BB Seguridade Participações S A : Comunicado ao Mercado

MD&A

2Q23

#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 2Q23	2

2Q23 Earnings Conference Call

August 7th, 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	43
	Brasilcap	57
	Brasildental	71
5.	Distribution	73
5.1	BB Corretora	74
6.	Information in IFRS 17	82
7.	Definitions	88

BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q23	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, since the 1Q23, the audited financial statements of BB Seguridade follows 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, 2Q23 contains information related to March, April and May, immaterially impacting the comparison with 2Q22 earnings.

BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q23	4

#Pública

Table 1 - Income statement of the holding

		Quarterly Flow		Chg. %	Half-Yearly Flow	Chg. %
R$ thousand	2Q22	1Q23	2Q23	On 2Q22	On 1Q23	1H22	1H23	On 1H22
Equity income	1,407,388	1,763,691	1,835,739	30.4	4.1	2,586,472	3,599,430	39.2
Underwritting and accumulation businesses	766,748	1,052,573	1,108,531	44.6	5.3	1,372,870	2,161,103	57.4
Brasilseg	546,845	678,617	724,236	32.4	6.7	809,397	1,402,853	73.3
Brasilprev	172,298	328,738	337,195	95.7	2.6	474,207	665,934	40.4
Brasilcap	42,783	41,855	42,358	(1.0)	1.2	78,239	84,213	7.6
Brasildental	4,822	3,363	4,741	(1.7)	41.0	11,027	8,104	(26.5)
Distribution businesses	631,810	707,711	706,795	11.9	(0.1)	1,207,114	1,414,506	17.2
Other	8,830	3,407	20,413	131.2	499.1	6,488	23,820	267.1
G&A expenses	(5,900)	(8,944)	(5,592)	(5.2)	(37.5)	(11,891)	(14,535)	22.2
Net investment income	4,698	5,791	11,119	136.7	92.0	11,221	16,911	50.7
Earnings before taxes and profit sharing	1,406,185	1,760,539	1,841,267	30.9	4.6	2,585,802	3,601,805	39.3
Taxes	186	0	(233)	-	-	-	(233)	-
Net income	1,406,371	1,760,540	1,841,034	30.9	4.6	2,585,802	3,601,573	39.3

In 2Q23, BB Seguridade's net income grew 30.9% YoY, to R$1.8 billion. The variation of R$434.7 million is explained by:

• Brasilseg (+R$177.4 million): propelled by the evolution of retained earned premiums and the rise of net investment income, effects partially offset by the higher loss ratio in the period;
• Brasilprev (+R$164.9 million): sustained by the improvement of net investment income, due to the lower cost on bearing liabilities, which are composed by defined benefit plans' reserves, and to positive MtM result; and
• BB Corretora (+R$75.0 million): led by the growth of brokerage revenues and, in a lesser extent, by the increase of net investment income.

Year-to-date the net income was up R$1.0 billion (+39.3%), to R$3.6 billion. The highlights were:

• Brasilseg (+R$593.5 million): boosted by the evolution of retained earned premiums, better loss ratio and net investment income growth;
• BB Corretora (+R$207.4 million): with the increase in brokerage revenues and the hike of net investment income;
• Brasilprev (+R$191.7 million): sustained by the higher net investment income, due to both the lower cost on bearing liabilities and the positive MtM results; and
• Brasilcap (+R$6.0 million): driven by the growth of net investment income, which is justified by the higher average balance and, in a lesser extent, the increase in the yield of interest earning assets.

BB Seguridade Participações S.A. | Management Discussion & Analysis 2Q23

Figure 1 - Non-interest operating results¹

	Chg. On 2Q22	Chg. On 1H22
Brasilseg	22.5%	63.4%
Brasilprev	6.6%	3.8%
Brasilcap	-	(73.2% )
Brasildental	(3.1% )	(32.1% )
BB Corretora	11.4%	15.3%
Total	13.7%	25.7%

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

Figure 2 - Normalized net income (R$ million)

3,755

								2,609	3,602
1,482			1,786	1,969	2,586
1,761
1,406				1,841
(75)		(26)			(128)		(23)		(154)
2Q22	1Q23		2Q23	1H22	1H23
	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.

5