The following is a summary of the BB Seguridade Participações S.A. (BBSEY) Q4 2023 Earnings Call Transcript:

Financial Performance:

• BB Seguridade reported a net income of BRL 7.9 billion in 2023, a growth of 28.3% since the previous year.

• The insurance sector of the company witnessed a 9% growth in premiums.

• The management net income grew by 27.6% to reach BRL 0.7 billion.

• Pension plans grew by 14% year-on-year, accumulating reserves of BRL 392 billion.

• Dividends total of BRL 2.5 billion in the second quarter of 2023, amounting to a total of BRL 5.7 billion in dividends payout for shareholders.

• Net inflows for the year amounted to almost BRL 9 billion, five times more than 2022.

Business Progress:

• BB Seguridade invested BRL 587 million in technology, focusing on service-based architecture and the development of new products.

• There was a year-on-year increase in digital sales, indicating a shift towards digital platforms.

• The company entered into 83 new partnerships focusing mainly on the agricultural industry.

• The company has seen an improvement in customer retention with a reduction in complaint numbers by 18% and a lower churn rate in certain insurance policies.

• The company invested in social projects, disaster relief, and other sustainable initiatives as part of its ESG efforts.

• Consistent with its payout history, BB Seguridade projects a similar payout situation for the fiscal year 2024.

• BB Seguridade undertook a share buyback program in Spain costing about 600 million with the potential to yield positive impact on shareholders' return in the form of dividends and share increase.

• The brokerage segment of the company has seen an uptick in business prospection and IT.

More details: BB SEGURIDADE PARTICIPACOES SA SPON ADR EA REPR 1 ORD IR

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