BB Seguridade Participações S A : Comunicado ao Mercado

MD&A

3Q23

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• 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 3Q23	2

3Q23 Earnings Conference Call

November 6th, 2023

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 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	44
	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 3Q23	3

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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, 3Q23 contains information related to June, July and August, immaterially impacting the comparison with 3Q22 earnings.

BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q23	4

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Table 1 - Income statement of the holding

		Quarterly Flow		Chg. %	9 Months Flow	Chg. %
R$ thousand	3Q22	2Q23	3Q23	On 3Q22	On 2Q23	9M22	9M23	On 9M22
Equity income	1,648,550	1,835,739	2,038,548	23.7	11.0	4,235,022	5,637,978	33.1
Underwritting and accumulation businesses	883,131	1,108,531	1,235,335	39.9	11.4	2,256,001	3,396,438	50.6
Brasilseg	636,121	724,236	786,181	23.6	8.6	1,445,518	2,189,033	51.4
Brasilprev	217,118	337,195	396,048	82.4	17.5	691,325	1,061,982	53.6
Brasilcap	25,002	42,358	48,667	94.7	14.9	103,241	132,880	28.7
Brasildental	4,890	4,741	4,439	(9.2)	(6.4)	15,918	12,543	(21.2)
Distribution businesses	750,605	706,795	790,833	5.4	11.9	1,957,719	2,205,339	12.6
Other	14,814	20,413	12,380	(16.4)	(39.4)	21,302	36,200	69.9
G&A expenses	(5,542)	(5,592)	(5,943)	7.2	6.3	(17,433)	(20,478)	17.5
Net investment income	10,673	11,119	31,850	198.4	186.4	21,894	48,760	122.7
Earnings before taxes and profit sharing	1,653,681	1,841,267	2,064,454	24.8	12.1	4,239,484	5,666,260	33.7
Taxes	(1,501)	(233)	(7,659)	410.2	-	(1,501)	(7,892)	425.7
Net income	1,652,180	1,841,034	2,056,795	24.5	11.7	4,237,982	5,658,368	33.5

In 3Q23, BB Seguridade's net income amounted to R$2.1 billion (+24.5% YoY). The key highlights contributing to the increment of R$404.6 million in the results were as follows:

• Brasilprev (+R$178.9 million): sustained by the improvement in financial results, primarily explained by the reduction in the cost of liabilities linked to traditional plan reserves;
• Brasilseg (+R$150.1 million): driven by the growth in earned premiums and an increase in financial results;
• BB Corretora (+R$40.2 million): led by the growth in brokerage revenues and, to a lesser extent, the increase in financial results; and
• Brasilcap (+R$23.7 million): attributed to the growth in financial results, stemming from the expansion of the average balance of earning assets and an improvement in the interest margin.

For the 9M23, net income increased by R$1.4 billion (+33.5%), reaching R$5.7 billion. The most significant variations by business line were:

• Brasilseg (+R$743.5 million): supported by a decrease in loss ratio, the growth of earned premiums and an increase in financial results;
• Brasilprev (+R$370.7 million): driven by the reduction in the cost of liabilities linked to traditional plan reserves;
• BB Corretora (+R$247.6 million): due to an increase in brokerage revenues and an uptick in financial results; and
• Brasilcap (+R$29.6 million): sustained by the growth in financial results, with an expansion of the average balance of assets and an improvement in the interest margin.

Figure 1 - Non-interest operating results¹

				Chg. On 3Q22			Chg. On 9M22
Brasilseg	19.7%					44.5%
Brasilprev	4.6%					4.1%
Brasilcap	(82.3% )					(74.6% )
Brasildental	0.1%					(22.2% )
BB Corretora	3.3%					10.8%
Total	8.9%					19.2%
¹Non-interest operating results before taxes, weighted by the equity stake
Figure 2 - Normalized net income (R$ million)
												5,666
										4,361	5,658
									4,238
					2,057
1,753			1,969			1,911
1,652		1,841
	(101)		(128)			146			(123)		(8)
	3Q22	2Q23		3Q23	9M22	9M23
		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.

BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q23	5

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▪ N E T I N V E S T M E N T I N C O M E A N A L Y S I S

Figure 3 - Consolidated net investment income

	20.4	22.4		20.8
14.1		14.9
				1,175
			631
	376	460
232
3Q22	2Q23	3Q23	9M22	9M23
	Net investment income (R$ million)		% Net income

In 3Q23, the combined net investment income of BB Seguridade and its investees reached R$460.2 million (+98.0% YoY). The deflation of the IGP-M and the positive variation of the IPCA significantly contributed to the improvement of Brasilprev's financial result. This, combined with the expansion of the average balance of financial assets in other group companies, were the main factors responsible for the growth in net investment income compared to the same period last year.

In 9M23, the combined financial result of the group's companies grew by 86.1% YoY. The performance is attributed to the same factors that drove the quarterly result, in addition to the rise in the Selic interest rate.

Figure 4 - Inflation rate (%)

Figure 5 - Average Selic rate (%)

13.47 13.65 13.65 13.65 13.27

Figure 6 - Forward yield curve (%)

13.44

1.6 2.1

	0.1	-1.1	0.6
-1.3			0.2

-1.4	-2.5
3Q22	4Q22	1Q23
	IPCA	IGP-M

1. IGP-M with a lag of one month.

0.8 0.6

-2.7	-0.5

	-2.8
-4.6
2Q23	3Q23
IGP-M (lagged)¹

3Q22

4Q22

1Q23

2Q23

3Q23

12.85	12.75	12.63	12.65	12.72
	jun/22
12.81

12.24	11.61	11.50	11.54	11.60	sep/22
			11.10
	10.84	10.58	10.81	sep/23
	10.75				jun/23
		10.09	10.12	10.28
DI1F24	DI1F25	DI1F26	DI1F27	DI1F28

Figure 7 - Financial investments (%)

	7.2
Sep/23	45.6
	47.2
	6.0
Jun/23	43.6

50.3

	7.1
Sep/22	45.4
	47.5
	Available for sale
	Held to maturity
	Trading

Figure 8 - Financial investments by index (%)

	0.1
Sep/23	13.1
42.5
	44.3
	0.1
Jun/23	13.1
41.6
	45.3
	0.2
Sep/22	12.7
39.3
	47.9
	Other
	Pre-fixed
	Floating
	Inflation

Figure 9 - Trading portfolio by index

(%)

	0.2
Sep/23	2.2
7.5
	90.1
	0.1
Jun/23	3.6
13.8
	82.5
	0.3
Sep/22	2.5
14.8
	82.4
	Other
	Pre-fixed
	Inflation
	Floating

BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q23	6

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• 2 0 2 3 G U I D A N C E

In 9M23, the non-interest operating result (ex-holdings) grew by 19.2% compared to 9M22, surpassing the annual growth range of the guidance. Meanwhile, Brasilseg's premiums written and the pension reserves - PGBL and VGBL - performed in line with the estimated ranges.

The deviation in the variation of the non-interest operating result (ex-holdings) was already expected in 9M23 due to the high concentration of retained rural insurance claims at the beginning of 2022, with an expectation of convergence to the estimated range in the last quarter of the year.

It's important to note that all comparisons are being made based on the accounting standards adopted by the Superintendência de Seguros Privados - Susep and the Agência Nacional de Saúde Suplementar - ANS, which do not consider the effects of the new accounting standard IFRS 17, in effect from January/2023.

Figure 10 - 2023 estimates

Estimate interval

Non-interest operating result

(ex-holding)

19.2%

12%	17%
	Observed 9M23

Percentage variation of the combined recurring non-interest operating results of Brasilseg, Brasilprev, Brasilcap, Brasildental and BB Corretora, according to accounting standards adopted by Susep and ANS, weighted by the equity stake held in each company and adjusted by extraordinary events, as released by the company on its quarterly MD&A.

Estimate interval

Premiums written of

Brasilseg

		12.4%
10%	15%
		Observed 9M23

Percentage variation of the premiums written reported by Brasilseg, adjusted by extraordinary events, as released by the company on its quarterly MD&A

Estimate interval

PGBL and VGBL pension

plans reserves of Brasilprev

	13.7%
10%	14%
	Observed 9M23

Percentage variation of PGBL and VGBL pension plans reserves, adjusted by extraordinary events, as released by the company on its quarterly MD&A.

