Interim
Financial
Statements
- Seguridade Participações S.A. 3rd Quarter 2023
Consolidated Financial Statements - 3rd Quarter 2023 | |||
BB Seguridade Participações S.A. | |||
INDEX | |||
2 | - ACQUISITIONS, DISPOSALS AND CORPORATE RESTRUCTURINGS | 9 | |
3 | - PRESENTATION OF FINANCIAL STATEMENTS | 10 | |
4 | - DESCRIPTION OF KEY ACCOUNTING POLICIES | 15 | |
5 | - RISK MANAGEMENT | 21 | |
6 | - SEGMENT INFORMATION | 24 | |
7 | - INVESTMENTS IN ASSOCIATES | 27 | |
8 | - COMMISSIONS INCOME | 43 | |
9 | - COSTS OF SERVICES PROVIDED | 44 | |
10 | - PERSONNEL EXPENSES | 44 | |
11 | - ADMINISTRATIVE EXPENSES AND SALES | 44 | |
12 | - TAXES | 45 | |
13 | - OTHER INCOME AND EXPENSE | 48 | |
14 | - FINANCIAL RESULT | 48 | |
15 | - CASH AND CASH EQUIVALENTS | 49 | |
16 | - FINANCIAL INSTRUMENTS | 49 | |
17 | - DIVIDENDS / INTEREST ON EQUITY CAPITAL RECEIVABLE | 50 | |
18 | - COMMISSIONS RECEIVABLE | 50 | |
19 | - INTANGIBLE ASSET | 51 | |
20 | - OTHER ASSETS | 51 | |
21 | - CORPORATE AND STATUTORY OBLIGATIONS | 51 | |
22 | - PROVISIONS AND CONTINGENT LIABILITIES | 51 | |
23 | - UNEARDED COMMISSIONS | 54 | |
24 | - OTHER LIABILITIES | 55 | |
25 | - EQUITY | 55 | |
26 | - RELATED PARTY TRANSACTIONS | 57 |
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
1
Consolidated Financial Statements - 3rd Quarter 2023
BB Seguridade Participações S.A.
MANAGEMENT COMMENTS ON PERFORMACE
Dear Shareholders,
In the third quarter of 2023, BB Seguridade Participações S.A. ("BB Seguridade" or "Company") reported net income of R$2,124 million (+23.7% YoY). The main highlights explaining the R$407.5 million increase of net income as compared to the 3Q22 were:
- Brasilprev (+R$186.1 million): due to the reduction of the onerousness of defined benefit plans that was registered at the transition to the new accounting standards (IFRS 17). This movement is explained by deflation of the IGP-M, as well as the increase of redemptions and migrations to defined contributions plans (PGBL and VGBL), deviating from the assumptions adopted when estimating the result of this plans at the transition. In lesser extent, the release of the contractual service margin (CSM) of PGBL and VGBL had also contributed;
- Brasilseg (+R$144.2 million): driven largely by the improvement in results arising from insurance contracts measured by the premium allocation model (PAA), due to the greater recognition of premiums in relation to 3Q22, in addition to the greater release of CSM from credit life insurance contracts measured by the general model measurement (BBA);
- BB Corretora (+R$40.2 million): justified by the evolution of brokerage revenues and the higher financial result; and
- Brasilcap (+R$23.7 million): led by the growth of financial result, with the expansion of the average balance of interest earning assets and the improvement of financial margin.
In the 3Q23, the other revenues and expenses registered negative balance of R$3 million, against R$45,000 in 3Q22. The variation is mainly explained by:
- lower volume of revenues from the ADR Level I program recorded in other operating revenues and expenses; and
- higher tax expenses on financial income, a consequence of the increase in the holding company's financial income.
On the other hand, the effects mentioned above were partially offset by the reduction in personnel expenses, after reviewing the cost sharing percentages between holding companies and BB Corretora.
The financial result registered an increase of 469.2%, with an expansion in the average balance of financial investments.
For more information about BB Seguridade's performance, including the managerial analysis of its investees, please refer to the MD&A, available at www.bbseguridaderi.com.br/en, section Financial Information, option Results Center.
1
Consolidated Financial Statements - 3rd Quarter 2023
BB Seguridade Participações S.A.
