MD&A

3Q


  • P R E S E N T A T I O N

    The Management Discussion and Analysis - MD&A presents the economic and financial status of BB Seguridade Participações S.A. (BB Seguridade). Directed to financial analysts, shareholders and investors, this quarterly report provides an analysis of economic and financial indicators of BB Seguridade, stocks' performance and other aspects considered relevant for the assessment of the company's achievements.

    The consolidated financial statements were prepared in compliance with the International Financial Reporting Standards - IFRS.

    On the other hand, the analysis provided on this report are based on the accounting standards adopted by insurance regulators in Brazil -

    Susep and ANS -, except when otherwise mentioned.

  • ON - L I N E A C C E S S

This MD&A is available at BB Seguridade's IR website, where additional information about the Company is also available such as: corporate structure, corporate governance, historical data, among other important information for shareholders and investors. The company's website can be accessed through https://www.bbseguridaderi.com.br/en.

This report makes references and statements about expectations, expected synergies, growth estimates, earnings forecasts and future strategies regarding BB Seguridade. Such statements are based on current expectations, estimates and projections of the Management about future events and financial trends that may affect the businesses that the company is involved in.

These forward looking statements are not guarantee of future performance and involve risks and uncertainties that could overextend the control of the management, and thus can result in balances and values different from those anticipated and discussed in this report. The expectations and projections depend on market conditions (technological changes, competitive constraints on products, prices, etc.), on the country's macroeconomic performance (interest and exchange rates, political and economic changes, inflation, changes in tax rules, etc.) and on international markets.

Future expectations based on this report should consider the risks and uncertainties that involve BB Seguridade's businesses. BB Seguridade has no responsibility to update any estimate contained either in this report or in previously published reports.

Tables and charts in this report show, in addition to the accounting balances, financial and managerial figures. The relative variation rates are calculated before the rounding procedure in R$ million. The rounding method used follows the rules established by Resolution 886/66 of IBGE's Foundation: if the decimal number is equal or greater than 0.5, it increases by one unit, if the decimal number is less than 0.5, there is no increase.

The Brazilian Securities and Exchange Commission - CVM Rule No. 42/2021 made it mandatory for Brazilian Public-held companies the adoption of the principles of IFRS 17 standards for the recognition, measurement, presentation, and disclosure of insurance contracts as of January 1, 2023. Thus, since the 1Q23, the audited financial statements of BB Seguridade follows the new accounting standards of IFRS 17, particularly regarding the recognition of the equity investment balance and results arising from Brasilseg, Brasilprev and Brasildental that operate insurance contracts within the new accounting standards.

On the other hand, the Brazilian insurance regulators, namely Superintendência de Seguros Privados - Susep and National Supplementary Health Insurance Agency - ANS, have not adopted the IFRS 17 for their sectors and, therefore, the insurance and health insurance companies shall comply with the former standard (IFRS 4), both for recognition, measurement, presentation, and disclosure of financial information, as well as for provisions, liquidity and capital management, including the regulatory capital, that weigh the shareholders' remuneration policies.

For the reason set forth herein, except when otherwise mentioned, the analysis on this report are based on managerial information prepared according to IFRS 4, which are not audited at the holding level. For information purposes, Chapter 6 of this document presents the audited financial statements in accordance with IFRS 17 of the holding co., Brasilseg and Brasilprev so that the stakeholders can get used to the new reporting models. This information does not rule out the need of reading the explanatory notes to the audited financial statements to understand the accounting practices and impacts on the transition and on the recognition of insurance contracts' income.

Finally, it should be noted that, due to operational issues, as of January 2023, the accounting recognition of the investment in Brasildental will be carried out with a delay of one month. Thus, the 3Q24 and 3Q25 equity income contains information related to June, July and August.

BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q25 2

Virtual meeting for earnings presentation November 4th, 2025

Portuguese with simultaneous translation into English

Time: 11:00 AM (Brasilia time) 09:00 AM (EST)

To register for the event and receive the connection information click here or access the investor relations website https://www.bbseguridaderi.com.br/en

Contacts

Investor Relations

+55 (11) 4297-0730

ri@bbseg.com.br

IR Website: https://www.bbseguridaderi.com.br/en

Rua Alexandre Dumas, 1671 - Térreo - Ala B Chácara Santo Antônio - São Paulo - SP CEP: 04717-903

Index

  1. Summary 4

  2. Investees Performance 11

    Brasilseg 11

    Brasilprev 27

    Brasilcap 41

    Brasildental 53

    BB Corretora 55

  3. Information in IFRS 17 62

  4. Appendix 68

  5. Business Overview 71

  6. Definitions 75

BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q25 3



  1. ‌S U M M A R Y

    • R E C U R R I N G M A N A G E R I A L N E T I N C O M E A N A L Y S I S

      Table 1 - Holding's recurring managerial income statement

      Quarterly Flow Chg. % 9 Months Flow Chg. %

      R$ thousand

      3Q24

      2Q25

      3Q25

      On 3Q24

      On 2Q25

      9M24

      9M25

      On 9M24

      Equity income

      2,261,189

      2,238,014

      2,532,237

      12.0

      13.1

      5,964,421

      6,769,128

      13.5

      Underwritting and accumulation businesses

      1,383,370

      1,304,756

      1,547,148

      11.8

      18.6

      3,482,602

      3,985,691

      14.4

      Brasilseg

      885,883

      939,041

      949,795

      7.2

      1.1

      2,392,462

      2,713,384

      13.4

      Brasilprev

      447,059

      312,029

      532,432

      19.1

      70.6

      937,044

      1,111,925

      18.7

      Brasilcap

      46,545

      49,190

      61,037

      31.1

      24.1

      140,762

      146,286

      3.9

      Brasildental

      3,882

      4,495

      3,885

      0.1

      (13.6)

      12,334

      14,096

      14.3

      Distribution businesses

      862,832

      883,778

      943,027

      9.3

      6.7

      2,450,569

      2,676,053

      9.2

      Other

      14,987

      49,481

      42,062

      180.7

      (15.0)

      31,251

      107,384

      243.6

      G&A expenses

      (4,616)

      (4,605)

      (7,045)

      52.6

      53.0

      (17,558)

      (21,737)

      23.8

      Net investment income

      10,697

      6,711

      49,597

      363.6

      -

      39,506

      63,343

      60.3

      Earnings before taxes and profit sharing

      2,267,270

      2,240,121

      2,574,789

      13.6

      14.9

      5,986,369

      6,810,734

      13.8

      Taxes

      (2,051)

      (28)

      (12,860)

      -

      -

      (6,669)

      (12,725)

      90.8

      Recurring managerial net income

      2,265,219

      2,240,093

      2,561,929

      13.1

      14.4

      5,979,700

      6,798,009

      13.7

      In 3Q25, BB Seguridade's recurring managerial net income reached R$2.6 billion, an increase of R$296.7 million (+13.1%) compared to 3Q24.

      Although the combined operating result of the companies grew year-over-year, the main highlight was the financial result, driven by higher volumes, the spike of Selic rate, and, specifically for Brasilprev, the deflation of the IGP-M, which resulted in a lower cost of liabilities associated with defined benefit plans.

      In 9M25, recurring managerial net income totaled R$6.8 billion, up R$818.3 million (+13.7%) YoY, explained by:

    • Brasilseg (+R$320.9 million): driven by the 9.1% increase in operating result, due to higher earned premiums and lower loss ratio, as well as an increase in net investment income;

    • BB Corretora (+R$225.5 million): due to higher brokerage revenues and expansion of the net investment income;

    • Brasilprev (+R$174.9 million): boosted by improved financial results, stemming from gains on mark-to-market of trading

      Figure 1 -Quarterly net income breakdown

      80 64 53 14 0 2,562

      2,265 85

      3Q24 Brasilprev BB Corretora Brasilseg Holdings¹ Brasilcap Brasildental 3Q25 Net income Net income

      ¹Individuals revenues and expenses from BB Seguridade and BB Seguros.

      Figure 2 -Year-to-date net income breakdown

      321 225 175 90 6 2 6,798

      5,980

      securities and lower liability costs;

      9M24

      Net income

      Brasilseg BB Corretora Brasilprev Holdings¹ Brasilcap Brasildental 9M25

      Net income

    • Holdings (+R$76.1 million): attributed to higher net investment income from BB Seguros;

    • Brasilcap (+R$5.5 million): supported by increased revenues from loading fees and, to a lesser extent, growth in net investment income.

      ¹Individuals revenues and expenses from BB Seguridade and BB Seguros.

      Figure 3 -Normalized net income (R$ million)

      5,980

6,798

5,991

6,830

2,562

2,265

2,240

2,276 2,320 2,436

(11)

(80)

126

(11)

(32)

3Q24 2Q25 3Q25 9M 24 9M 25

Net income
IGP-M lag
Normalized net income¹

¹Net income excluding the impacts of the one-month lag in the IGP-M accrual on liabilities.

    • E X T R A O R D I N A R Y E V E N T S

      2Q24

      Brasilprev: Supplementary Coverage Provision ("PCC"): In 2Q24, Brasilprev set up an Supplementary Coverage Provision ("PCC") in the amount of R$216.7 million, following the full enforcement of SUSEP Circular 678/2022 in January 2024. This regulation introduced the assumption that 100% of defined benefit plan (traditional plans) clients will decide regarding the form of benefit withdrawal upon reaching the end of the accumulation period. Since this change resulted from an external factor (regulatory change) and affected the entire stock of plans with expired deferral periods, it was classified as an extraordinary event. For further details on the changes introduced by Circular 678/2022 and their impacts, refer to Section 4 - Appendix.