Table 2 - Breakdown of the managerial non-interest operating result by company

	9 Months Flow		Chg. %
R$ thousand	9M22	9M23	On 9M22
Non-interest operating result	5,539,715	6,603,304	19.2
Brasilseg	1,667,998	2,409,986	44.5
Brasilprev	1,116,156	1,161,592	4.1
Brasilcap	15,671	3,979	(74.6)
Brasildental	21,692	16,877	(22.2)
BB Corretora	2,718,198	3,010,870	10.8

BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q23	7

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• S U M M A R Y O F I N V E S T E E S P E R F O R M A N C E S

Brasilseg | Insurance (for further details, please refer to the page 23)

Table 3 - Summarized income statement

		Quarterly Flow		Chg. %	9 Months Flow	Chg. %
R$ thousand	3Q22	2Q23	3Q23	On 3Q22	On 2Q23	9M22	9M23	On 9M22
Premiums written	5,022,255	3,942,284	5,432,673	8.2	37.8	11,646,161	13,094,813	12.4
Changes in technical reserves and premiums	(2,219,530)	(815,812)	(2,184,880)	(1.6)	167.8	(3,810,389)	(3,674,992)	(3.6)
ceded
Retained earned premiums	2,802,725	3,126,472	3,247,793	15.9	3.9	7,835,772	9,419,821	20.2
Retained claims	(747,624)	(880,113)	(868,424)	16.2	(1.3)	(2,561,304)	(2,639,355)	3.0
Retained acquisition costs	(818,880)	(867,619)	(894,853)	9.3	3.1	(2,265,693)	(2,592,336)	14.4
G&A	(272,308)	(334,063)	(326,672)	20.0	(2.2)	(784,774)	(967,113)	23.2
Other	(7)	(1,496)	(3,938)	-	163.3	294	(7,273)	-
Non-interest operating result	963,907	1,043,181	1,153,906	19.7	10.6	2,224,294	3,213,743	44.5
Net investment income	218,882	218,746	262,994	20.2	20.2	532,114	704,745	32.4
Earnings before taxes and profit	1,182,789	1,261,927	1,416,900	19.8	12.3	2,756,409	3,918,488	42.2
sharing
Taxes and profit sharing	(329,605)	(291,012)	(363,383)	10.2	24.9	(814,066)	(983,977)	20.9
Net income	853,184	970,915	1,053,517	23.5	8.5	1,942,343	2,934,511	51.1

In 3Q23, the net income of the insurance operation increased by 23.5% YoY, driven by the growth of retained earned premiums (+15.9%) and the evolution of the net investment income (+20.2%), due to the expansion of both the balance and the average return of investments.

Premiums written grew by 8.2% compared to 3Q22 (+37.8% QoQ), a dynamic led by the strong growth of credit life for farmers insurance (+45.0% YoY | +97.9% QoQ), driven by the increase in the average insured amount, and the good commercial performance of credit life insurance (+15.4% YoY | +20.3% QoQ), with increased credit penetration and reduced cancellations.

The G&A ratio increased by 0.3 p.p. YoY, influenced by the rise in other operating expenses, more concentrated in endomarketing and impairment losses.

Year-to-date, net income grew by 51.1% YoY, the result of a reduction in the loss ratio (-4.7 p.p.), the growth of retained earned premiums (+20.2%), and a higher net investment income (+32.4%).

Figure 11 - Key performance indicators

	Chg. On 3Q22	Chg. On 9M22
Breakdown of premiums written
Rural	9.1%	10.1%
Term Life	(1.8% )	0.5%
Credit Life	15.4%	34.6%
Others	11.1%	19.2%
Performance ratios
Loss ratio	0.1 p.p.	(4.7 p.p.)
Commission ratio	(1.7 p.p.)	(1.4 p.p.)
G&A ratio	0.3 p.p.	0.3 p.p.
Combined ratio	(1.3 p.p.)	(5.8 p.p.)

BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q23	8

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Brasilprev | Pension plans (for further details, see page 44)

Table 4 - Summarized income statement

		Quarterly Flow		Chg. %		9 Months Flow	Chg. %
R$ thousand	3Q22	2Q23	3Q23	On 3Q22	On 2Q23		9M22	9M23	On 9M22
Total revenue from pension and	15,144,470	12,278,542	16,466,696	8.7	34.1	39,855,359	43,534,386	9.2
insurance
Provision for benefits to be granted	(15,139,216)	(12,273,659)	(16,461,979)	8.7	34.1	(39,839,746)	(43,519,725)	9.2
Net revenue from pension and insurance	5,254	4,883	4,717	(10.2)	(3.4)	15,613	14,661	(6.1)
Management fee	836,248	830,012	893,318	6.8	7.6	2,436,283	2,561,871	5.2
Acquisition costs	(178,283)	(184,971)	(186,259)	4.5	0.7	(521,224)	(554,330)	6.4
Retained earned premiums	49,788	54,240	43,488	(12.7)	(19.8)	143,252	117,528	(18.0)
G&A	(171,725)	(177,913)	(191,103)	11.3	7.4	(505,344)	(527,348)	4.4
Other	(11,572)	(19,909)	(9,918)	(14.3)	(50.2)	(80,173)	(63,387)	(20.9)
Non-interest operating result	529,709	506,342	554,243	4.6	9.5	1,488,406	1,548,995	4.1
Net investment income	(34,835)	223,399	296,547	-	32.7	69,309	766,538	-
Earnings before taxes and profit sharing	494,874	729,741	850,790	71.9	16.6	1,557,715	2,315,533	48.6
Taxes and profit sharing	(205,365)	(291,418)	(323,186)	57.4	10.9	(635,888)	(911,259)	43.3
Net income	289,509	438,323	527,604	82.2	20.4	921,827	1,404,273	52.3

In 3Q23, the net income of the pension operation grew 82.2% higher YoY, to R$527.6 million, driven by the improvement in the net investment income. The deflation of the IGP-M, which significantly reduced the cost of the liabilities linked to traditional plans, was the main factor responsible for this growth, even though the negative impact of the mark-to-market related to the steepening forward yield curve, which amounted to -R$73.5 million, partially offset the improvement.

The non-interest operating result grew by 4.6%, a consequence of a 6.8% increase in management fee revenues, driven by the expansion of 12.7% in pension reserves over the last 12 months. On the other hand, the annualized average management fee rate contracted by 0.04 p.p., influenced by a higher flow of investments directed towards more conservative products, leading to a lower share of multimarket funds in the total reserves, with 23.2% at the end of September 2023 (-5.0 p.p. on Sep/22 | -1.3 p.p. on Jun/23).

Pension contributions grew by 8.7% compared to 3Q22, totaling R$16.5 billion, the highest quarterly volume in the historical series. The evolution of contributions, coupled with the sequential improvement in redemption (-2.4 p.p. YoY | -1.3 p.p. QoQ) and portability (-1.5 p.p. YoY | -0.2 p.p. QoQ) ratios, led to a net inflow of R$5.1 billion, nearly three times higher than reported in the same period of 2022.

Year-to-date, net income grew by 52.3%, driven by the significantly higher net investment income as compared to the same period last year, reflecting the lower cost of liabilities, as mentioned in the quarterly analysis.

The net inflow accumulated until September 2023 was R$7.3 billion, more than seven times higher the 9M22, driven by the increase in contributions (+9.2%), a reduction in the redemption ratio (-1.0 p.p.), and a decrease in the portability ratio (-1.2 p.p.).

Figure 12 - Key performance indicators

	3Q23	Chg. On	9M23	Chg. On
	3Q22	9M22
Net inflows (R$ billion)	5,107	187.8%	7,306	611.9%
Reserves (R$ billion)	379	12.7%	-	-
Management fee (% )	0.95	(0.04 p.p.)	0.95	(0.05 p.p.)
Redemption ratio (% )	9.5	(2.4 p.p.)	10.7	(1.0 p.p.)
Portability ratio (% )	1.0	(1.5 p.p.)	1.2	(1.2 p.p.)
Cost to income ratio (% )	41.1	0.6 p.p.	42.5	(0.1 p.p.)