STATEMENT OF INCOME
R$ thousand (except earnings per share)
Parent | Consolidated | |||||||||
Note | 3rd Quarter 2023 | 01.01 to | 3rd Quarter 2022 | 01.01 to 09.30.2022 | 3rd Quarter 2023 | 01.01 to | 3rd Quarter 2022 | 01.01 to 09.30.2022 | ||
09.30.2023 | (Restated balances) | (Restated balances) | 09.30.2023 | (Restated balances) | (Restated balances) | |||||
Operating Income | 2,106,029 | 5,829,016 | 1,713,193 | 4,427,108 | 2,449,932 | 6,859,413 | 2,062,035 | 5,417,452 | ||
Equity income | [7.b] | 2,106,029 | 5,829,016 | 1,713,193 | 4,427,108 | 1,304,118 | 3,589,869 | 947,159 | 2,447,269 | |
Net commissions income | [8] | -- | -- | -- | -- | 1,145,814 | 3,269,544 | 1,114,876 | 2,970,183 | |
Cost of Services Provided | [9] | -- | -- | -- | -- | (45,585) | (146,446) | (51,224) | (153,024) | |
Gross Profit | 2,106,029 | 5,829,016 | 1,713,193 | 4,427,108 | 2,404,347 | 6,712,967 | 2,010,811 | 5,264,428 | ||
Other Income and Expenses | (3,042) | (13,378) | 45 | (8,463) | (50,080) | (139,946) | (49,370) | (138,040) | ||
Personnel expenses | [10] | (3,046) | (9,893) | (3,866) | (10,783) | (21,176) | (62,634) | (19,168) | (53,106) | |
Administratives and sales expenses | [11] | (905) | (2,789) | (859) | (2,997) | (20,287) | (42,329) | (10,040) | (23,540) | |
Tax expenses | [12.c] | (1,615) | (6,320) | (685) | (2,616) | (8,957) | (28,226) | (7,416) | (18,303) | |
Provision for brokerage to returned | [13] | -- | -- | -- | -- | -- | -- | (9,824) | (29,472) | |
Other | [13] | 2,524 | 5,624 | 5,455 | 7,933 | 340 | (6,757) | (2,922) | (13,619) | |
Income Before Financial Revenue and | 2,102,987 | 5,815,638 | 1,713,238 | 4,418,645 | 2,354,267 | 6,573,021 | 1,961,441 | 5,126,388 | ||
Expenses | ||||||||||
Financial Result | [14] | 28,948 | 41,662 | 5,086 | 12,924 | 182,094 | 428,596 | 150,012 | 325,929 | |
Financial revenue | 29,474 | 122,735 | 5,352 | 40,547 | 183,130 | 510,360 | 150,337 | 354,892 | ||
Financial expenses | (526) | (81,073) | (266) | (27,623) | (1,036) | (81,764) | (325) | (28,963) | ||
Income Before Taxes and Equities | 2,131,935 | 5,857,300 | 1,718,324 | 4,431,569 | 2,536,361 | 7,001,617 | 2,111,453 | 5,452,317 | ||
Income Tax and Social Contribution | [12.a] | (7,659) | (7,892) | (1,501) | (1,501) | (412,085) | (1,152,209) | (394,630) | (1,022,249) | |
Net Income | 2,124,276 | 5,849,408 | 1,716,823 | 4,430,068 | 2,124,276 | 5,849,408 | 1,716,823 | 4,430,068 | ||
Weighted average number of shares | [25.a] | 1,995,399,521 | 1,996,314,575 | 1,996,726,433 | 1,996,709,128 | 1,995,399,521 | 1,996,314,575 | 1,996,726,433 | 1,996,709,128 | |
Basic and diluted earnings per share (R$) | [25.a] | 1.06 | 2.93 | 0.86 | 2.22 | 1.06 | 2.93 | 0.86 | 2.22 |
The explanatory notes are an integral part of the interim financial statements. The opening balance sheet and restatements refer to the adoption of CPC 50 [IFRS 17] - Insurance Contracts and CPC 48 [IFRS 9] - Financial Instruments, whose effects are detailed in Note 03 - Presentation of Financial Statements.
