BB Seguridade Participações S A : Comunicado ao Mercado

MD&A

1Q23

#Pública

• 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.

On the other hand, the analysis provided on this report are based on the accounting standards adopted by insurance regulators in Brazil - Susep and ANS -, except when otherwise mentioned.

• 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 1Q23	2

1Q23 Earnings Conference Call

May 15th, 2023

Portuguese with simultaneous translation into English

Time: 11:00 AM (Brasilia time) 10:00 AM (EST)

Livestream via ZOOM platform

To register for the event and receive the connection information, access Zoom idor 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	4
2.	Earnings Analysis	14
3.	Balance Sheet Analysis	17
4.	Underwriting and Accumulation	20
	Brasilseg	23
	Brasilprev	42
	Brasilcap	55
	Brasildental	68
5.	Distribution	70
5.1	BB Corretora	71
6.	Information in IFRS 17	78
7.	Definitions	84

BB Seguridade Participações S.A. | Management Discussion & Analysis 1Q23	3

#Pública

1 . S U M M A R Y

• N E T I N C O M E A N A L Y S I S

The Brazilian Securities and Exchange Commission - CVM Rule No. 42/2021 made it mandatory for Brazilian Public-held companies the adoption of the principles of IFRS 17 standards for the recognition, measurement, presentation, and disclosure of insurance contracts as of January 1, 2023. Thus, as of the 1Q23, the audited financial statements of BB Seguridade will follow the new accounting standards of IFRS 17, particularly regarding the recognition of the equity investment balance and results arising from Brasilseg, Brasilprev and Brasildental that operate insurance contracts within the new accounting standards.

On the other hand, the Brazilian insurance regulators, namely Superintendência de Seguros Privados - Susep and National Supplementary Health Insurance Agency - ANS, have not adopted the IFRS 17 for their sectors and, therefore, the insurance and health insurance companies shall comply with the former standard (IFRS 4), both for recognition, measurement, presentation, and disclosure of financial information, as well as for provisions, liquidity and capital management, including the regulatory capital, that weigh the shareholders' remuneration policies.

For the reason set forth herein, except when otherwise mentioned, the analysis on this report are based on managerial information prepared according to IFRS 4, which are not audited at the holding level. For information purposes, Chapter 6 of this document presents the audited financial statements in accordance with IFRS 17 of the holding co., Brasilseg and Brasilprev so that the stakeholders can get used to the new reporting models. This information does not rule out the need of reading the explanatory notes to the audited financial statements to understand the accounting practices and impacts on the transition and on the recognition of insurance contracts' income.

Finally, it should be noted that, due to operational issues, as of January 2023, the accounting recognition of the investment in Brasildental will be carried out with a delay of one month. Thus, 1Q23 contains information related to January and February, immaterially impacting the comparison with 1Q22 earnings.

BB Seguridade Participações S.A. | Management Discussion & Analysis 1Q23	4

					#Pública
Table 1 - Income statement of the holding
		Quarterly Flow		Chg. %
R$ thousand	1Q22	4Q22	1Q23	On 1Q22	On 4Q22
Equity income	1,179,084	1,807,766	1,763,691	49.6	(2.4)
Underwritting and accumulation businesses	606,122	1,108,437	1,052,572	73.7	(5.0)
Brasilseg	262,552	636,033	678,616	158.5	6.7
Brasilprev	301,909	425,461	328,738	8.9	(22.7)
Brasilcap	35,456	41,959	41,855	18.0	(0.2)
Brasildental	6,205	4,985	3,363	(45.8)	(32.5)
Distribution businesses	575,304	771,759	707,711	23.0	(8.3)
Other	(2,342)	(72,431)	3,407	-	-
G&A expenses	(5,990)	(5,568)	(8,944)	49.3	60.6
Net investment income	6,523	3,939	5,791	(11.2)	47.0
Earnings before taxes and profit sharing	1,179,617	1,806,137	1,760,539	49.2	(2.5)
Taxes	(186)	451	0	-	(99.9)
Net income	1,179,431	1,806,588	1,760,540	49.3	(2.5)

In 1Q23, BB Seguridade's net income grew 49.3% YoY, to R$1.8 billion. The R$581.1 million increase is explained by:

• Brasilseg (+R$416.1 million): propelled by the growth of retained earned premiums, the improvement of loss ratio particularly in rural and credit life, and the higher financial result.
• BB Corretora (+R$132.4 million): sustained by the evolution of brokerage revenues and the increase of financial result.
• Brasilprev (+R$26.8 million): mostly due to the growth of financial result led by the lower cost of bearing liabilities related to defined benefities, and the reduction of MtM losses.
• Brasilcap (+R$6.4 million): driven by the expansion of financial result, explained by the higher average balance of earning assets, and, to a lesser extent, the improvement of financial margin.

Figure 1 - Non-interest operating results¹

	Chg. On 1Q22
Brasilseg	148.7%
Brasilprev	0.9%
Brasilcap	(6.4% )
Brasildental	(54.2% )
BB Corretora	19.4%
Total	40.6%

¹Non-interest operating results before taxes, weighted by the equity stake

Figure 2 - Normalized net income (R$ million)

												1,807						1,786
										1,753				1,687
1,179						1,482								1,761
	1,127				1,652
	1,406

52

(75)

(101)

120

(26)

1Q22

2Q22

3Q22

4Q22

1Q23

Net income

IGP-M lag

Normalized net income¹

1. Net income excluding the impacts of the one-month lag in the IGP-M accrual on liabilities.

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