Year-to-date, management fee revenues grew by 5.2%, helped by the increase in the reserve balance, which more than offset the

0.05 p.p. reduction in the average management fee rate, explained by the lower representation of multimarket funds in the total assets under management, as mentioned in the quarterly

analysis.

BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q23	9

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Brasilcap | Premium Bonds (for further details, see page 57)

Table 5 - Summarized income statement

		Quarterly Flow		Chg. %		9 Months Flow	Chg. %
R$ thousand	3Q22	2Q23	3Q23	On 3Q22	On 2Q23	9M22	9M23	On 9M22
Premium bonds collection	1,615,265	1,638,676	1,648,071	2.0	0.6	4,206,108	4,715,855	12.1
Changes in provisions for redemption, lottery	(1,447,294)	(1,482,827)	(1,496,940)	3.4	1.0	(3,765,831)	(4,257,483)	13.1
and bonus
Revenue with load fee	167,970	155,849	151,131	(10.0)	(3.0)	440,277	458,373	4.1
Result with lottery	2,326	11,128	19,012	-	70.9	15,820	36,548	131.0
Acquisition costs	(139,662)	(146,749)	(141,537)	1.3	(3.6)	(363,824)	(412,301)	13.3
G&A	(26,081)	(24,617)	(28,022)	7.4	13.8	(67,762)	(76,521)	12.9
Other	(974)	(556)	49	-	-	(1,004)	(140)	(86.1)
Non-interest operating result	3,580	(4,945)	633	(82.3)	-	23,507	5,959	(74.6)
Net investment income	62,600	110,756	124,462	98.8	12.4	240,121	330,261	37.5
Earnings before taxes and profit	66,179	105,811	125,095	89.0	18.2	263,628	336,221	27.5
sharing
Taxes and profit sharing	(28,671)	(42,369)	(52,205)	82.1	23.2	(108,750)	(137,201)	26.2
Net income	37,508	63,442	72,890	94.3	14.9	154,878	199,019	28.5

In 3Q23, the net income from the premium bonds operation was up 94.3% YoY, reaching R$72.9 million. This performance is attributed to the nearly two-fold increase in the net investment income, with the expansion of the average balance of interest earning assets and an increase in the net interest margin (+1.6 p.p.).

Premium bonds collection increased 2.0%, driven by the higher number of single-payment bonds sold. However, the revenue with load fee decreased by 10.0%, impacted by the higher share of single-payment bonds with shorter terms (12 and 24 months) in the total collection, as these products have lower load fees compared to the longer-term ones.

Year-to-date, the net income amounted to R$199.0 million, 28.5% higher than reported in the same period of 2022. The performance was sustained by the growth of the net investment income (+37.5%), due to the expansion of the average balance of interest earning assets and an increase of 0.4 p.p. in the net interest margin.

The premium bonds collection increased 12.1%, driven by the expansion in the quantity of single-payment bonds sold (+92.3%) and the growth of the monthly payment bonds base, generating a higher level of recurrence in 9M23.

On the other hand, the revenue with load fee grew at a slower pace (+4.1%), reflecting the 0.7 p.p. reduction in the average load fee quote, which is justified by the higher share of single-payment bonds with shorter terms, as mentioned in the quarterly analysis.

Figure 13 - Key performance indicators

	Chg. On 3Q22	Chg. On 9M22
Premium bonds collection
Unique payment	2.4%	16.2%
Monthly payment	1.3%	5.2%
First Installments	(9.9%)	(6.2%)
Recurring	1.8%	5.7%
Installments
Average quotes
Reserve quote	0.8 p.p.	0.3 p.p.
Lottery quote	0.4 p.p.	0.5 p.p.
Bonus quote	(0.00 p.p.)	(0.00 p.p.)
Load fee quote	(1.2 p.p.)	(0.7 p.p.)
Other ratios
Technical reserves	24.9%	24.9%
Net interest margin	1.6 p.p.	0.4 p.p.

BB Seguridade Participações S.A. | Management Discussion & Analysis 3Q23	10