      2Q25

      Brasilseg: Reversal of Provision for Judicial Claims ("PSLJ"): On August 28, 2024, Law No. 14,905/2024 came into effect, establishing the IPCA as the official inflation index for monetary restatement of civil-related claims, and the Selic rate, net of IPCA-based inflation adjustment, as the default interest rate for updating such amounts. Until then, there was no standardization, and Brasilseg used, for the purposes of calculating and updating its legal provisions, the prevailing practice in Brazilian state courts, namely, a fixed simple interest rate of 1% per month plus the INPC. With the enactment of the new law and based on existing case law, in addition to adopting the Selic and IPCA for updating amounts in new cases, Brasilseg reviewed its stock of PSLJ, resulting in a reversal of R$151.2 million in monetary restatement and interest on provisions and R$22.2 million in monetary restatement and interest on reinsurance assets, totaling a positive impact of R$129.0 million on the company's net investment income in 2Q25.

      Accordingly, the following adjustments were made to calculate the recurring managerial net income (Susep accounting standards) for both investees - Brasilseg and Brasilprev - and for BB Seguridade, based on the adjustment of the equity income:

      Table 2 - Recurring managerial net income

      Quarterly Flow Chg. % 9 Months Flow Chg. %

      R$ thousand

      3Q24

      2Q25

      3Q25

      On 3Q24

      On 2Q25

      9M24

      9M25

      On 9M24

      Recurring managerial net income

      2,265,219

      2,240,093

      2,561,929

      13.1

      14.4

      5,979,700

      6,798,009

      13.7

      Extraordinary events

      -

      61,575

      -

      -

      -

      (97,094)

      61,575

      -

      Brasilprev: constitution of supplementary coverage provision - PCC

      -

      -

      -

      -

      -

      (97,094)

      -

      -

      Brasilseg: reversal of provision for judicial claims (PSLJ)

      -

      61,575

      -

      -

      -

      -

      61,575

      -

      Managerial net income

      2,265,219

      2,301,667

      2,561,929

      13.1

      11.3

      5,882,606

      6,859,584

      16.6

    • E A R N I N G S B R E A K D O W N

      Figure 4 -Earnings breakdown¹ (%)

      Brasilseg

      37.1

      39.1

      Brasilseg

      39.9

      40.0

      BB Corretora

      36.8

      38.1

      BB Corretora

      39.4

      41.0

      Brasilprev

      20.8

      19.7

      Brasilprev

      16.4

      15.7

      Brasilcap

      2.4

      2.1

      Brasilcap

      2.2

      2.4

      Other

      2.8

      0.8

      Othe r

      2.0

      0.8

      Brasildental

      0.2

      0.2

      Brasildental

      0.2

      0.2

      3Q25
      3Q24
      9M 25
      9M 24

      1. Does not consider the individual results from BB Seguridade and BB Seguros holdings and, when negative, the investees.

    • C O M B I N E D N E T I N V E S T M E N T I N C O M E

      Figure 5 - Combined net investment income In 3Q25, the combined net investment income of BB Seguridade

      and its investees reached R$713.6 million, net of taxes,

      460 464

      27.9

      20.3

      20.7



      714

      16.2

      967

      22.0



      1,497

      representing a 55.1% increase compared to the same period last year. This performance is largely attributed to: (i) the rise in the average Selic rate; (ii) the reduction in Brasilprev's liability cost, due to the one-month lagged deflation of the IGP-M (3Q25:

      -2.1% | 3Q24: +1.7%); and (iii) a 6.5% increase in the average balance of combined financial investments. On the other hand, the aggregated mark-to-market result of the trading portfolio across all group companies was R$15.0 million negative in the quarter (vs. +R$33.0 million in 3Q24), after taxes.

      Year-to-date, the combined net investment income of the group companies grew 54.9%, to R$1.5 billion, driven by the same factors mentioned in the quarterly analysis. Additionally,

      the aggregated mark-to-market result totaled R$8.4 million,

      3Q24 2Q25 3Q25

      9M 24 9M 25

      compared to a negative result of R$116.6 million in 9M24, while

      Net investment income (R$ million)
      % Net income

      the average balance of combined financial investments increased by 6.8%.

      Figure 6 - Inflation rate (%) Figure 7 - Average Selic rate (%) Figure 8 - Forward yield curve (%)

      1.5

      1.7

      0.9 0.6

      3.3 3.6

      2.8

      2.6

      10.43

      14.48 14.90

      10.73

      14.13

      14.93



      14.90

      14.10

      14.08

      13.38 13.26 13.36

      13.25 13.07 13.11 sep/25

      0.8

      -0.6

      0.01

      -0.4

      12.33 12.40 12.44

      jun/25

      12.49 12.53 sep/24

      jun/24

      -1.9

      -2.1

      -0.9

      11.97

      11.59

      12.21 12.35 12.44

      3Q24 2Q25 3Q25 9M 24 9M 25

      IPCA
      IGP-M
      IGP-M (lagged)¹

      1. IGP-M with a lag of one month.

      3Q24 2Q25 3Q25

      9M 24 9M 25

      DI1F26 DI1F27 DI1F28 DI1F29 DI1F30

      Figure 9 - Financial investments (%) Figure 10 - Financial investments by

      index (%)

      9.8

      40.4

      0.1

      14.1

      40.7

      0.1

      Figure 11 - Trading portfolio by index (%)

      Sep /25

      Jun/25

      Sep /24

      11.4

      Held to maturity Available fo r sale Trading

      42.5

      49.8

      50.1

      46.1

      Sep/25

      Jun/25

      Sep/24

      14.1

      0.1

      17.4

      Othe r

      Pre-f ixed

      Inf lat ion

      Floating

      40.5

      45.3

      45.1

      42.0

      40.4

      Sep /25

      Jun/25

      Sep /24

      9.6

      40.3

      0.2

      3.9

      8.3

      Other

      Pre-f ixed

      Inf lat ion

      Floating

      90.9

      0.1

      2.6

      7.2

      0.2

      2.2

      6.7

      90.0

      87.7

    • H O L D I N G ' S G E N E R A L A N D A D M I N I S T R A T I V E E X P E N S E S

      Figure 12 - General and administrative expenses (R$ million)

      10

      7 7

      5 6 5

      5 5

      4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

      Table 3 -General and administrative expenses

      Quarterly Flow Chg. % 9 Months Flow Chg. %

      R$ thousand

      3Q24

      2Q25

      3Q25

      On 3Q24

      On 2Q25

      9M24

      9M25

      On 9M24

      Administrative expenses

      (1,136)

      (980)

      (1,028)

      (9.6)

      4.9

      (4,111)

      (3,789)

      (7.8)

      Specialized technical services

      (134)

      (103)

      (101)

      (24.6)

      (1.4)

      (393)

      (272)

      (30.6)

      Location and operation

      (249)

      (206)

      (216)

      (13.2)

      4.8

      (741)

      (634)

      (14.4)

      Communication

      (13)

      (13)

      (13)

      4.0

      1.2

      (40)

      (39)

      (1.5)

      Other administrative expenses

      (740)

      (658)

      (697)

      (5.9)

      6.0

      (2,937)

      (2,844)

      (3.2)

      Personnel expenses

      (2,766)

      (3,221)

      (3,016)

      9.0

      (6.4)

      (8,723)

      (9,140)

      4.8

      Compensation

      (1,516)

      (1,869)

      (1,614)

      6.4

      (13.7)

      (4,885)

      (4,951)

      1.3

      Welfare benefits

      (785)

      (823)

      (829)

      5.7

      0.8

      (2,461)

      (2,605)

      5.8

      Other compensation

      (204)

      (256)

      (205)

      0.5

      (20.0)

      (586)

      (678)

      15.7

      Benefits

      (261)

      (273)

      (368)

      40.9

      34.9

      (791)

      (907)

      14.7

      Tax expenses

      (501)

      (451)

      (2,403)

      380.0

      433.4

      (3,833)

      (7,735)

      101.8

      COFINS

      (431)

      (299)

      (2,057)

      377.2

      -

      (3,206)

      (6,543)

      104.1

      PIS/PASEP

      (69)

      (48)

      (341)

      391.6

      -

      (528)

      (1,084)

      105.3

      IOF

      (0)

      (10)

      (1)

      -

      (93.9)

      (3)

      (11)

      315.7

      Other

      (0)

      (93)

      (5)

      -

      (95.2)

      (96)

      (98)

      1.7

      Other operating income (expenses)

      (213)

      46

      (599)

      181.0

      -

      (891)

      (1,072)

      20.3

      G&A expenses

      (4,616)

      (4,605)

      (7,045)

      52.6

      53.0

      (17,558)

      (21,737)

      23.8

    • 20 2 5 G U I D A N C E

      In 9M25, the growth of the non-interest operating result (ex-holding) exceeded the range disclosed in the guidance for the year but in line with the Company's expectations for the year-to-date September 2025 result. Regarding the PGBL and VGBL pension plans reserves of Brasilprev, the annual balance variation was consistent with the lower threshold of the guidance range.

      In premiums written of Brasilseg, the performance missed the guidance due to lower-than-expected volumes in credit-related products, particularly in crop insurance.

      Figure 13 - 9M25 observed

      Non-interest operating result (ex-holding)

      5.9%

      0% 1% 4%

      Observed 9M25

      Percentage variation of the combined recurring non-interest operating results of Brasilseg, Brasilprev, Brasilcap, Brasildental and BB Corretora, according to accounting standards adopted by Susep and ANS, weighted by the equity stake held in each company and adjusted by extraordinary events, as released by the company on its quarterly MD&A.