2
Consolidated Financial Statements - 3rd Quarter 2023 | |||||||||||
BB Seguridade Participações S.A. | |||||||||||
STATEMENT OF COMPREHENSIVE INCOME | |||||||||||
R$ thousand | |||||||||||
Parent | Consolidated | ||||||||||
01.01 to | 01.01 to | 01.01 to | 01.01 to | ||||||||
Note | 3rd Quarter 2023 | 3rd Quarter 2022 | 09.30.2022 | 3rd Quarter 2023 | 3rd Quarter 2022 | 09.30.2022 | |||||
09.30.2023 | 09.30.2023 | ||||||||||
(Restated balances) | (Restated balances) | ||||||||||
Net Income | 2,124,276 | 5,849,408 | 1,716,823 | 4,430,068 | 2,124,276 | 5,849,408 | 1,716,823 | 4,430,068 | |||
Share of comprehensive income Investments | (223,377) | 167,887 | 36,877 | 119,454 | (223,377) | 167,887 | 36,877 | 119,454 | |||
Gains/(losses) on financial assets available for sale | (44,968) | 80,627 | 66,783 | 17,877 | (44,968) | 80,627 | 66,783 | 17,877 | |||
Other comprehensive results | |||||||||||
Effects CPC 50 | (327,097) | 199,829 | (2,564) | 183,971 | (327,097) | 199,829 | (2,564) | 183,971 | |||
other | (209) | (586) | (2,862) | (2,863) | (209) | (586) | (2,862) | (2,863) | |||
Tax effect | 148,897 | (111,983) | (24,480) | (79,531) | 148,897 | (111,983) | (24,480) | (79,531) | |||
Total Comprehensive Income | 1,900,899 | 6,017,295 | 1,753,700 | 4,549,522 | 1,900,899 | 6,017,295 | 1,753,700 | 4,549,522 |
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.
3
Consolidated Financial Statements - 3rd Quarter 2023
BB Seguridade Participações S.A.
BALANCE SHEET
R$ thousand | ||||||||
Parent | Consolidated | |||||||
Dec 31, 2022 | Jan 01, 2022 | Dec 31, 2022 | Jan 01, 2022 | |||||
Note | Sept 30, 2023 | (Restated | (Opening | Sept 30, 2023 | (Restated | (Opening | ||
balances) | balance) | balances) | balance) | |||||
Current Assets | 418,915 | 3,768,306 | 1,956,417 | 4,553,477 | 7,221,098 | 5,125,631 | ||
Cash and cash equivalents | [15] | 386,940 | 59,003 | 369,342 | 3,367,113 | 6,076,618 | 4,090,561 | |
Dividends/interest on equity | [17] | -- | 3,683,356 | 1,572,428 | -- | 13,519 | 1,648 | |
receivable | ||||||||
Current tax assets | [12.d] | 20,427 | 16,131 | 1,928 | 46,426 | 16,131 | 1,928 | |
Commissions receivable | [18] | -- | -- | -- | 1,132,746 | 1,114,256 | 1,026,158 | |
Other assets | [20] | 11,548 | 9,816 | 12,719 | 7,192 | 574 | 5,336 | |
Non-Current Assets | 10,281,703 | 7,954,747 | 7,354,986 | 11,683,181 | 9,349,363 | 8,375,575 | ||
Financial assets at fair value | [16.a] | 18,841 | 18,064 | 14,011 | 1,561,853 | 368,281 | 14,011 | |
through profit or loss | ||||||||
Current tax assets | [12.d] | 92,058 | 75,177 | 68,332 | 99,424 | 80,977 | 84,337 | |
