BB Seguridade Participações S A : Comunicado ao Mercado

MD&A

4th quarter 2021

• 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.

All the analyses in this report are based on IFRS Financial Statements, but are occasionally supplemented by managerial data, besides other information calculated based on accounting principles determined by the Superintendência de Seguros Privados - SUSEP (the regulator of the insurance industry in Brazil).

In the investees, since the fourth quarter of 2020, the financial statements are prepared in compliance with the accounting standard of the respective regulator, except when mentioned in a different accounting standard.

• O N - 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 www.bbseguridaderi.com.br.

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 Managementabout 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 overextendthe 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. BBSeguridade 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 variationrates 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 decimalnumber is less than 0.5, there is no increase.

BB Seguridade Participações S.A. | Management Discussion & Analysis 4Q21	2

4Q21 Earnings Conference Call

Februray 7th, 2022

Portuguese with simultaneous translation into English

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

Livestream via ZOOM platform

To register for the event and receive the connection

information, access: https://bbseguros- br.zoom.us/webinar/register/WN_smX1GOCoRhmGedq cwJWklwor the investor relations website www.bbseguridaderi.com.br/en

Contacts

Investor Relations

• [phone]

• [e-mail]

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

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

Index

1.	Summary	5
2.	Earnings Analysis	17
3.	Balance Sheet Analysis	21
4.	Underwriting and Accumulation	25
4.1	Brasilseg	28
4.2	Brasilprev	50
4.3	Brasilcap	64
4.4	Brasildental	78
5.	Distribution	81
5.1	BB Corretora	83
6.	Definitions	93

BB Seguridade Participações S.A. | Management Discussion & Analysis 4Q21	3

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BB Seguridade Participações S.A. | Management Discussion & Analysis 4Q21	4

1 . S U M M A R Y

• A D J U S T E D N E T I N C O M E A N A L Y S I S

Table 1 - Income statement of the holding

	Quarterly Flow		Chg. %	Annual Flow	Chg. %
R$ thousand	4Q20	3Q21	4Q21	On 4Q20	On 3Q21	2020	2021	On 2020
Equity income	918,478	974,497	1,223,677	33.2	25.6	3,859,784	3,923,593	1.7
Underw ritting and accumulation	423,222	404,481	728,784	72.2	80.2	1,896,405	1,842,988	(2.8)
businesses
Brasilseg	306,817	242,184	401,288	30.8	65.7	1,086,543	1,067,020	(1.8)
Brasilprev	90,480	119,072	406,967	349.8	241.8	686,379	756,544	10.2
Brasilcap	21,625	39,633	(83,753)	-	-	105,780	2,341	(97.8)
Brasildental	4,299	3,592	4,283	(0.4)	19.2	17,702	17,083	(3.5)
Distribution businesses	515,068	579,169	552,870	7.3	(4.5)	1,995,505	2,162,039	8.3
Other	(19,812)	(9,153)	(57,977)	192.6	533.4	(32,125)	(81,433)	153.5
G&A expenses	(4,088)	(4,159)	(4,772)	16.7	14.7	(19,107)	(17,787)	(6.9)
Net investment income	1,327	6,256	9,331	603.3	49.1	45,521	32,117	(29.4)
Earnings before taxes and profit	915,716	976,594	1,228,236	34.1	25.8	3,886,198	3,937,922	1.3
sharing
Tax es	903	(773)	(1,604)	-	107.6	(9,026)	(4,705)	(47.9)
Adjusted net income	916,619	975,822	1,226,632	33.8	25.7	3,877,171	3,933,217	1.4

In the 4Q21, the net income of BB Seguridade reached R$1.2 billion, the best quarterly result since the IPO, up 33.8% YoY. The result of the quarter was negatively impacted by the 500 bps increase of the income tax rate (CSLL), which was in force until the end of 2021 for insurance and premium bonds companies, reducing the net income of the holding in R$54.6 million.

The R$310.0 million increase in the net income compared to the

4Q20 is mostly explained by:

• Brasilprev (+R$316.5 million): positively impacted both by the indexes and temporal mismatches in the adjustment of assets and liabilities related to the traditional plans (defined benefit) and by the non-interest operating result, which grew sustained by higher management fees. On the other hand, Brasilprev´s result was impacted by the higher effective tax rate, which amounted to R$ 22.9 million, due to the temporary increase of CSLL rate;
• Brasilseg (+R$94.5 million): boosted by the improvement of loss ratio, partially offset by the retraction of the net investment income and by higher effective tax rate due to the temporary increase of CSLL rate, which reduced in R$29.0 million the equity income that arised from Brasilseg; and
• BB Corretora (+R$37.8 million): due to the improvement of the net investment income.

On the other hand, the equity income from Brasilcap was a drag and took R$83.8 million away the net income, while in the 4Q20 it contributed with R$21.6 million. The negative result is explained by the negative net investment income that is justified by market-to- market losses in the disposal of prefixed bonds available for sale.

In 2021, the adjusted net income grew R$56.0 million. BB Corretora was the main positive highlight of the year, growing R$166.5 million its contribution to earnings, explained by higher brokerage revenues related to the main business lines.

The equity income from Brasilprev increased R$70.2 million in 2021, sustained by the non-interest operating result, which grew consistently but was partially offset by negative MtM result in prefixed linked securities for trading.

BB Seguridade Participações S.A. | Management Discussion & Analysis 4Q21

Figure 1 - Non-interest operating results¹

				Chg. On 4Q20		Chg. On 2020
Brasilseg	37.8%			(2.7% )
Brasilprev	13.0%			11.4%
Brasilcap	-			97.8%
Brasildental	(3.5% )			(3.7% )
BB Corretora	0.1%			5.6%
Total	12.7%			5.3%
¹Non-interest operating results before taxes, weighted by the equity stake
Figure 2 - Normalized net income (R$ million)
							4,083	4,407
							3,877		3,933
					1,227
1,121	1,075	1,178
917		976
	(204)		(69)		103		(101)		(7)
	4Q20	3Q21	4Q21	2020	2021
	Adjusted net income	IGP-M lag	Normalized net income¹

¹Adjusted net income excluding the impacts of the one-month lag in the IGP-M accrual on liabilities, the claims related to Covid-19 and the temporary increase in the income tax rate (CSLL), from 15% to 20%, in the investee companies as of July 2021, which had an impact of R$85.1 million in 2021.

On the negative side, the equity income from Brasilcap retracted R$103.4 million, justified by the negative financial result due to the same reason mentioned in the quarterly analysis. The contribution from Brasilseg fell R$19.5 million, explained by higher loss ratio and increase of the tax rate.

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