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2016
Public Meeting
BB Seguridade Participações S.A. | Investor Relations
BB Seguridade Participações S.A. | Investor Relations 2
• The increase of 5.0 p.p. in the income tax rate, namely the social contribution (“CSLL”), from September 2015 on, which affected BB MAPFRE SH1, MAPFRE BB SH2, Brasilprev, Brasilcap and IRB;
• The higher PIS/COFINS tax rates in BB Corretora, from 4.65% to 9.25%;
• The reinstatement of the PIS/COFINS tax on financial revenues earned by the holdings, from 0% to 4.65%.
4,6254,980
9M15 9M16
1,754
2,260
3,223
3,945
2,931 3,032
32.4% 38.4% 49.8% 54.8% 54.9% 51.3%
2012 2013 2014 2015 9M15 9M16
Adjusted net income (R$ MM) ROAE
CAGR 2012-2015 31%
+ 3%
BB Seguridade Performance
PROFITABILITY EARNINGS BEFORE TAXES¹ (R$ MM)
PROFITABILITY EARNINGS BREAKDOWN¹ Strategies
• Focus on products with low penetration in the Banco do Brasil’s client base;
• Concentration in business lines with more representativiness and higher return;
• The launch of new products;
• Cost control.
Recent impacts on earnings
+8%
1 – Combined earnings before taxes of controlled and affiliated companies weighted by BB Seguridade’s stake.
BB Seguridade Participações S.A. | Investor Relations 3
BB MAPFRE SH1
The launch of a new portfolio for term life insurance (growth of 16% YoY);
The new model of sales for crop insurance (30/70 Model);
The strict cost control.
Challenges
The adverse environment for credit;
The El Niño effects, which were the strongest over the last 10 years, which impacted the crop insurance loss ratio;
The higher loss ratio in life;
The increase of 5.0 p.p. in the income tax rate (“CSLL”).
Compensation actions
BB Seguridade Participações S.A. | Investor Relations 4
647
907
1,297
1,632
1,231 1,235
20.0%29.6%
41.4% 46.5% 49.7% 46.5%
2012 2013 2014 2015 9M15 9M16
Adjusted net income (R$ MM) ROAE
CAGR 2012-2015 36%
+ 0.3%
309 307
444
679
482520
2012 2013 2014 2015 9M15 9M16
CAGR 2012-2015 30%
+ 8%
4,3515,703
6,904 7,007
5,073 4,829
320
542
528 594
4305844,671
6,244
7,432 7,601
5,503 5,412
2012 2013 2014 2015 9M15 9M16
Retained premiums Premiums ceded
CAGR 2012-2015 18%
- 2%
BB MAPFRE SH1
PERFORMANCE RATIOS (%)
PREMIUMS WRITTEN (R$ MM)
NET INVESTMENT INCOME (R$ MM) PROFITABILITY
36.633.6
31.1 29.5 29.8 32.2
25.4 27.3 26.3 27.0 26.6 27.1
16.814.2 15.3 12.7 12.0 11.6
78.675.0
72.569.0 68.1
70.6
2012 2013 2014 2015 9M15 9M16
Loss ratio Commission ratio G&A ratio Combined ratio
BB Seguridade Participações S.A. | Investor Relations 5
MAPFRE BB SH2
Focus on client retention and more rigorous risk selection;
Focus on products with higher margins;
New costumer service tools (digital media).
Challenges
The contraction in sales of brand new cars;
The reduction of consumer power and propensity to buy;
The higher frequency of robbery and theft;
A more competitive environment among insurers;
The increase of 5.0 p.p. in the income tax rate (“CSLL”).
Compensation actions
BB Seguridade Participações S.A. | Investor Relations 6
228199
275
416
298
221
9.7% 7.5% 9.2% 12.8% 12.2% 8.2%
2012 2013 2014 2015 9M15 9M16
Adjusted net income (R$ MM) ROAE
CAGR 2012-2015 22%
- 26%
338
216
387
684
478 486
2012 2013 2014 2015 9M15 9M16
CAGR 2012-2015 27%
+ 2%
5,8066,909 7,648 7,680
5,790 5,263
843
885
1,198 1,414
1,0771,165
6,649
7,794
8,846 9,094
6,8676,428
2012 2013 2014 2015 9M15 9M16
Retained premiums Premiums ceded
CAGR 2012-2015 11% - 6%
MAPFRE BB SH2
PERFORMANCE RATIOS (%) PREMIUMS WRITTEN (R$ MM)
PROFITABILITY NET INVESTMENT INCOME (R$ MM)
56.6 54.4 57.4 57.2 57.9 60.2
26.1 24.1 23.0 22.9 23.0 23.1
19.3 19.5 18.3 19.5 18.5 18.5
98.4 98.0 98.6 99.4 99.1 101.5
2012 2013 2014 2015 9M15 9M16
Loss ratio Commission ratio G&A ratio Combined ratio
BB Seguridade Participações S.A. | Investor Relations 7
Brasilprev
Focus on high networthy clients;
Lower redemption ratio;
The improvement of 2.6 p.p. in the cost to income ratio (YoY).