Deferred tax assets | [12.e] | 91 | 28 | 10 | 12,206 | 7,773 | 35,420 | |
Commissions receivable | [18] | -- | -- | -- | 992,282 | 708,990 | 698,435 | |
Investments in associates | [7.b] | 10,167,022 | 7,857,399 | 7,267,634 | 8,782,056 | 7,957,439 | 7,324,226 | |
Intangible | [19] | 3,647 | 4,021 | 4,959 | 3,647 | 4,021 | 4,959 | |
Other assets | [20] | 44 | 58 | 40 | 231,713 | 221,882 | 214,187 | |
Total Assets | 10,700,618 | 11,723,053 | 9,311,403 | 16,236,658 | 16,570,461 | 13,501,206 | ||
Current Liabilities | 37,329 | 3,686,295 | 1,842,974 | 2,823,788 | 6,508,168 | 3,999,277 | ||
Statutory obligation | [21] | 287 | 3,674,027 | 1,831,691 | 287 | 3,674,027 | 1,831,691 | |
Contingent liabilities | [22] | 172 | 53 | -- | 12,169 | 4,431 | 4,996 | |
Current tax liabilities | [12.g] | 1,125 | 31 | 444 | 714,209 | 963,874 | 762,519 | |
Unearned commissions | [23] | -- | -- | -- | 2,005,792 | 1,760,473 | 1,172,483 | |
Other liabilities | [24] | 35,745 | 12,184 | 10,839 | 91,331 | 105,363 | 227,588 | |
Non-Current Liabilities | 96 | 28 | 28 | 2,749,677 | 2,025,563 | 2,033,528 | ||
Contingent liabilities | [22] | 96 | 28 | 28 | 14,778 | 9,451 | 10,419 | |
Deferred tax liabilities | [12.h] | -- | -- | -- | 228,565 | 228,565 | 228,565 | |
Unearned commissions | [23] | -- | -- | -- | 2,506,334 | 1,787,547 | 1,794,544 | |
Total Liabilities | 37,425 | 3,686,323 | 1,843,002 | 5,573,465 | 8,533,731 | 6,032,805 | ||
Equity | 10,663,193 | 8,036,730 | 7,468,401 | 10,663,193 | 8,036,730 | 7,468,401 | ||
Capital | [25.d] | 6,269,692 | 6,269,692 | 3,396,767 | 6,269,692 | 6,269,692 | 3,396,767 | |
Capital reserves | [25.e] | 1,805 | 1,571 | 1,508 | 1,805 | 1,571 | 1,508 | |
Income reserves | [25.e] | 1,552,229 | 1,552,229 | 4,122,925 | 1,552,229 | 1,552,229 | 4,122,925 | |
Treasury shares | [25.f.1] | (261,432) | (80,344) | (81,320) | (261,432) | (80,344) | (81,320) | |
Other accumulated | [25.g] | (174,105) | (341,992) | (455,209) | (174,105) | (341,992) | (455,209) | |
comprehensive income | ||||||||
3,275,004 | 635,574 | 483,730 | 3,275,004 | 635,574 | 483,730 | |||
Total Equity | 10,663,193 | 8,036,730 | 7,468,401 | 10,663,193 | 8,036,730 | 7,468,401 | ||
Total Liabilities and Equity | 10,700,618 | 11,723,053 | 9,311,403 | 16,236,658 | 16,570,461 | 13,501,206 |
The explanatory notes are an integral part of the interim financial statements. The restatements (retrospective applications) 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 Interim Financial Statements.
4
Consolidated Financial Statements - 3rd Quarter 2023
BB Seguridade Participações S.A.
