Consolidated Financial Statements - 1st Half 2023
#interna
BB Seguridade Participações S.A.
INDEX | |||
MANAGEMENT COMMENTS ON PERFORMACE | 1 | ||
STATEMENT OF INCOME | 2 | ||
STATEMENT OF COMPREHENSIVE INCOME | 3 | ||
BALANCE SHEET | 4 | ||
STATEMENT OF CASH FLOWS | 5 | ||
STATEMENT OF CHANGES IN EQUITY | 6 | ||
STATEMENT OF VALUE ADDED | 7 | ||
EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS | 8 | ||
1 | - OPERATIONAL CONTEXT | 8 | |
2 | - ACQUISITIONS, DISPOSALS AND CORPORATE RESTRUCTURINGS | 9 | |
3 | - PRESENTATION OF INTERIM FINANCIAL STATEMENTS | 10 | |
4 | - DESCRIPTION OF KEY ACCOUNTING POLICIES | 18 | |
5 | - RISK MANAGEMENT | 23 | |
6 | - SEGMENT INFORMATION | 27 | |
7 | - INVESTMENTS IN ASSOCIATES | 30 | |
8 | - COMMISSIONS INCOME | 44 | |
9 | - COSTS OF SERVICES PROVIDED | 44 | |
10 | - PERSONNEL EXPENSES | 44 | |
11 | - ADMINISTRATIVE EXPENSES AND SALES | 45 | |
12 | - TAXES | 45 | |
13 | - OTHER INCOME AND EXPENSE | 48 | |
14 | - FINANCIAL RESULT | 49 | |
15 | - CASH AND CASH EQUIVALENTS | 50 | |
16 | - FINANCIAL INSTRUMENTS | 50 | |
17 | - DIVIDENDS / INTEREST ON EQUITY CAPITAL RECEIVABLE | 51 | |
18 | - COMMISSIONS RECEIVABLE | 51 | |
19 | - INTANGIBLE ASSET | 52 | |
20 | - OTHER ASSETS | 52 | |
21 | - CORPORATE AND STATUTORY OBLIGATIONS | 52 | |
22 | - PROVISIONS AND CONTINGENT LIABILITIES | 53 | |
23 | - UNEARDED COMMISSIONS | 55 | |
24 | - OTHER LIABILITIES | 56 | |
25 | - EQUITY | 56 | |
26 | - RELATED PARTY TRANSACTIONS | 59 | |
27 | - EVENTS AFTER THE REPORTING PERIOD | 62 |
REPORT OF INDEPENDENT AUDITORS FOR FINANCIAL STATEMENTS
DECLARATION OF THE MEMBERS OF THE EXECUTIVE BOARD ABOUT THE FINANCIAL STATEMENTS
STATEMENT OF THE MEMBERS OF THE EXECUTIVE BOARD ON THE REPORT OF THE INDEPENDENT AUDITORS
MEMBERS OF THE MANAGEMENT BODIES
Consolidated Financial Statements - 1st Half 2023
#interna
BB Seguridade Participações S.A.
MANAGEMENT COMMENTS ON PERFORMACE
Dear Shareholders,
In the second quarter of 2023, BB Seguridade Participações S.A. ("BB Seguridade" or "Company") reported net income of R$1,892 million (+25.8% YoY).
The main highlights explaining the R$388.4 million increase of net income as compared to the 2Q22 were:
- Brasilseg (+R$210.5 million): propelled by the growth of insurance margin and, to a lesser extent, the increase of financial results;
- Brasilprev (+R$84.0 million): due to the increase of insurance margin, partially offset by lower financial results; and
- BB Corretora (+R$75.0 million): sustained by the evolution of brokerage revenues and, to a lesser extent, the higher financial results;
The negative balance of holding's other revenues and expenses improved R$525,000 (-9.7%), mostly driven by:
- the lower personnel expenses, after changes in the percentages of costs allocation to the holdings and BB Corretora;
- the drop in administrative expenses, with the decrease of communication costs, as the shareholder's income statements related to FY2022 were sent digitally, avoiding posting expenses. In 2Q22, these costs reached R$518,000; and
- the higher volume of revenues from the ADR Level I program, accounted in "other operating income and expenses", due to the increase in the number of ADRs issued as compared to the 2Q22.
On the other hand, the aforementioned effects were partially offset by higher tax expenses on holding's financial revenues.
The financial results were up 147.9%, justified by the expansion of the average balance of financial investments and the higher average Selic rate.
For more information about BB Seguridade's performance, including the managerial analysis of its investees, please refer to the MD&A, available at www.bbseguridaderi.com.br/en, section Financial Information, option Results Center.
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Consolidated Financial Statements - 1st Half 2023
BB Seguridade Participações S.A.