      Premiums written of Brasilseg

      -7.9%

      -4%

      0% 1%

      Observed 9M25

      9.0%

      Percentage variation of the premiums written reported by Brasilseg, adjusted by extraordinary events, as released by the company on its quarterly MD&A

      PGBL and VGBL pension plans reserves of Brasilprev

      0% 9%

      Observed 9M25

      12%

      Percentage variation of PGBL and VGBL pension plans reserves, adjusted by extraordinary events, as released by the company on its quarterly MD&A.

      Table 4 - Breakdown of the non-interest operating result by company

      Quarterly Flow Chg. % 9 Months Flow Chg. %

      R$ thousand

      3Q24

      2Q25

      3Q25

      On 3Q24

      On 2Q25

      9M24

      9M25

      On 9M24

      Non-interest operating result

      2,619,247

      2,602,681

      2,701,383

      3.1

      3.8

      7,349,428

      7,781,171

      5.9

      Brasilseg

      987,302

      1,013,685

      1,015,617

      2.9

      0.2

      2,668,890

      2,912,884

      9.1

      Brasilprev

      457,669

      413,690

      476,531

      4.1

      15.2

      1,306,401

      1,310,759

      0.3

      Brasilcap

      726

      2,531

      (12,707)

      -

      -

      (12,498)

      (821)

      (93.4)

      Brasildental

      5,524

      6,338

      5,456

      (1.2)

      (13.9)

      16,425

      16,909

      2.9

      BB Corretora

      1,168,026

      1,166,438

      1,216,486

      4.1

      4.3

      3,370,209

      3,541,440

      5.1

    • H O L D I N G 'S B A L A N C E S H E E T

      Table 5 - Balance sheet

      Balance Chg. %

      R$ thousand

      Sep/24

      Jun/25

      Sep/25

      On Sep/24

      On Jun/25

      Assets

      11,374,115

      13,146,583

      11,770,639

      3.5

      (10.5)

      Cash and cash equivalents

      331,788

      1,046,377

      1,547,526

      366.4

      47.9

      Financial assets marked to market

      26,180

      27,831

      28,321

      8.2

      1.8

      Investments

      10,875,551

      9,176,860

      10,037,152

      (7.7)

      9.4

      Current tax assets

      122,518

      25,719

      18,007

      (85.3)

      (30.0)

      Deferred tax assets

      482

      124,907

      125,724

      -

      0.7

      Dividends receivable

      -

      2,733,026

      -

      -

      -

      Other assets

      14,648

      9,526

      11,802

      (19.4)

      23.9

      Intangible

      2,948

      2,337

      2,107

      (28.5)

      (9.8)

      Liabilities

      15,028

      3,784,772

      18,814

      25.2

      (99.5)

      Provision for fiscal, civil and tax contingencies

      1,416

      2,233

      2,787

      96.8

      24.8

      Statutory obligation

      333

      3,770,407

      427

      28.2

      (100.0)

      Current tax liabilities

      22

      36

      3,546

      -

      -

      Other liabilities

      13,257

      12,096

      12,054

      (9.1)

      (0.3)

      Shareholders' equity

      11,359,087

      9,361,811

      11,751,825

      3.5

      25.5

      Capital

      6,269,692

      6,269,692

      6,269,692

      -

      -

      Reserves

      3,624,438

      4,218,877

      4,218,877

      16.4

      0.0

      Treasury shares

      (1,869,833)

      (1,868,914)

      (1,868,914)

      (0.0)

      -

      Other accumulated comprehensive income

      499,595

      214,909

      42,963

      (91.4)

      (80.0)

      Retained earnings

      2,835,195

      527,247

      3,089,207

      9.0

      485.9

    • S H A R E H O L D E R ' S B A S E

      Table 6 - Breakdown of the shareholders' base

      Shareholders

      Shares

      Participation

      Banco do Brasil

      1

      1,325,000,000

      68.3%

      Free Float

      567,850

      616,214,909

      31.7%

      Foreign investors

      884

      360,384,815

      18.6%

      Companies

      3,422

      48,358,109

      2.5%

      Individuals

      563,544

      207,471,985

      10.7%

      Treasury Stocks

      1

      (58,785,091)

      -

      Total (ex-treasury stocks)

      567,851

      1,941,214,909

      100.0%

  2. ‌I N V E S T E E S P E R F O R M A N C E



    ‌B R A S I L S E G

    The table below presents a managerial income statement considering the reallocation of the reinsurance result to the other lines that comprise the income statement. This reallocation enables the analysis of the performance indicators net of reinsurance coverage.

    Table 7 - Brasilseg | Managerial income statement

    Quarterly Flow Chg. % 9 Months Flow Chg. %

    R$ thousand

    3Q24

    2Q25

    3Q25

    On 3Q24

    On 2Q25

    9M24

    9M25

    On 9M24

    Premiums written

    5,181,371

    3,731,690

    4,413,124

    (14.8)

    18.3

    13,222,834

    12,181,295

    (7.9)

    Premiums ceded to reinsurance

    (793,083)

    (360,563)

    (364,724)

    (54.0)

    1.2

    (1,860,752)

    (1,145,746)

    (38.4)

    Retained premiums

    4,388,288

    3,371,127

    4,048,400

    (7.7)

    20.1

    11,362,082

    11,035,549

    (2.9)

    Changes in technical reserves - premiums

    (908,694)

    310,600

    (333,796)

    (63.3)

    -

    (1,189,879)

    (63,982)

    (94.6)

    Retained earned premiums

    3,479,594

    3,681,728

    3,714,604

    6.8

    0.9

    10,172,203

    10,971,567

    7.9

    Retained claims

    (749,290)

    (790,471)

    (819,940)

    9.4

    3.7

    (2,544,306)

    (2,544,413)

    0.0

    Retained acquisition costs

    (1,039,295)

    (1,147,621)

    (1,156,993)

    11.3

    0.8

    (2,964,938)

    (3,390,600)

    14.4

    Underwriting result

    1,691,009

    1,743,636

    1,737,671

    2.8

    (0.3)

    4,662,959

    5,036,554

    8.0

    Administrative expenses

    (190,689)

    (212,149)

    (220,112)

    15.4

    3.8

    (569,428)

    (627,909)

    10.3

    Tax expenses

    (145,204)

    (149,329)

    (146,577)

    0.9

    (1.8)

    (408,069)

    (435,701)

    6.8

    Other operating income (expenses)

    (36,183)

    (26,393)

    (13,296)

    (63.3)

    (49.6)

    (112,711)

    (77,239)

    (31.5)

    Equity income

    (2,267)

    (3,992)

    (3,344)

    47.5

    (16.2)

    (12,340)

    (11,448)

    (7.2)

    Gains or losses on non-current assets

    (88)

    (13)

    (4)

    (95.9)

    (72.5)

    (1,416)

    106

    -

    Non-interest operating result

    1,316,579

    1,351,760

    1,354,337

    2.9

    0.2

    3,558,995

    3,884,363

    9.1

    Net investment income

    215,022

    310,546

    324,884

    51.1

    4.6

    631,717

    917,947

    45.3

    Financial income

    270,416

    354,568

    385,755

    42.7

    8.8

    801,775

    1,067,237

    33.1

    Financial expenses

    (55,395)

    (44,023)

    (60,871)

    9.9

    38.3

    (170,058)

    (149,289)

    (12.2)

    Earnings before taxes and profit sharing

    1,531,600

    1,662,305

    1,679,221

    9.6

    1.0

    4,190,712

    4,802,310

    14.6

    Taxes

    (334,992)

    (393,938)

    (392,121)

    17.1

    (0.5)

    (958,019)

    (1,135,818)

    18.6

    Profit sharing

    (9,879)

    (10,471)

    (14,863)

    50.5

    41.9

    (26,134)

    (31,140)

    19.2

    Recurring managerial net income

    1,186,730

    1,257,897

    1,272,236

    7.2

    1.1

    3,206,559

    3,635,353

    13.4

    One-off events

    -

    82,110

    -

    -

    -

    -

    82,110

    -

    Reversal of Provision for Judicial Claims (PSLJ)

    -

    128,965

    -

    -

    -

    -

    128,965

    -

    Reversal of PSLJ - tax expenses (PIS/COFINS)

    -

    (5,644)

    -

    -

    -

    -

    (5,644)

    -

    Reversal of PSLJ - taxes (IR/CSLL)

    -

    (41,211)

    -

    -

    -

    -

    (41,211)

    -

    Managerial net income

    1,186,730

    1,340,007

    1,272,236

    7.2

    (5.1)

    3,206,559

    3,717,463

    15.9

    Retained premiums = Premiums written + premiums ceded to reinsurance

    Changes in technical reserves - premiums = Changes in technical provisions + changes in technical provisions on reinsured operations

    Retained claims = Incurred claims - recovery of indemnity claims - recovery of claims expenses - changes in provisions for claims IBNR - salvages and reimbursed assets - changes in provision for claims IBNER provisions for claims to be settled - changes of expenses related to IBNR - changes in estimates for salvages and reimbursed assets - provisions for claims to be settled

    Retained acquisition costs = acquisition costs - commission return + revenue with reinsurance commissions

    • R E C U R R I N G M A N A G E R I A L N E T I N C O M E

In 3Q25, the recurring managerial net income from the insurance business grew 7.2% compared to 3Q24, driven by a 51.1% increase in

Figure 14 - Brasilseg | Recurring managerial net income (R$ million)

net investment income, explained by the higher average Selic rate. The non-interest operating result was up 2.9%, with a 6.8% increase in retained earned premiums, boosted by the recognition of revenues from sales made in previous periods.