STATEMENT OF CASH FLOWS
R$ thousand | ||||||
Parent | Consolidated | |||||
01.01 to | 01.01 to | |||||
Note | 01.01 to | 09.30.2022 | 01.01 to | 09.30.2022 | ||
09.30.2023 | (Restated | 09.30.2023 | (Restated | |||
balances) | balances) | |||||
Cash flow from operating activities | ||||||
Net profit | 5,849,408 | 4,430,068 | 5,849,408 | 4,430,068 | ||
Adjustment to net profit: | ||||||
Equity income | [7.b] | (5,829,016) | (4,427,108) | (3,589,869) | (2,447,269) | |
Net increase in dividends and interest on | (203) | 3,639 | 77,280 | 25,745 | ||
shareholders' equity | ||||||
Net increase in financial assets at fair value | -- | -- | (106,705) | -- | ||
through profit or loss | ||||||
Provisions for labor, tax and civil lawsuits | [13] | 186 | -- | 13,064 | (152) | |
Other adjustments | 1,458 | 1,687 | 1,458 | 1,687 | ||
Adjustment to net profit | 21,833 | 8,286 | 2,244,636 | 2,010,079 | ||
Changes in balance sheet items: |
Financial assets at fair value through profit or loss
Current tax assets and deferred tax assets Commissions receivable
Other assets Unearned commissions
Current tax liabilities and deferred tax liabilities
Other liabilities
Cash provided by operating activities
(777) | (3,696) | (777) | (3,696) |
(21,240) | (17,226) | (53,175) | (22,439) |
-- | -- | (301,782) | 108,420 |
(1,716) | (36) | (16,450) | (5,626) |
-- | -- | 964,106 | 376,790 |
1,094 | 95 | (249,665) | (72,817) |
23,561 | (880) | (14,032) | (35,146) |
22,755 | (13,457) | 2,572,861 | 2,355,565 |
Cash flow from investment activities | |||||
Investments in financial assets at fair value | -- | -- | (1,086,090) | -- | |
through profit or loss | |||||
Dividends received | [7.b] | 7,448,118 | 3,629,262 | 2,946,660 | 2,144,793 |
Acquisition Asset | (254) | (322) | (254) | (322) | |
Cash provided by investment activities | 7,447,864 | 3,628,940 | 1,860,316 | 2,144,471 | |
Cash flow from financing activities | |||||
Dividends paid | (6,960,998) | (3,925,747) | (6,960,998) | (3,925,747) | |
(Acquisition)/ Disposals of Treasury shares | (181,684) | -- | (181,684) | -- | |
Cash flow provided by financing activities | (7,142,682) | (3,925,747) | (7,142,682) | (3,925,747) | |
Net change in cash and cash equivalents | 327,937 | (310,264) | (2,709,505) | 574,289 | |
Opening balance | [15] | 59,003 | 369,342 | 6,076,618 | 4,090,561 |
Closing balance | [15] | 386,940 | 59,078 | 3,367,113 | 4,664,850 |
Increase (decrease) in cash and cash | 327,937 | (310,264) | (2,709,505) | 574,289 | |
equivalents | |||||
Complementary information on operations | |||||
Income tax paid | -- | (322) | (854,340) | (708,788) | |
Social contribution paid | (1,703) | (275) | (365,036) | (312,651) | |
Total taxes paid | (1,703) | (597) | (1,219,376) | (1,021,439) |
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.
5
Consolidated Financial Statements - 3rd Quarter 2023
BB Seguridade Participações S.A.
STATEMENT OF CHANGES IN EQUITY
R$ thousand | |||||||||
Profit Reserves | Other | Retained Earnings/ | |||||||
Capital | Treasury | accumulated | |||||||
Event | Note | Capital | Accumulated | Total | |||||
Legal | Statutory | ||||||||
Reserves | Shares | comprehensive | |||||||
Losses | |||||||||
Reserve | Reserve | income | |||||||
Balances at Dec 31, 2021 | 3,396,767 | 1,508 | 679,354 | 3,443,571 | (81,320) | (158,464) | -- | 7,281,416 | |
Transition CPC 48 and 50 | -- | -- | -- | -- | -- | (296,745) | 483,730 | 186,985 | |
Balances on 01.01.2022 (Opening balance) | 3,396,767 | 1,508 | 679,354 | 3,443,571 | (81,320) | (455,209) | 483,730 | 7,468,401 | |
Capitalization of Profit Reserve | 2,872,925 | -- | (679,354) | (2,193,571) | -- | -- | -- | -- | |
Share-based payment transactions | -- | 63 | -- | -- | 976 | -- | -- | 1,039 | |
Other comprehensive income - Update financial instruments | -- | -- | -- | -- | -- | 10,726 | -- | 10,726 | |
Other comprehensive income - Effects CPC 50 | -- | -- | -- | -- | -- | 110,382 | -- | 110,382 | |