STATEMENT OF INCOME
R$ thousand (except earnings per share)
Parent | Consolidated | ||||||||||
Note | 2nd Quarter 2023 | 1st Half 2023 | 2nd | Quarter 2022 | 1st Half 2022 | 2nd Quarter 2023 | 1st Half 2023 | 2nd Quarter 2022 | 1st Half 2022 | ||
Restated balances | Restated balances | Restated balances | Restated balances | ||||||||
Operating Income | 1,886,878 | 3,722,987 | 1,504,744 | 2,713,914 | 2,216,183 | 4,409,481 | 1,814,021 | 3,355,415 | |||
Equity income | [7.b] | 1,886,878 | 3,722,987 | 1,504,744 | 2,713,914 | 1,160,720 | 2,285,751 | 864,739 | 1,500,108 | ||
Net commissions income | [8] | -- | -- | -- | -- | 1,055,463 | 2,123,730 | 949,282 | 1,855,307 | ||
Cost of Services Provided | [9] | -- | -- | -- | -- | (50,139) | (100,861) | (53,763) | (101,800) | ||
Gross Profit | 1,886,878 | 3,722,987 | 1,504,744 | 2,713,914 | 2,166,044 | 4,308,620 | 1,760,258 | 3,253,615 | |||
Other Income and Expenses | (4,874) | (10,336) | (5,399) | (8,508) | (50,352) | (89,866) | (46,007) | (88,669) | |||
Personnel expenses | [10] | (3,207) | (6,847) | (3,611) | (6,917) | (21,896) | (41,458) | (17,548) | (33,938) | ||
Administratives and sales expenses | [11] | (1,163) | (1,884) | (1,506) | (2,138) | (13,013) | (22,042) | (7,622) | (13,500) | ||
Tax expenses | [12.c] | (625) | (4,705) | (301) | (1,931) | (7,163) | (19,269) | (5,570) | (10,887) | ||
Provision for brokerage to returned | [13] | -- | -- | -- | -- | -- | -- | (9,824) | (19,648) | ||
Other | [13] | 121 | 3,100 | 19 | 2,478 | (8,280) | (7,097) | (5,433) | (10,696) | ||
Income Before Financial Revenue and | 1,882,004 | 3,712,651 | 1,499,345 | 2,705,406 | 2,115,692 | 4,218,754 | 1,714,251 | 3,164,946 | |||
Expenses | |||||||||||
Financial Result | [14] | 10,402 | 12,714 | 4,196 | 7,838 | 150,304 | 246,502 | 117,775 | 175,917 | ||
Financial revenue | 11,438 | 93,261 | 4,968 | 35,195 | 151,435 | 327,230 | 118,605 | 204,555 | |||
Financial expenses | (1,036) | (80,547) | (772) | (27,357) | (1,131) | (80,728) | (830) | (28,638) | |||
Income Before Taxes and Equities | 1,892,406 | 3,725,365 | 1,503,541 | 2,713,244 | 2,265,996 | 4,465,256 | 1,832,026 | 3,340,863 | |||
Income Tax and Social Contribution | [12.a] | (233) | (233) | 186 | -- | (373,823) | (740,124) | (328,299) | (627,619) | ||
Net Income | 1,892,173 | 3,725,132 | 1,503,727 | 2,713,244 | 1,892,173 | 3,725,132 | 1,503,727 | 2,713,244 |
Number of shares
Weighted average number of shares - basic and diluted
Basic and diluted earnings per share (R$)
[25.a] | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 |
[25.c] | 1,996,726,731 | 1,996,742,391 | 1,996,714,480 | 1,996,700,283 | 1,996,726,731 | 1,996,742,391 | 1,996,714,480 | 1,996,700,283 |
[25.c] | 0.95 | 1.87 | 0.75 | 1.36 | 0.95 | 1.87 | 0.75 | 1.36 |
The explanatory notes are an integral part of the interim financial statements. The opening balance sheet and restatements refer to the adoption of CPC 50 [IFRS 17] - Insurance Contracts and CPC 48 [IFRS 9] - Financial Instruments, whose effects are detailed in Note 03 - Presentation of Financial Statements.
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Consolidated Financial Statements - 1st Half 2023
BB Seguridade Participações S.A.
STATEMENT OF COMPREHENSIVE INCOME
R$ thousand | ||||||||||||
Parent | Consolidated | |||||||||||
Note | 2nd Quarter 2023 | 1st Half 2023 | 2nd Quarter 2022 | 1st Half 2022 | 2nd Quarter 2023 | 1st Half 2023 | 2nd Quarter 2022 | 1st Half 2022 | ||||
Restated balances | Restated balances | Restated balances | Restated balances | |||||||||
Net Income | 1,892,173 | 3,725,132 | 1,503,727 | 2,713,244 | 1,892,173 | 3,725,132 | 1,503,727 | 2,713,244 | ||||
Share of comprehensive income | [09 | 213,595 | 391,265 | 101,133 | 82,577 | 213,595 | 391,265 | 101,133 | 82,577 | |||
Gains/(losses) on financial assets available for | 78,639 | 125,594 | (22,520) | (48,906) | 78,639 | 125,594 | (22,520) | (48,906) | ||||
sale | ||||||||||||
Other comprehensive results | ||||||||||||
Effects CPC 50 | 277,852 | 526,925 | 191,075 | 186,535 | 277,852 | 526,925 | 191,075 | 186,535 | ||||
other | (456) | (377) | -- | -- | (456) | (377) | -- | -- | ||||
Tax effect | (142,440) | (260,877) | (67,422) | (55,052) | (142,440) | (260,877) | (67,422) | (55,052) | ||||
Total Comprehensive Income | 2,105,768 | 4,116,397 | 1,604,860 | 2,795,821 | 2,105,768 | 4,116,397 | 1,604,860 | 2,795,821 |
The explanatory notes are an integral part of the interim financial statements. The opening balance sheet and restatements refer to the adoption of CPC 50 [IFRS 17] - Insurance Contracts and CPC 48 [IFRS 9] - Financial Instruments, whose effects are detailed in Note 03 - Presentation of Financial Statements.
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BB Seguridade Participações SA published this content on 07 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2023 10:29:06 UTC.