Premiums written declined 14.8% YoY, impacted by contractions in the following segments: (i) crop (-57.1%) and credit life for farmers (-14.6%), due to lower sales volume and higher cancellations, although showing growth compared to 2Q25 of 1.0% and 57.0%, respectively, following the release of resources from the 2025/2026 Crop Plan starting in July; (ii) credit life (-10.3% vs.

1,109

1,017 1,003

1,187

1,262

1,105

1,258 1,272

3Q24), due to lower sales in the individual segment and higher cancellations, while the corporate segment grew 38.3% with the inclusion of new credit lines eligible for protection, explaining much of the 16.1% growth compared to 2Q25; and (iii) commercial lines, which declined 7.5% compared to 3Q24, due to lower sales of the Ouro Máquinas insurance.

On the other hand, premiums written expanded in: (i) term life (+4.2% vs. 3Q24 | +10.9% vs. 2Q25), with strong performance in new sales; (ii) rural lien (+2.8% vs. 3Q24 | +13.3% vs. 2Q25), due to higher average ticket, lower cancellations, and increased volume in cattle pledge insurance (+R$21.6 million vs. 3Q24); and (iii) home and mortgage life with growth of 17.1% and 4.7% compared to 3Q24, respectively.

The general and administrative expenses ratio improved 0.5 p.p., due to the expansion of retained earned premiums which more than offset the 2.1% increase in expenses.

In 9M25, recurring managerial net income rose 13.4%, driven by a 9.1% increase in operating result, with a 7.9% rise in retained earned premiums and 1.8 p.p. improvement of loss ratio; and 45.3% increase in net investment income.

Premiums written declined 7.9% YoY, impacted by contractions in crop (-43.5%) and credit life (-12.8%), partially offset by growth in rural lien (+5.9%); credit life for farmers (+2.4%); home (+13.2%); term life (+1.6%); and mortgage life (+7.1%).

4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

Figure 15 - Brasilseg | Key performance indicators

Chg. On 3Q24 Chg. On 9M24







Breakdown of premiums written

Rural

(24.4%)



(11.6%)

Term Life

4.2%

1.6%

Credit Life

(10.3%)

(12.8%)

Home

17.1%

13.2%

Commercial lines

(7.5%)

(0.6%)

Mortgage life

4.7%

7.1%

Others

19.3%



31.0%

Performance ratios

Loss ratio

0.5 p.p.

(1.8 p.p.)

Commission ratio

1.3 p.p.

1.8 p.p.

G&A ratio

(0.5 p.p.)

(0.3 p.p.)

Combined ratio

1.4 p.p.

(0.4 p.p.)







Figure 16 - Brasilseg | Solvency¹ (R$ million)

128.6 130.1 127.1

2,575 2,613 2,502

2,003

2,009

1,969

Sep/24 Jun/25 Sep/25

Adjusted shareholders' equity (a) Minimum capital required (b)

Solvency ratio (a) / (b) - %

¹ Information based on the accounting principles adopted by SUSEP.

Table 8 - Brasilseg | Managerial performance ratios¹

Quarterly Flow Chg. (p.p.) 9 Months Flow Chg. (p.p.)

%

3Q24

2Q25

3Q25

On 3Q24

On 2Q25

9M24

9M25

On 9M24

Performance ratios

Loss ratio

21.5

21.5

22.1

0.5

0.6

25.0

23.2

(1.8)

Commission ratio

29.9

31.2

31.1

1.3

(0.0)

29.1

30.9

1.8

G&A ratio

10.7

10.5

10.2

(0.5)

(0.3)

10.7

10.4

(0.3)

Combined ratio

62.1

63.2

63.5

1.4

0.3

64.9

64.5

(0.4)

Other ratios

Expanded combined ratio

58.5

58.3

58.3

(0.1)

0.1

61.1

59.5

(1.6)

Income tax rate

21.9

23.7

23.4

1.5

(0.3)

22.9

23.7

0.8

  1. Performance ratios calculated based on the managerial income statement, considering the reinsurance effects.

    • P R E M I U M S W R I T T E N

      Figure 17 - Brasilseg | Premiums written

      90.1 85.8 87.7 84.7 91.8 89.6 90.3 91.7

      5,181

      4,317

      352

      4,036

      420

      3,732

      361

      4,413

      365

      3,371

3,616

4,048

3,965

4,388

793

4,072 4,290

403

3,669

608

3,682

3,752

460

3,292

4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

Retained premiums (R$ million)
Premiums ceded (R$ million)
Retention ra te (%)

Table 9 - Brasilseg | Breakdown of premiums written

Quarterly Flow Chg. % 9 Months Flow Chg. %

R$ thousand

3Q24

Part. %

2Q25

Part. %

3Q25

Part. %

On 3Q24 On 2Q25 9M24

Part. %

9M25

Part. %

On 9M24

Life

911,022

17.6

855,763

22.9

948,835

21.5

4.2

10.9 2,671,471

20.2

2,714,557

22.3

1.6

Credit Life

1,026,650

19.8

793,606

21.3

921,278

20.9

(10.3)

16.1 2,890,310

21.9

2,519,003

20.7

(12.8)

Mortgage Life

84,591

1.6

86,901

2.3

88,580

2.0

4.7

1.9 246,431

1.9

263,870

2.2

7.1

Rural

2,937,134

56.7

1,753,437

47.0

2,219,684

50.3

(24.4)

26.6 6,724,404

50.9

5,946,511

48.8

(11.6)

Crop

978,002

18.9

415,649

11.1

419,701

9.5

(57.1)

1.0 2,184,045

16.5

1,234,868

10.1

(43.5)

Rural lien

656,880

12.7

596,513

16.0

675,565

15.3

2.8

13.3 1,815,502

13.7

1,922,849

15.8

5.9

Credit life for farmers

1,235,432

23.8

672,514

18.0

1,055,536

23.9

(14.6)

57.0 2,548,542

19.3

2,609,071

21.4

2.4

Others

66,821

1.3

68,760

1.8

68,882

1.6

3.1

0.2 176,314

1.3

179,723

1.5

1.9

Home

113,534

2.2

115,093

3.1

132,914

3.0

17.1

15.5 329,513

2.5

372,876

3.1

13.2

Commercial lines

102,647

2.0

116,467

3.1

94,923

2.2

(7.5)

(18.5) 341,907

2.6

339,862

2.8

(0.6)

Large risks

5,294

0.1

9,660

0.3

6,223

0.1

17.6

(35.6) 16,446

0.1

22,624

0.2

37.6

Other

499

0.0

763

0.0

687

0.0

37.5

(10.0) 2,353

0.0

1,994

0.0

(15.3)

Total

5,181,371

100.0

3,731,690

100.0

4,413,124

100.0

(14.8)

18.3 13,222,834

100.0

12,181,295

100.0

(7.9)

Table 10 - Brasilseg | Breakdown of retained premiums

Quarterly Flow Chg. % 9 Months Flow Chg. %

R$ thousand

3Q24

Part. %

2Q25

Part. %

3Q25

Part. %

On 3Q24 On 2Q25 9M24

Part. %

9M25

Part. %

On 9M24

Life

910,133

20.7

858,590

25.5

949,050

23.4

4.3

10.5 2,668,239

23.5

2,715,829

24.6

1.8

Credit Life

1,026,587

23.4

793,037

23.5

919,860

22.7

(10.4)

16.0 2,889,930

25.4

2,516,433

22.8

(12.9)

Mortgage Life

85,163

1.9

86,833

2.6

88,286

2.2

3.7

1.7 244,082

2.1

257,481

2.3

5.5

Rural

2,148,487

49.0

1,394,175

41.4

1,856,897

45.9

(13.6)

33.2 4,882,345

43.0

4,818,094

43.7

(1.3)

Crop

219,152

5.0

94,642

2.8

97,249

2.4

(55.6)

2.8 446,860

3.9

248,409

2.3

(44.4)

Rural lien

661,661

15.1

596,507

17.7

675,528

16.7

2.1

13.2 1,793,079

15.8

1,886,285

17.1

5.2

Credit life for farmers

1,235,262

28.1

674,138

20.0

1,054,794

26.1

(14.6)

56.5 2,543,563

22.4

2,608,357

23.6

2.5

Others

32,411

0.7

28,888

0.9

29,325

0.7

(9.5)

1.5 98,843

0.9

75,043

0.7

(24.1)

Home

113,316

2.6

115,972

3.4

132,478

3.3

16.9

14.2 328,489

2.9

370,269

3.4

12.7

Commercial lines

100,372

2.3

115,380

3.4

94,956

2.3

(5.4)

(17.7) 333,250

2.9

336,149

3.0

0.9

Large risks

3,731

0.1

6,378

0.2

6,187

0.2

65.8

(3.0) 13,394

0.1

19,300

0.2

44.1

Other

499

0.0

763

0.0

687

0.0

37.5

(10.0) 2,353

0.0

1,994

0.0

(15.3)

Total

4,388,288

100.0

3,371,127

100.0

4,048,400

100.0

(7.7)

20.1 11,362,082

100.0

11,035,549

100.0

(2.9)