Challenges
The increase in the unemployment rate;
The lower average disposable income;
The increase of 5.0 p.p. in the income tax rate (“CSLL”).
Compensation actions
BB Seguridade Participações S.A. | Investor Relations 8
6784
112
148 138
183
8.7%11.2%
9.4% 9.3% 9.2% 8.4%
2012 2013 2014 2015 9M15 9M16
Reserves (R$ BN) Redemption ratio
CAGR 2012-2015 30%
+ 32%
8381,031
1,236
1,555
1,133
1,429
1.38% 1.32% 1.28%1.21% 1.22%
1.16%
2012 2013 2014 2015 9M15 9M16
Management fee (R$ MM) Management fee
CAGR 2012-2015 23% + 26%
Brasilprev
CONTRIBUTIONS AND NET INFLOW (R$ BN) MANAGEMENT FEE
RESERVES (R$ BN) PROFITABILITY
1 - Source: Quantum Axis
1823
31
37
2732
13 14
21 2317 19
2012 2013 2014 2015 9M15 9M16
Contributions Net inflow¹
CAGR 2012-2015 20%
CAGR 2012-2015 27%
477592
729
861
652742
47.1% 46.3% 42.6% 39.2% 41.5% 39.4%
2012 2013 2014 2015 9M15 9M16
Adjusted net income (R$ MM) ROAE
CAGR 2012-2015 22%
+ 14%
+18%
+10%
BB Seguridade Participações S.A. | Investor Relations 9
Brasilcap
The launch of a new portfolio of products, for middle and high income clients.
Challenges
The increase of 5.0 p.p. in the income tax rate (“CSLL”).
Compensation actions
BB Seguridade Participações S.A. | Investor Relations 10
1,951
4,403 4,058 3,9312,646 2,074
1,920
1,867 2,629 2,586
2,0151,900
3,871
6,2706,687 6,517
4,6613,974
2012 2013 2014 2015 9M15 9M16
Unique payment Montlhy payment
CAGR 2012-2015 19% - 15%
183
59
325
454
306
516
2012 2013 2014 2015 9M15 9M16
CAGR 2012-2015 35%
+ 69%
Brasilcap
PREMIUM BONDS COLLECTION (R$ MM)
NET INVESTMENT INCOME (R$ MM)
RESULT WITH PREMIUM BONDS
PROFITABILITY
99
166
209
178
144
105
15.4% 17.3% 18.2% 15.7% 17.5% 15.7%
2012 2013 2014 2015 9M15 9M16Result with premium bonds (R$ MM)
Premium bonds margin
CAGR 2012-2015 22% - 27%
168132
324
379
270
339
88.6%57.1%
92.2% 87.0% 92.3%109.8%
2012 2013 2014 2015 9M15 9M16
Adjusted net income (R$ MM) ROAE
CAGR 2012-2015 31%
+ 26%
BB Seguridade Participações S.A. | Investor Relations 11
1,359
1,766
2,308
2,559
1,9022,032
2012 2013 2014 2015 9M15 9M16
CAGR 2012-2015 23%
+ 7%
SH159.1%
SH211.5%
Brasilprev19.7%
Brasilcap9.6%
Other0.2%
661
913
1,289
1,508
1,1091,175
2012 2013 2014 2015 9M15 9M16
CAGR 2012-2015 32%
+ 6%
SH155.6%
SH212.9%
Brasilprev17.7%
Brasilcap13.6%
Other0.3%
BB Corretora
BROKERAGE INCOME (R$ MM)
ADJUSTED NET INCOME (R$ MM)
BREAKDOWN OF BROKERAGE INCOME
EXPENSES BREAKDOWN & NET MARGIN (%)
9M15 9M16
22.5 17.6 12.3 9.4 9.8 8.1
5.57.2
7.47.4 7.4 11.0
25.2 26.728.8 30.0 29.7 29.4
53.2 51.548.5 46.8 46.9 48.5
48.7 51.755.9 58.9 58.3 57.8
2012 2013 2014 2015 9M15 9M16
Operating expenses Tax expenses Income taxes Net margin
BB Seguridade Participações S.A. | Investor Relations 12
Guidance 2016
Ratio 2016
Estimates
BB Seguridade - Adjusted net income growth
(%)4 - 8 3.4
9M16
BB Seguridade Participações S.A. | Investor Relations 13
BB Seguridade – IR
Investor Relations Contacts
Rua Alexandre Dumas, 1671 Térreo – Ala B
São Paulo – SP – Brasil 04717-903
Telephone: +55 11 3066-9894
www.bancodobrasilseguridade.com.br ri@bbseg.com.br
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