Other comprehensive income | -- | -- | -- | -- | -- | (1,655) | -- | (1,655) | |
Prescribed dividends | -- | -- | -- | -- | -- | -- | 79 | 79 | |
Net Income for the Period | -- | -- | -- | -- | -- | -- | 4,237,983 | 4,237,983 | |
Net Income for the Period - Effects CPC 48 and 50 | -- | -- | -- | -- | -- | -- | 192,085 | 192,085 | |
Interim dividends paid | -- | -- | -- | -- | -- | -- | (2,068,697) | (2,068,697) | |
Balances at Sept 30, 2022 (Restated balances) | 6,269,692 | 1,571 | -- | 1,250,000 | (80,344) | (335,756) | 2,845,180 | 9,950,343 | |
Changes in the period (Restated balances) | 2,872,925 | 63 | (679,354) | (2,193,571) | 976 | 119,453 | 2,361,450 | 2,481,942 | |
Balances at Dec 31, 2022 (Restatedbalances) | 6,269,692 | 1,571 | 302,229 | 1,250,000 | (80,344) | (341,992) | 635,574 | 8,036,730 | |
Share buyback | -- | -- | -- | -- | (181,684) | -- | -- | (181,684) | |
Share-based payment transactions | -- | 234 | -- | -- | 596 | -- | -- | 830 | |
Outros resultados abrangentes - Atualização instrumentos financeiros | [7.b] | -- | -- | -- | -- | -- | 48,376 | -- | 48,376 |
Outros resultados abrangentes - efeitos CPC 50 | [7.b] | -- | -- | -- | -- | -- | 119,897 | -- | 119,897 |
Outros resultados abrangentes | [7.b] | -- | -- | -- | -- | -- | (386) | -- | (386) |
Prescribed dividends | -- | -- | -- | -- | -- | -- | 72 | 72 | |
Net income for the period | [25.a] | -- | -- | -- | -- | -- | -- | 5,849,408 | 5,849,408 |
Interim dividends paid | [25.b] | -- | -- | -- | -- | -- | -- | (3,210,050) | (3,210,050) |
Balances at Sept 30, 2023 | 6,269,692 | 1,805 | 302,229 | 1,250,000 | (261,432) | (174,105) | 3,275,004 | 10,663,193 | |
Changes in the period | -- | 234 | -- | -- | (181,088) | 167,887 | 2,639,430 | 2,626,463 |
Other comprehensive income is presented net of tax effects.
The explanatory notes are an integral part of the interim financial statements. The restatements (retrospective applications) refer to the adoption of CPC 50 [IFRS 17] - Insurance Contracts and CPC 48 [IFRS 9] - Financial Instruments, the effects of which are detailed in explanatory note 03 - Presentation of Interim Financial Statements.
- In relation to the values presented in the 1st Quarter 2023, there was an opening of the transition value of CPC 48 and 50, with the reclassification of negative R$ 368,589 thousand from Retained Earnings/ Accumulated to Other accumulated comprehensive income, in addition to an adjustment of R$ 71,844 thousand in Other accumulated comprehensive income, referring to Brasilprev.
6
Consolidated Financial Statements - 3rd Quarter 2023
BB Seguridade Participações S.A.
STATEMENT OF VALUE ADDED
R$ thousand | ||||||
Parent | Consolidated | |||||
Note | 01.01 to | 01.01 to 09.30.2022 | 01.01 to | 01.01 to 09.30.2022 | ||
09.30.2023 | (Restated balances) | 09.30.2023 | (Restated balances) | |||
Income | 5,968 | 8,123 | 3,708,641 | 3,372,586 | ||
Commissions income | [8] | -- | -- | 3,695,772 | 3,360,023 | |
Other income | 5,968 | 8,123 | 12,869 | 12,563 | ||
Input Acquired from Third Parties | (2,487) | (2,474) | (204,977) | (228,718) | ||
Administrative expenses diverse | (2,267) | (2,398) | (39,878) | (20,990) | ||
Cost of services provided | [9] | -- | -- | (146,446) | (153,024) | |
Other expenses | (220) | (76) | (18,653) | (54,704) | ||
Gross Added Value | 3,481 | 5,649 | 3,503,664 | 3,143,868 | ||
Depreciation and amortization | [13] | (124) | (114) | (973) | (950) | |
Net Added Value Generated by the Entity | 3,357 | 5,535 | 3,502,690 | 3,142,918 | ||
Added Value Received Through Transfer | 5,951,751 | 4,467,654 | 4,100,228 | 2,802,161 | ||
Equity in the earnings of associates | [7.b] | 5,829,016 | 4,427,107 | 3,589,868 | 2,447,269 | |
Financial income | [14] | 122,735 | 40,547 | 510,360 | 354,892 | |
Total Added Value to Distribute | 5,955,108 | 4,473,189 | 7,602,918 | 5,945,078 | ||
Distribution of Added Value | 5,955,108 | 4,473,189 | 7,602,918 | 5,945,078 | ||