  • R E T A I N E D E A R N E D P R E M I U M S

    Table 11 - Brasilseg | Breakdown of retained earned premiums

    Quarterly Flow Chg. % 9 Months Flow Chg. %

    R$ thousand

    3Q24

    Part. %

    2Q25

    Part. %

    3Q25

    Part. %

    On 3Q24 On 2Q25 9M24

    Part. %

    9M25

    Part. %

    On 9M24

    Life

    911,254

    26.2

    910,019

    24.7

    928,651

    25.0

    1.9

    2.0 2,708,297

    26.6

    2,751,942

    25.1

    1.6

    Credit Life

    706,663

    20.3

    740,480

    20.1

    758,928

    20.4

    7.4

    2.5 2,040,742

    20.1

    2,200,794

    20.1

    7.8

    Mortgage Life

    84,431

    2.4

    84,472

    2.3

    85,068

    2.3

    0.8

    0.7 244,579

    2.4

    255,720

    2.3

    4.6

    Rural

    1,599,957

    46.0

    1,745,994

    47.4

    1,737,684

    46.8

    8.6

    (0.5) 4,597,146

    45.2

    5,166,920

    47.1

    12.4

    Crop

    139,148

    4.0

    112,881

    3.1

    101,943

    2.7

    (26.7)

    (9.7) 447,182

    4.4

    340,465

    3.1

    (23.9)

    Rural lien

    562,126

    16.2

    619,371

    16.8

    634,281

    17.1

    12.8

    2.4 1,594,979

    15.7

    1,855,237

    16.9

    16.3

    Credit life for farmers

    869,900

    25.0

    988,028

    26.8

    971,968

    26.2

    11.7

    (1.6) 2,475,755

    24.3

    2,885,670

    26.3

    16.6

    Others

    28,783

    0.8

    25,714

    0.7

    29,491

    0.8

    2.5

    14.7 79,231

    0.8

    85,548

    0.8

    8.0

    Home

    103,030

    3.0

    111,726

    3.0

    112,308

    3.0

    9.0

    0.5 297,540

    2.9

    329,053

    3.0

    10.6

    Commercial lines

    70,171

    2.0

    83,255

    2.3

    86,076

    2.3

    22.7

    3.4 271,588

    2.7

    250,427

    2.3

    (7.8)

    Large risks

    3,562

    0.1

    4,999

    0.1

    5,222

    0.1

    46.6

    4.4 9,988

    0.1

    14,667

    0.1

    46.8

    Other

    525

    0.0

    782

    0.0

    666

    0.0

    26.8

    (14.8) 2,324

    0.0

    2,045

    0.0

    (12.0)

    Total

    3,479,594

    100.0

    3,681,728

    100.0

    3,714,604

    100.0

    6.8

    0.9 10,172,203

    100.0

    10,971,567

    100.0

    7.9

  • R E T A I N E D C L A I M S

    Figure 18 - Brasilseg | Retained claims

    23.0

    21.5

    19.8

    21.5

    22.1

    26.4 27.2

    26.1

    765

    882 913

    749

    703

    934

    790 820

    4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

    Retained cla ims (R$ million)
    Loss ratio (%)

    QUARTERLY ANALYSIS

    In 3Q25, the loss ratio grew by 0.5 p.p. YoY, to 22.1%. This movement was mainly due to higher loss ratios in crop and mortgage life segments, considering that 3Q24 concentrated an increased volume of reversals of provisions for claims to be settled (PSL), following the assessment of actual losses related to the floods in Rio Grande do Sul that occurred in 2Q24.

    Other contributors to the increase in loss ratio were the rise of 2.8 p.p. in credit life for farmers, due to greater severity and frequency of claims; and 19.2 p.p. increase in commercial lines segment, driven by higher frequency of claims filed and the fact that 3Q24 benefited from claim recoveries related to the discontinuation of the breach warranty insurance product.

    These effects were partially offset by improvements in the following segments:

  • credit life (-5.1 p.p.), due to lower frequency of claims. It is important to note that 3Q24 was impacted by the reprocessing of claims totaling R$42.3 million and the constitution of a technical surplus provision of R$15.2 million, compared to R$2.3 million in 3Q25;

  • term life (-4.0 p.p.), with reduced severity and frequency of claims;

  • home (-5.9 p.p.), due to fewer assistance requests, considering that 3Q24 was still impacted by the effects of the floods in Rio Grande do Sul.

    YEAR-TO-DATE ANALYSIS

    In 9M25, the loss ratio decreased 1.8 p.p. YoY, explained by:

  • term life (-1.6 p.p.): due to lower frequency and severity. It is worth noting that in 2Q24 there was a write-off of some co-insurance contracts, which reduced the volume of earned premiums and increased the ratio in that period;

  • credit life (-3.0 p.p.): due to lower frequency of claims compared to 2Q24 and 3Q24, periods negatively impacted by R$138.3 million in reprocessed claims from previous periods;

  • rural lien (-1.7 p.p.), mortgage life (-1.1 p.p.), and home (-5.6 p.p.): due to fewer claims and assistance requests, segments that were impacted last year by the floods in Rio Grande do Sul; and

  • commercial lines (-21.1 p.p.): due to the discontinuation of the breach warranty insurance product in 2Q24.

    On the other hand, the loss ratio was negatively impacted by crop (+6.4 p.p.), due to higher severity in 1Q25 in soybean crop claims caused by droughts in Paraná, Mato Grosso do Sul, and Rio Grande do Sul, resulting from the La Niña phenomenon. Meanwhile, credit life for farmers increased 2.1 p.p., due to higher severity and frequency of claims in 2Q25 and 3Q25.

    Figure 19 - Life Insurance | Loss ratio (%) Figure 20 - Credit life insurance | Loss ratio (%)

    22.1 21.2 23.7

    26.0

    24.3 20.8 23.3 22.1

    23.6 22.0

    41.0 40.9

    36.6

    35.7

    37.9 34.9

    30.4

    34.6

    32.4

    23.8

    4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

    9M 24 9M 25

    4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

    9M 24 9M 25

    Figure 21 - Mortgage life | Loss ratio (%) Figure 22 - Home insurance | Loss ratio (%)

    17.7 18.4

    36.3

    4.0

    11.8 16.4 13.1

    25.0

    19.3 18.2

    73.4

    55.6

    51.7

    45.1

    42.5

    42.6

    38.3

    36.6

    47.6

    42.0

    4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

    9M 24 9M 25

    4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

    9M 24 9M 25

    Figure 23 - Commercial lines insurance | Loss ratio (%) Figure 24 - Rural | Loss ratio (%)

    70.4 72.0

    3.4 10.3 16.6 15.3 22.6

    39.3 18.2

    20.4

    20.8

    23.2

    17.4

    16.1

    24.0

    15.5

    16.2

    18.1 18.1

    -247.0

    15.1

    19.0 19.7

    10.8 10.4

    17.0 15.2

    15.1

    17.4 16.2

    4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

    9M 24 9M25

    4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 9M 24 9M 25

    Rural | Total
    Rural | Total 12M

    Figure 25 - Crop insurance | Loss ratio (%) Figure 26 - Credit life for farmers and rural lien insurance | Loss ratio (%)

    38.2

    61.3 66.7

    102.1

    37.2 28.9 36.5

    31.7

    37.2

    43.3

    18.2

    21.6

    15.8

    16.0

    14.0

    20.0

    16.9

    15.6

    17.8

    16.0

    34.1

    39.9

    24.6

    0.9

    -23.1

    21.7

    11.2 6.4

    36.9

    31.7

    7.1

    14.7 13.5

    10.5

    8.6

    14.5

    12.6

    13.3

    12.8

    15.0

    4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

    9M24 9M25

    4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

    9M24 9M25

    Crop
    Crop 12M

    Credit life for farmers
    Rural lien

  • R E T A I N E D A C Q U I S I T I O N C O S T S

    Figure 27 - Brasilseg | Retained acquisition costs

    27.9 28.9 28.7 29.9 30.2 30.4 31.2 31.1

    1,039 1,071 1,086 1,148 1,157

    927 963 963

    4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

    Retained acquisition costs (R$ million)
    Commission ratio (%)

    Table 12 - Brasilseg | Retained acquisition costs

    Quarterly Flow Chg. % 9 Months Flow Chg. %

    R$ thousand

    3Q24

    2Q25

    3Q25

    On 3Q24

    On 2Q25

    9M24

    9M25

    On 9M24

    Acquisition costs

    (1,168,000)

    (1,257,818)

    (1,261,710)

    8.0

    0.3

    (3,366,975)

    (3,728,804)

    10.7

    Commission charged on premiums written

    (1,586,897)

    (1,165,924)

    (1,410,436)

    (11.1)

    21.0

    (4,295,854)

    (3,877,640)

    (9.7)

    Revenue with reinsurance commission

    128,704

    110,197

    104,717

    (18.6)

    (5.0)

    402,037

    338,204

    (15.9)

    Commissions recovered - Coinsurance

    7,778

    11,671

    9,946

    27.9

    (14.8)

    42,029

    28,878

    (31.3)

    Change in deferred acquisition costs

    495,313

    (31,888)

    216,055

    (56.4)

    -

    1,120,894

    341,479

    (69.5)

    Other acquisition costs

    (84,194)

    (71,677)

    (77,274)

    (8.2)

    7.8

    (234,044)

    (221,521)

    (5.4)

    Retained acquisition costs

    (1,039,295)

    (1,147,621)

    (1,156,993)

    11.3

    0.8

    (2,964,938)

    (3,390,600)

    14.4

  • U N D E R W R I T I N G R E S U L T

    Figure 28 - Brasilseg | Breakdown of underwriting result by segment (%)

    Rural

    Term Life

    Credit Life

    8.2

    6.7

    2.5

    21.2

    19.5

    63.8

    66.1

    Rural

    Term Life

    Credit Life

    Mortgage Life

    3.0

    8.6

    9.1

    21.5

    22.8

    62.7

    61.9

    Mortgage Life

    Commercial lines

    Home

    Other

    3.7

    2.0

    2.3

    2.1

    1.6

    0.2

    0.1

    3Q25
    3Q24

    Commercial lines

    Home

    Other

    3.1

    2.2

    1.6

    1.8

    1.4

    0.2

    0.1

    9M25
    9M24

  • G E N E R A L & A D M I N I S T R A T I V E E X P E N S E S

    Figure 29 - Brasilseg | G&A expenses

    13.7

    10.5

    10.9

    10.7

    11.8

    10.4

    10.5

    10.2



    455

    256

58

141

351 367 372

419

227

41

151

373 388 380

176

43

132

202

33

131

191

36

145

196

38

140

212

26

149

220

13

147

4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

Tax expenses (R$ million)

Other operating income (expenses) (R$ million) Administrative expenses (R$ million)

G&A ratio (%)

QUARTERLY ANALYSIS

In 3Q25, the G&A ratio decreased by 0.5 p.p. compared to 3Q24.

