its own brokerage firm.

Through its investee companies, Caixa Seguridade’s operations encompass a diversified portfolio of protection and accumulation products. In the insurance segment, the company participates in businesses that offer life and personal accident coverage, credit life insurance associated with lending operations, mortgage insurance covering MIP (death and permanent disability) and DFI (physical damage to property), as well as property insurance such as auto, homeowners, business and engineering risk policies. In open private pension plans, it offers PGBL and VGBL plans aimed at both individuals and legal entities, with a focus on building long-term reserves. In capitalization, the investees structure bonds in which part of the payments forms redeemable capital at the end of the contractual term, while another portion funds sweepstakes and operating expenses. The group also operates in the administration of consortiums for planned acquisition of real estate and vehicles, with no interest charges, and in assistance services linked or not to insurance, such as towing, locksmith and emergency repairs, in addition to insurance brokerage carried out by Caixa Corretora and Pan Corretora for Too Seguros products.

Caixa Seguridade’s operating structure combines investments in different specialized companies. The company holds a significant stake in CNP Seguros Holding Brasil, which in turn controls companies such as Caixa Seguradora, responsible for non-life and life insurance, and Youse Seguradora, focused on digital operations in property and casualty and personal insurance, which remained in a pre-operating phase until the end of 2024, with policies still issued by Caixa Seguradora. CNP Seguros also controls Caixa Seguradora Especializada em Saúde, authorized by ANS to operate in health and dental insurance, whose board of directors decided in 2023 to pursue the winding down of the health operation. Other companies related to the group include technology and insurance assistance providers, as well as stakes in brokerage and insurance solutions companies. Caixa Seguridade also maintains investments in specific companies for the exploration of mortgage insurance, pension and capitalization products linked to the Balcão Caixa, such as Caixa Residencial, Caixa Vida e Previdência, Caixa Capitalização, Caixa Consórcios and Caixa Assistência.

From an economic standpoint, Caixa Seguridade organizes its activities into three segments: Insurance, Distribution and Run-off/Open Market. The Insurance segment comprises investments in businesses developed in partnership with strategic groups to operate at the Balcão Caixa, including insurance, pension, capitalization, consortiums and assistance. The Distribution area concentrates revenues related to managing access to the distribution network and use of the Caixa brand, as well as brokerage and intermediation of insurance products. The Run-off/Open Market segment aggregates operations in which the former partner, such as CNP Seguros in certain portfolios, manages run-off books or businesses conducted outside the Caixa channel. In 2024, operating revenue totaled slightly more than R$ 5 billion, with a highlight to the contribution from the Distribution segment, which accounted for a significant portion of revenue alongside the mortgage, credit life, life, homeowners, pension, capitalization, consortium and assistance lines.

Caixa Seguridade’s competitive positioning is directly tied to the Caixa Econômica Federal ecosystem, which has the largest customer base in the Brazilian banking system and one of the most extensive branch networks in the country. The company has exclusive rights, until 2050 and renewable as long as it remains under Caixa’s control, to access the base of account holders and savers, commercially exploit the “Caixa” brand and use the entire distribution network of the financial institution, including bank branches, lottery outlets, banking correspondents, digital channels and other service points. This exclusivity model allows Caixa Seguridade’s operating companies to access a base of more than 150 million clients, boosting cross-selling of insurance, pension and other protection products. In parallel, Too Seguros primarily uses Banco PAN’s banking channel, also supported by a vast network of correspondents and multi-brand stores for distribution of its products.

Caixa Seguridade operates in a highly regulated environment. As a publicly held company with category A registration, it is subject to the rules of the Brazilian Securities and Exchange Commission (CVM) and, as it is controlled by a federal state-owned enterprise, also to the framework of the State-Owned Companies Law, Decree No. 8.945/2016, CGPAR resolutions and SEST guidelines, which address corporate governance, internal controls, transparency, procurement and contracts. Its operating investees are subject, depending on their line of business, to the oversight of the National Council of Private Insurance (CNSP) and the Superintendence of Private Insurance (Susep) for insurance, capitalization and reinsurance; to the National Monetary Council (CMN) and the Central Bank of Brazil on financial matters; and to the National Agency for Supplementary Health (ANS) with respect to health and dental plans. This regulatory framework aims to ensure the financial soundness of companies, consumer protection and the stability of the insurance and pension market, directly influencing the product structure, investment policy and risk management of Caixa Seguridade’s subsidiaries and affiliates.

In terms of governance, Caixa Seguridade adopts a corporate structure aligned with the requirements applicable to controlled federal state-owned companies, with boards of directors and technical committees responsible for monitoring decisions of investee companies, as well as evaluating new investments, corporate restructurings and the formation of strategic partnerships in the insurance area. This governance seeks to align the interests of Caixa, as controlling shareholder, with those of minority shareholders in the company listed on B3, while ensuring adherence to public policy objectives and the risk management guidelines of the group. The company also operates jointly with international partners, such as the French group CNP Assurances, especially in life insurance and pension fronts, which adds elements of technical cooperation and sharing of market practices in the management of its long-term businesses.

Although Caixa Seguridade’s main focus is on managing equity interests and coordinating the distribution of insurance products, environmental, social and governance topics tend to be considered both from a regulatory perspective, due to the supervised nature of the sector, and through the guidelines of its parent company, which operates as a federal public bank with a significant social role. Underwriting policies, mortgage and credit life insurance products linked to Caixa’s mortgage and payroll loan portfolios, as well as the nationwide reach of its service network, place the company in discussions on financial inclusion, income protection and support for low-income segments through protection and accumulation solutions. These aspects, together with the transparency obligations imposed by the CVM and the State-Owned Companies Law, shape the governance environment in which Caixa Seguridade conducts its business and reports its performance to CXSE3 shareholders and other participants in the Brazilian capital markets.