Personnel | 8,540 | 9,279 | 53,711 | 45,903 | ||
Direct remuneration - Earnings and fees | 6,024 | 6,727 | 38,182 | 32,025 | ||
Benefits and training | 1,350 | 1,466 | 9,381 | 8,481 | ||
FGTS | 364 | 396 | 2,490 | 2,114 | ||
Other charges | 802 | 690 | 3,658 | 3,283 | ||
Taxes, fees and contributions | 15,565 | 5,620 | 1,615,584 | 1,437,594 | ||
Federal | 15,565 | 5,620 | 1,530,479 | 1,358,066 | ||
Municipal | -- | -- | 85,105 | 79,528 | ||
Remuneration of third-party capital | 81,595 | 28,222 | 84,215 | 31,513 | ||
Interest | [14] | 81,073 | 27,623 | 81,764 | 28,963 | |
Rents | 522 | 599 | 2,451 | 2,550 | ||
Equity remuneration | 5,849,408 | 4,430,068 | 5,849,408 | 4,430,068 | ||
Dividends | 3,209,978 | 2,068,618 | 3,209,978 | 2,068,618 | ||
Retained earnings for the period | 2,639,430 | 2,361,450 | 2,639,430 | 2,361,450 |
The explanatory notes are an integral part of the interim financial statements. The opening balance sheet and restatements refer mainly 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 Interim Financial Statements.
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Consolidated Financial Statements - 3rd Quarter 2023
BB Seguridade Participações S.A.
EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS
1 - OPERATIONAL CONTEXT
- Seguridade Participações S.A. ("BB Seguridade" or "Company") is a holding company controlled by Banco do Brasil SA, incorporated on December 20th, 2012, which operates in insurance business. It is a publicly-held corporation and its shares are traded on the Novo Mercado segment of B3 SA - Brazil, Stock, Counter, under the code "BBSE3", and its ADRs (American Depositary Receipts) on the Over-the-Counter market in the United States of America under the code "BBSEY".
It is registered with the CNPJ under No. 17.344.597/0001-94 and headquartered in the Northern Local Government Sector, Quadra 05, Lote B, Torre Sul, 3rd Floor, Banco do Brasil Building, Asa Norte, Brasília, Distrito Federal, Brazil.
Its corporate purpose is to participate in insurance companies, capitalization companies, open supplementary pension entities and private health care plans, as well as in other companies whose corporate purpose is the brokerage and feasibility of business involving insurance companies in the elementary, life, health, capitalization, pension and asset management fields.
- Seguridade has, among its equity stake, two wholly-owned subsidiaries, BB Seguros Participações S.A. ("BB Seguros") and BB Corretora de Seguros e Administradora de Bens S.A. ("BB Corretora"), the corporate structure that makes up the BB Seguridade Group ("Group").
Such stake are currently organized into two segments: risk and accumulation businesses, which operate insurance, open pension funds, capitalization and dental care plans products through BB Seguros with private partners; and distribution business, which sells insurance, open pension funds, capitalization bonds and private dental care plans, through BB Corretora, in addition to an investment that operates in the distribution of insurance products through digital channels.
In the risk and accumulation business, the Group operates through stakes in the companies BB MAPFRE, Brasilprev, Brasilcap and Brasildental, which are directly invested in by BB Seguros, and indirectly in the companies Brasilseg and Aliança do Brasil Seguros, subsidiaries of BB MAPFRE. In the distribution business, it operates through BB Corretora, which holds a stake in the investee Ciclic.
We present below the corporate structure of the Company:
- MAPFRE has a direct stake in the companies Brasilseg Companhia de Seguros and Aliança do Brasil Seguros S.A. and indirect in the company Broto S.A. (invested by Brasilseg).
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BB Seguridade Participações SA published this content on 06 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2023 10:04:51 UTC.