Administrative expenses rose by 15.4% (+R$29.4 million), due to: (i) higher location and operation expenses (+R$18.2 million), negatively impacted by the write-off of intangible assets totaling R$14.0 million, resulting from the sublease of a property below the contractual usage value; (ii) an increase in outsourcing expenses (+R$8.2 million), due to higher spending on digital channels and corporate systems; and (iii) higher personnel expenses (+R$3.5 million), mainly explained by the collective bargaining agreement.

The negative balance of other operating income and expenses decreased by 63.3%, due to:

  • A positive balance (R$19.4 million) recorded under the impairment line, resulting from a change in the methodology used to calculate the provision, which led to a reversal of R$8.4 million and enhanced precision in credit risk assessment associated with receivable premiums. Additionally, the impairment line was positively impacted by the cleanup of the base of premiums overdue for more than 365 days, a higher volume of premium cancellations, and the write-off of installments with no recovery prospects;

  • Lower operating expenses (-R$6.7 million), due to reduced spending on specialized reinsurance consulting and co-insurance result sharing.

    These effects were partially offset by higher spending on mobilization and sales incentive campaigns recorded under endomarketing expenses (+R$8.6 million).

    Tax expenses increased by 0.9% (+R$1.4 million), following the expansion of the taxable income.

    YEAR-TO-DATE ANALYSIS

    In 9M25, the G&A ratio increased by 0.3 p.p.

    Administrative expenses grew by 10.3% (+R$58.5 million), due to higher expenses with outsourcing (+R$36.8 million), resulting from the reclassification, starting in 2Q24, of corporate system expenses that were previously recorded as intangible assets. There was also an increase in expenses related to digital channels and corporate systems in 2Q25 and 3Q25. Additionally, location and operation expenses rose by R$20.7 million, mainly explained by the factors mentioned in the quarterly analysis.

    The negative balance of other operating income and expenses decreased by 31.5%, due to a R$47.2 million reduction in impairment expenses, considering the reversal of provisions for impairment of receivable premiums in 2Q25 and 3Q25, totaling R$27.9 million, as mentioned in the quarterly analysis. It is worth noting that the first nine months of 2024 were negatively impacted by R$18.7 million in 1Q24, in provisions for receivable premiums and recoverable reinsurance, due to the adoption of proprietary provisioning models in compliance with Circular 678/2022.

    Tax expenses increased by 6.8% (+R$27.7 million), due to the expansion of the taxable income.

    Table 13 - Brasilseg | General & Administrative expenses

    Quarterly Flow Chg. % 9 Months Flow Chg. %

    R$ thousand

    3Q24

    2Q25

    3Q25

    On 3Q24

    On 2Q25

    9M24

    9M25

    On 9M24

    Administrative expenses

    (190,689)

    (212,149)

    (220,112)

    15.4

    3.8

    (569,428)

    (627,909)

    10.3

    Personnel

    (80,624)

    (84,243)

    (84,074)

    4.3

    (0.2)

    (253,536)

    (254,953)

    0.6

    Outsourcing

    (74,674)

    (86,765)

    (82,909)

    11.0

    (4.4)

    (215,355)

    (252,145)

    17.1

    Location and operation

    (29,900)

    (38,246)

    (48,101)

    60.9

    25.8

    (89,295)

    (109,977)

    23.2

    Institutional advertisement and publicity

    (3,358)

    (2,224)

    (4,017)

    19.6

    80.6

    (6,376)

    (8,004)

    25.5

    Publications

    (50)

    (9)

    (10)

    (80.9)

    10.4

    (450)

    (406)

    (9.8)

    Other administrative expenses

    (2,083)

    (662)

    (1,002)

    (51.9)

    51.5

    (4,416)

    (2,424)

    (45.1)

    Other operating income (expenses)

    (36,183)

    (26,393)

    (13,296)

    (63.3)

    (49.6)

    (112,711)

    (77,239)

    (31.5)

    Charging expenses

    (1,284)

    (1,502)

    (1,458)

    13.6

    (3.0)

    (3,944)

    (4,392)

    11.3

    Civil contingencies

    (2,618)

    (2,857)

    (2,983)

    13.9

    4.4

    (9,691)

    (8,880)

    (8.4)

    Expenses with events

    (1,051)

    (160)

    (110)

    (89.5)

    (31.1)

    (1,280)

    (335)

    (73.8)

    Endomarketing

    (15,635)

    (22,804)

    (24,266)

    55.2

    6.4

    (55,668)

    (71,493)

    28.4

    Impairment

    (5,016)

    8,498

    19,376

    -

    128.0

    (24,309)

    22,844

    -

    Other operating income (expenses)

    (10,580)

    (7,568)

    (3,855)

    (63.6)

    (49.1)

    (17,819)

    (14,984)

    (15.9)

    Tax expenses

    (145,204)

    (149,329)

    (146,577)

    0.9

    (1.8)

    (408,069)

    (435,701)

    6.8

    COFINS

    (121,314)

    (126,036)

    (122,811)

    1.2

    (2.6)

    (340,152)

    (365,630)

    7.5

    PIS

    (19,998)

    (19,194)

    (20,027)

    0.1

    4.3

    (56,018)

    (58,455)

    4.3

    Inspection fee

    (2,598)

    (2,598)

    (2,598)

    -

    (0.0)

    (7,793)

    (7,793)

    -

    Other tax expenses

    (1,294)

    (1,501)

    (1,141)

    (11.8)

    (24.0)

    (4,105)

    (3,823)

    (6.9)

    G&A

    (372,076)

    (387,871)

    (379,986)

    2.1

    (2.0)

    (1,090,208)

    (1,140,849)

    4.6

  • N E T I N V E S T M E N T I N C O M E

Figure 30 - Brasilseg | Net investment income (R$ million)

272

283

266

311

325

202

215 215

4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

Table 14 - Brasilseg | Financial income and expenses1

Quarterly Flow Chg. % 9 Months Flow Chg. %

R$ thousand

3Q24

2Q25

3Q25

On 3Q24

On 2Q25

9M24

9M25

On 9M24

Adjusted interest revenues

258,710

335,270

370,436

43.2

10.5

797,742

1,038,195

30.1

Revenues with mark to market financial investments

261,298

319,278

352,082

34.7

10.3

771,510

985,610

27.8

Judicial deposits

7,311

9,352

10,464

43.1

11.9

21,876

28,278

29.3

Receivables from insurance and reinsurance operations

(9,899)

6,640

7,889

-

18.8

4,357

24,308

458.0

Adjusted interest expenses

(30,310)

(15,765)

(36,879)

21.7

133.9

(126,416)

(93,686)

(25.9)

Pending claims - Administrative

395

(236)

266

(32.7)

-

373

203

(45.6)

Pending claims - Judicial

(20,023)

(10,322)

(25,729)

28.5

149.3

(90,802)

(66,437)

(26.8)

Judicial provisions

(8,405)

(1,899)

(10,185)

21.2

436.3

(30,306)

(21,920)

(27.7)

Obligations with insurance and reinsurance operations

(2,277)

(3,309)

(1,231)

(45.9)

(62.8)

(5,681)

(5,533)

(2.6)

Net interest income

228,400

319,505

333,557

46.0

4.4

671,326

944,509

40.7

1. Managerial view.

QUARTERLY ANALYSIS

In 3Q25, net interest income grew by 46.0% (+R$105.2 million) compared to 3Q24.

Adjusted interest revenues increased by 43.2% (+R$111.7 million), due to the rise in the average rate of financial investments and monetary adjustment of judicial deposits, benefiting from the increase in the Selic rate. It is worth noting that 3Q24 was negatively impacted by the reversal of monetary adjustment revenues from judicial reinsurance assets, due to inconsistencies caused by migration of internal system, which were corrected in the following quarter.

Adjusted interest expenses rose by 21.7% (+R$6.6 million), due to the increase in the rate applied to judicial claims payable liabilities and judicial provisions.

YEAR-TO-DATE ANALYSIS

Net interest income expanded by 40.7%. Adjusted interest revenues increased by R$240.5 million, based on the same reasons presented in the quarterly analysis. Meanwhile, adjusted interest expenses decreased by R$32.7 million, due to the reduction in liability costs, especially in 1H25, impacting the lines of judicial claims payable and judicial provisions, reflecting changes in monetary adjustment and interest rates, pursuant to Law 14,905/24.

Table 15 - Brasilseg | Quarterly figures - Earning assets - average balance and interest rates

3Q24 3Q25 R$ million Average balance Interest revenues Annualized rate (%) Average balance Interest revenues Annualized rate (%)

Earning assets

Mark to Market financial investments

10,138

261

10.2

10,003

352

14.1

Judicial deposits

856

7

3.3

877

10

4.6

Receivables from insurance and reinsurance operations

669

(10)

(5.5)

396

8

7.8

Total

11,662

259

8.7

11,276

370

13.1

Table 16 - Brasilseg | Quarterly figures - Interest bearing liabilities - average balance and interest rates

3Q24 3Q25 R$ million Average balance Interest expenses Annualized rate (%) Average balance Interest expenses Annualized rate (%)

Interest bearing liabilities

Pending claims - Administrative

1,668

0

(0.1)

1,296

0

(0.1)

Pending claims - Judicial

1,002

(20)

7.4

988

(26)

9.6

Judicial provisions

791

(8)

4.0

807

(10)

4.7

Obligations with insurance and reinsurance operations

345

(2)

2.5

279

(1)

1.7

Total

3,806

(30)

3.0

3,370

(37)

4.1

Table 17 - Brasilseg | Year-to-date figures - Earning assets - average balance and interest rates

9M24 9M25 R$ million Average balance Interest revenues Annualized rate (%) Average balance Interest revenues Annualized rate (%)

Earning assets

Mark to Market financial investments

10,403

772

10.0

10,360

986

13.0

Judicial deposits

849

22

3.4

869

28

4.4

Receivables from insurance and reinsurance operations

458

4

1.3

335

24

9.8

Total

11,711

798

9.1

11,565

1,038

12.2

Table 18 - Brasilseg | Year-to-date figures - Interest bearing liabilities - average balance and interest rates

9M24 9M25 R$ million Average balance Interest expenses Annualized rate (%) Average balance Interest expenses Annualized rate (%)

Interest bearing liabilities

Pending claims - Administrative

1,409

0

(0.0)

1,176

0

(0.0)

Pending claims - Judicial

959

(91)

12.4

1,027

(66)

8.6

Judicial provisions

779

(30)

5.1

801

(22)

3.7

Obligations with insurance and reinsurance operations

349

(6)

2.2

290

(6)

2.5

Total

3,495

(126)

4.8

3,294

(94)

3.8

Table 19 - Brasilseg | Financial investment portfolio

Balance Chg. %

R$ thousand

Sep/24

Jun/25

Sep/25

On Sep/24

On Jun/25

Trading

7,826,677

7,487,448

7,714,113

(1.4)

3.0

Pre-fixed

510,189

268,562

630,476

23.6

134.8

Floating

7,295,305

7,197,588

7,062,268

(3.2)

(1.9)

Other

21,182

21,298

21,370

0.9

0.3

Available for sale

2,589,236

2,396,738

2,408,431

(7.0)

0.5

Pre-fixed

1,652,569

1,842,168

1,852,475

12.1

0.6

Inflation

936,668

554,570

555,956

(40.6)

0.2

Total

10,415,913

9,884,186

10,122,544

(2.8)

2.4

Figure 31 - Brasilseg | Breakdown of financial investments by index (%)

Figure 32 - Brasilseg | Breakdown of trading investments by index (%)

0.2 0.2 9.0

0.2

9.9

0.2 0.2 5.6

21.4

72.8

24.5

69.8

5.5

20.6

69.3

26.9

63.9

8.9

20.8

70.0

16.2

71.3

12.1

0.4

13.1

80.6

5.9

0.3

15.6

78.7

5.4

0.3

0.4

0.3

94.2

5.2

0.5

0.3

92.2

7.0

0.3

93.2

6.5

0.3

96.0

3.6

0.3

0.6

94.7

4.3

0.3

96.1

3.6

0.3

91.5

8.2

8.3

91.3

0.4

Dec/23 Mar/24 Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25

Pre-fixed
Floating
Inflation
Other

Dec/23 Mar/24 Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25

Pre-fixed
Floating
Inflation
Other

  • B A L A N C E S H E E T

    Table 20 - Brasilseg | Balance sheet

    Balance Chg. %

    R$ thousand

    Sep/24

    Jun/25

    Sep/25

    On Sep/24

    On Jun/25

    Assets

    26,733,121

    26,033,106

    26,640,468

    (0.3)

    2.3

    Cash

    20,710

    2,287

    9,697

    (53.2)

    324.1

    Financial assets

    10,415,913

    9,884,186

    10,122,544

    (2.8)

    2.4

    Receivables from insurance and reinsurance operations

    5,877,499

    5,736,001

    6,074,475

    3.4

    5.9

    Reinsurance and retrocession - technical reserves

    1,670,267

    1,327,199

    1,132,307

    (32.2)

    (14.7)

    Securities and credits receivable

    1,280,005

    1,303,929

    1,318,542

    3.0

    1.1

    Other

    238,194

    238,658

    196,238

    (17.6)

    (17.8)

    Prepaid expenses

    39,302

    23,285

    39,984

    1.7

    71.7

    Deferred costs

    6,302,231

    6,676,231

    6,892,286

    9.4

    3.2

    Investments

    377,048

    336,693

    359,863

    (4.6)

    6.9

    Fixed assets

    40,208

    33,282

    31,808

    (20.9)

    (4.4)

    Intangible

    471,745

    471,356

    462,723

    (1.9)

    (1.8)

    Liabilities

    23,307,471

    22,631,589

    23,292,657

    (0.1)

    2.9

    Accounts payable

    780,536

    805,458

    1,015,850

    30.1

    26.1

    Obligations with insurance and reinsurance operations

    3,330,026

    3,043,775

    3,369,608

    1.2

    10.7

    Technical reserves - insurance

    18,042,889

    17,644,458

    17,788,223

    (1.4)

    0.8

    Third party deposits

    37,897

    22,666

    10,893

    (71.3)

    (51.9)

    Other liabilities

    1,116,123

    1,115,231

    1,108,083

    (0.7)

    (0.6)

    Shareholders' equity

    3,425,649

    3,401,517

    3,347,811

    (2.3)

    (1.6)

    Capital

    1,469,848

    1,469,848

    1,469,848

    -

    -

    Reserves

    290,896

    290,496

    290,496

    (0.1)

    -

    Equity valuation adjustments

    (25,307)

    (77,279)

    (65,958)

    160.6

    (14.6)

    Accumulated profits and losses

    1,690,211

    1,718,452

    1,653,425

    (2.2)

    (3.8)

  • S O L V E NC Y

Table 21 - Brasilseg | Solvency¹

Balance Chg. %

R$ thousand

Sep/24

Jun/25

Sep/25

On Sep/24

On Jun/25

Brasilseg Companhia de Seguros

Adjusted shareholders' equity (a)

2,293,601

2,368,152

2,248,121

(2.0)

(5.1)

Minimum capital required (b)

1,827,388

1,850,479

1,804,012

(1.3)

(2.5)

Additional capital for underwritting risk

1,635,140

1,674,769

1,634,543

(0.0)

(2.4)

Additional capital for credit risk

207,486

188,358

177,996

(14.2)

(5.5)

Additional capital for market risk

61,441

48,908

48,908

(20.4)

-

Additional capital for operating risk

62,060

60,579

60,145

(3.1)

(0.7)

Benefit of correlation between risks

(138,739)

(122,136)

(117,580)

(15.3)

(3.7)

Capital adequacy (a) - (b)

466,213

517,673

444,109

(4.7)

(14.2)

Solvency ratio (a) / (b) - %

125.5

128.0

124.6

-0.9 p.p.

-3.4 p.p.

Aliança do Brasil Seguros

Adjusted shareholders' equity (a)

281,440

244,863

254,278

(9.7)

3.8

Minimum capital required (b)

175,213

158,472

164,973

(5.8)

4.1

Additional capital for underwritting risk

161,416

145,406

152,094

(5.8)

4.6

Additional capital for credit risk

10,267

10,446

9,737

(5.2)

(6.8)

Additional capital for market risk

8,361

6,953

6,953

(16.8)

-

Additional capital for operating risk

6,082

5,629

5,853

(3.8)

4.0

Benefit of correlation between risks

(10,913)

(9,962)

(9,664)

(11.4)

(3.0)

Capital adequacy (a) - (b)

106,227

86,390

89,305

(15.9)

3.4

Solvency ratio (a) / (b) - %

160.6

154.5

154.1

-6.5 p.p.

-0.4 p.p.

Total Brasilseg

Adjusted shareholders' equity (a)

2,575,041

2,613,015

2,502,398

(2.8)

(4.2)

Minimum capital required (b)

2,002,601

2,008,951

1,968,985

(1.7)

(2.0)

Additional capital for underwritting risk

1,796,556

1,820,175

1,786,637

(0.6)

(1.8)

Additional capital for credit risk

217,753

198,804

187,733

(13.8)

(5.6)

Additional capital for market risk

69,802

55,861

55,861

(20.0)

-

Additional capital for operating risk

68,142

66,208

65,998

(3.1)

(0.3)

Benefit of correlation between risks

(149,652)

(132,098)

(127,244)

(15.0)

(3.7)

Capital adequacy (a) - (b)

572,440

604,064

533,414

(6.8)

(11.7)

Solvency ratio (a) / (b) - %

128.6

130.1

127.1

-1.5 p.p.

-3.0 p.p.

  1. Information based on the accounting principles adopted by SUSEP.



    ‌B R A S I L P R E V

    In order to better reflect the changes in technical provisions for benefits to be granted and benefits granted ("PMBAC" and "PMBC"), the

    following reallocations were made in the income statement starting from 1Q25:

    • Cancellation due to death of participant and supplementation for surviving: from "other operating income and expenses" to

      "variation of other technical reserves"; and

    • Supplementary Coverage Provision ("PCC"): from "variation of other technical reserves" to "financial expenses". For comparison purposes, these reallocations were applied to the periods of 2024 and 2025.

Table 22 - Brasilprev | Managerial income statement

Quarterly Flow Chg. % 9 Months Flow Chg. %

R$ thousand

3Q24

2Q25

3Q25

On 3Q24

On 2Q25

9M24

9M25

On 9M24

Total revenue from pension and

insurance

16,394,142

9,772,603

13,289,654

(18.9)

36.0

45,638,706

36,448,169

(20.1)

Provision for benefits to be granted

(16,390,004)

(9,768,725)

(13,285,778)

(18.9)

36.0

(45,626,071)

(36,436,562)

(20.1)

Net revenue from pension and insurance

4,138

3,879

3,876

(6.3)

(0.1)

12,635

11,607

(8.1)

Management fee

994,745

927,504

1,021,038

2.6

10.1

2,823,728

2,868,909

1.6

Variation of other technical reserves

(23,188)

(33,872)

(21,472)

(7.4)

(36.6)

(68,370)

(80,173)

17.3

Expenses with benefits, redemptions and claims

(6,518)

8,679

(12,432)

90.8

-

(18,525)

(1,728)

(90.7)

Acquisition costs

(200,301)

(200,138)

(198,172)

(1.1)

(1.0)

(585,421)

(599,895)

2.5

Retained earned premiums

56,895

50,573

55,507

(2.4)

9.8

172,037

163,276

(5.1)

Administrative expenses

(115,641)

(111,323)

(112,686)

(2.6)

1.2

(323,868)

(334,449)

3.3

Tax expenses

(89,591)

(74,465)

(84,717)

(5.4)

13.8

(235,377)

(231,868)

(1.5)

Other operating income (expenses)

(10,266)

(19,213)

(15,522)

51.2

(19.2)

(34,774)

(47,877)

37.7

Gains or losses on non-current assets

(7)

-

(5)

(30.0)

-

(82)

(5)

(93.4)

Non-interest operating result

610,266

551,623

635,417

4.1

15.2

1,741,984

1,747,796

0.3

Net investment income

379,230

143,809

511,968

35.0

256.0

349,161

693,030

98.5

Financial income

10,479,480

14,221,698

14,417,651

37.6

1.4

24,518,985

40,502,942

65.2

Financial expenses

(10,100,250)

(14,077,889)

(13,905,683)

37.7

(1.2)

(24,169,824)

(39,809,912)

64.7

Earnings before taxes and profit sharing

989,496

695,432

1,147,385

16.0

65.0

2,091,145

2,440,826

16.7

Taxes

(388,731)

(274,873)

(433,016)

11.4

57.5

(827,875)

(944,124)

14.0

Profit sharing

(5,141)

(4,987)

(4,907)

(4.6)

(1.6)

(15,281)

(15,522)

1.6

Recurring managerial net income

595,623

415,571

709,461

19.1

70.7

1,247,990

1,481,180

18.7

One-off events

-

-

-

-

-

(129,468)

-

-

Constitution of PCC - Changes in other technical reserves

-

-

-

-

-

(216,662)

-

-

Constitution of PCC - tax expenses (PIS/COFINS)

-

-

-

-

-

883

-

-

Constitution of PCC - taxes (IR/CSLL)

-

-

-

-

-

86,312

-

-

Managerial net income

595,623

415,571

709,461

19.1

70.7

1,118,522

1,481,180

32.4

Table 23 - Brasilprev | Comprehensive income

Quarterly Flow Chg. % 9 Months Flow Chg. %

R$ thousand

3Q24

2Q25

3Q25

On 3Q24

On 2Q25

9M24

9M25

On 9M24

Managerial net income

595,623

415,571

709,461

19.1

70.7

1,118,522

1,481,180

32.4

Other comprehensive income

72,880

269,409

(233,613)

-

-

694,838

(72,586)

-

Goodwill of assets (AfS Investments + Impairment)

14,194

39,380

(239,400)

-

-

358,867

(191,496)

-

PCC

58,686

230,029

5,787

(90.1)

(97.5)

335,971

118,910

(64.6)

Comprehensive income

668,503

684,981

475,848

(28.8)

(30.5)

1,813,361

1,408,594

(22.3)

  • R E C U R R I N G M A N A G E R I A L N E T I N C O M E

    In 3Q25, recurring managerial net income from the pension plans operation totaled R$709.5 million, up 19.1% YoY. This performance was supported by 35.0% growth in net investment income, favored by a reduction in liability costs, mainly due to the deflation of the 1-month lagged IGP-M in 3Q25 (-2.1%) vs. the inflation recorded in 3Q24 (+1.7%).

    The non-interest operating result grew 4.1% YoY, with a 1.3 p.p.

    Figure 33 - Brasilprev | Recurring managerial net income (R$ million)

    709

    596

    503

    416

    improvement in the cost-to-income ratio, mainly explained by

    management fee revenues, which increased 2.6% due to the expansion in asset volume. However, the annualized average management fee declined by 0.05 p.p., due to the lower share of multimarket funds in total reserves.

    Pension plans contributions fell 18.9%, totaling R$13.3 billion, a

    305

    347

    366 356

    movement largely influenced by IOF tax rules for VGBL plans, initially established by Decree No. 12,466/2025 and later adjusted by Decree No. 12,499/2025.

    The redemption ratio increased by 0.2 p.p., while the portability ratio rose by 1.8 p.p. compared to 3Q24. The lower volume of contributions combined with higher outflows led to a negative net inflow of R$3.9 billion (vs. +R$2.6 billion in 3Q24).

    In 9M25, recurring managerial net income grew 18.7%, mainly driven by the improvement in net investment income. Key factors contributing to this increase include: (i) positive mark-to-market of trading financial assets (+R$19.7 million in 9M25 vs. -R$280.7 million in 9M24); and (ii) decline in the average cost of interest-bearing liabilities, in line with the one-month lagged deflation of the IGP-M.

    4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

    Figure 34 - Brasilprev | Solvency¹ (R$ million)

    168.5 165.8 161.9

    4,901 4,913 4,677

    On the operating side, net inflow was negative at R$9.1 billion, reflecting a 20.1% drop in contributions, along with increases in redemption ratio (+1.2 p.p.) and portability ratio (+0.6 p.p.). Management fee revenues grew 1.6%, supported by a 8.5% expansion in reserves, which offset the 0.05 p.p. decline in the annualized average fee, due to the lower share of multimarket

    2,908

    2,964

    2,889

    funds in total reserves.

    Sep/24 Jun/25 Sep/25

    Adjusted shareholder's equity (a) Minimum capital requirement (b)

    Solvency ratio (a) / (b) - %

    ¹ Information based on the accounting principles adopted by SUSEP.

    Table 24 - Brasilprev | Performance ratios

    Quarterly Flow Chg. (p.p.) 9 Months Flow Chg. (p.p.)

    %

    3Q24

    2Q25

    3Q25

    On 3Q24

    On 2Q25

    9M24

    9M25

    On 9M24

    Commission ratio

    1.2

    2.0

    1.5

    0.3

    (0.6)

    1.3

    1.6

    0.4

    Management fee

    0.91

    0.87

    0.86

    (0.05)

    (0.01)

    0.92

    0.87

    (0.05)

    Redemption ratio

    11.2

    10.6

    11.4

    0.2

    0.8

    10.0

    11.2

    1.2

    Portability ratio

    1.8

    1.3

    3.5

    1.8

    2.2

    1.4

    2.0

    0.6

    Cost to income ratio

    39.4

    41.3

    38.0

    (1.3)

    (3.2)

    39.2

    39.9

    0.7

    Income tax rate

    39.3

    39.5

    37.7

    (1.5)

    (1.8)

    39.6

    38.7

    (0.9)

  • C O N T R I B U T I O N S

Figure 35 - Brasilprev | Contributions (R$ million) Figure 36 - Brasilprev | Net inflows and redemption ratio

13,737

16,778

12,466

16,394

13,223 13,386

9,773

13,290

10.1

1,606

5,574

10.1 11.2 11.6 11.6 10.6 11.4

8.6

2,578

(255)

(1,025) (1,523)

(3,687) (3,890)

4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

Net inflows¹ (R$ million)

Annualized redemption ratio (%)

1. Source: Quantum Axis

Figure 37 - Brasilprev | Contributions breakdown (%) Figure 38 - Brasilprev | Pension plans outstanding (%)

0.4

7.1

92.5

0.3

3.0

96.7

0.4

4.5

95.1

0.3

4.0

95.7

0.4

7.4

92.2

0.3

3.9

95.7

0.5

5.8

93.7

0.4

4.6

95.0

30.3

69.7

30.5

69.5

30.7

69.3

31.4

68.6

31.9

68.1

32.4

67.6

32.8

67.2

33.4

66.6

4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

VGBL
PGBL
Traditional

Dec/23 Mar/24 Jun/24 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25

Periodic contribution
Sporadic contribution

Figure 39 - Brasilprev | Plans (thousand) Figure 40 - Brasilprev | CPFs (thousand)

3,156 3,192 3,180 3,166 3,147 3,113 3,084 3,068

Dec/23 Mar/2 4 Jun/24 Sep/24 Dec/24 Mar/25 Jun/2 5 Sep/25

2,591 2,610 2,592 2,581 2,563 2,535 2,513 2,499

Dec/23 Mar/24 Jun/2 4 Sep/24 Dec/24 Mar/25 Jun/25 Sep/25

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BB Seguridade Participações SA published this content on November 03, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 03, 2025 at 21:50 UTC.