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    BBSE3   BRBBSEACNOR5

BB SEGURIDADE PARTICIPAÇÕES S.A.

(BBSE3)
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End-of-day quote. End-of-day quote Bolsa de Valores de Sao Paulo - 10/22
21.67 BRL   +0.79%
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

BB Seguridade Participações S A : Dados Econômico-Financeiros

08/02/2021 | 08:02am EDT

#interna

Interim Financial Statements - 1st Half 2021

BB Seguridade Participações S.A.

INDEX

MANAGEMENT COMMENTS ON PERFORMANCE .........................................................................................................

1

STATEMENT OF INCOME .................................................................................................................................................

3

STATEMENT OF COMPREHENSIVE INCOME.................................................................................................................

4

BALANCE SHEET..............................................................................................................................................................

5

STATEMENT OF CASH FLOWS .......................................................................................................................................

6

STATEMENT OF CHANGES IN EQUITY...........................................................................................................................

7

STATEMENT OF VALUE ADDED .....................................................................................................................................

8

EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS ........................................................................................

9

1

- OPERATIONS ..............................................................................................................................................................

9

2

- ACQUISITIONS, DISPOSALS AND CORPORATE RESTRUCTURINGS .................................................................

10

3

- PRESENTATION OF FINANCIAL STATEMENTS.....................................................................................................

11

4

- DESCRIPTION OF SIGNIFICANT ACCOUNTING POLICIES ...................................................................................

12

5

- RISK MANAGEMENT.................................................................................................................................................

17

6

- SEGMENT INFORMATION ........................................................................................................................................

22

7

- INVESTMENTS IN ASSOCIATES...............................................................................................................................

25

8

- COMMISSIONS INCOME ...........................................................................................................................................

36

9

- COSTS OF SERVICES PROVIDED ...........................................................................................................................

37

10

- PERSONNEL EXPENSES........................................................................................................................................

37

11

- ADMINISTRATIVE EXPENSES AND SALES ..........................................................................................................

37

12

- TAXES ......................................................................................................................................................................

38

13

- OTHER INCOME AND EXPENSE............................................................................................................................

41

14

- FINANCIAL RESULT................................................................................................................................................

41

15

- CASH AND CASH EQUIVALENTS..........................................................................................................................

42

16

- FINANCIAL INSTRUMENTS ....................................................................................................................................

42

17

- DIVIDENDS / INTEREST ON EQUITY CAPITAL RECEIVABLE .............................................................................

43

18

- COMMISSIONS RECEIVABLE ................................................................................................................................

44

19

- INTANGIBLE ASSET ...............................................................................................................................................

44

20

- OTHER ASSETS ......................................................................................................................................................

44

21

- CORPORATE AND STATUTORY OBLIGATIONS ..................................................................................................

45

22

- PROVISIONS AND CONTINGENT LIABILITIES .....................................................................................................

45

23

- UNEARDED COMMISSIONS ...................................................................................................................................

48

24

- OTHER LIABILITIES ................................................................................................................................................

48

25

- EQUITY.....................................................................................................................................................................

48

26

- RELATED PARTY TRANSACTIONS.......................................................................................................................

52

27

- OTHER INFORMATION ............................................................................................................................................

54

REPORT OF INDEPENDENT AUDITORS FOR FINANCIAL STATEMENTS

DECLARATION OF THE MEMBERS OF THE EXECUTIVE BOARD ABOUT THE FINANCIAL STATEMENTS

STATEMENT OF THE MEMBERS OF THE EXECUTIVE BOARD ON THE REPORT OF THE INDEPENDENT AUDITORS

MEMBERS OF THE MANAGEMENT BODIES

Interim Financial Statements - 1st Half 2021

BB Seguridade Participações S.A.

MANAGEMENT COMMENTS ON PERFORMANCE

Dear Shareholders,

BB

("

" o "Com ny") o

n n om o R$ 753.7 million in the second

quarter of 2021, down 21.2% YoY.

In the 2Q20, in order to contribute to the society with the responses to the impact of the pandemic, the Board of Directors approved a donation capped at R$ 40 million by BB Corretora to Banco do Brasil Foundation (FBB), aiming the acquisition food and hygiene, cleaning and personal protection supply necessary for the social aid of the most affected people. Until June 2020, FBB had demanded the disbursement of R$ 37.9 million, with an impact of R$ 25.0 million to the earnings after tax effects.

Setting apart the donation, which was considered an extraordinary event and had affected the equity income in the 2Q20, the adjusted net income retracted R$ 228.1 million (-23.2% YoY). Despite the strong growth in the distribution business (+R$ 67.9

million), the worsening of the sanitary crisis and the financial results volatility negatively impacted the other o on ' , as follows:

Brasilprev (-R$171.0 million): due to the net investment loss led by the differential in inflation rates that adjusted the assets (IPCA and IGP-M of the current period) and the liabilities (mostly accrued by the IGP-M with one month lag on average) of the defined benefit pension plans;

Brasilseg (-R$100.1 million): mainly driven by worsening of the sanitary crisis, with the peak of deaths caused by Covid-19 since the beginning of the pandemic being reached in the 2Q21, raising the loss ratio by 19.7 p.p.;

Brasilcap (-R$16.0 million): explained by the net investment income decrease, partially offset by the drop in G&A expenses and acquisition costs; and

Holding´s net investment income (-R$3.3 million): impacted by the contraction in financial investments volume after the return of capital to the shareholders in April 2020.

Table 1 - Adjusted Income Statement

2Q21

Parent

2Q20

Chg.%

Equity Income

754,070

979,049

(23.0)

BB MAPFRE Participações S.A. (Brasilseg)

178,468

278,612

(35.9)

Brasilprev Seguros e Previdência S.A.

38,631

209,656

(81.6)

Brasilcap Capitalização S.A.

14,217

30,193

(52.9)

Brasildental Operadora de Planos Odontológicos S.A.

4,122

5,344

(22.9)

BB Corretora de Seguros e Administradora de Bens S.A.

523,629

455,711

14.9

Other

(4,997)

(467)

970.0

Other revenues and expenses

(3,537)

(3,708)

(4.6)

Personnal expenses

(2,962)

(2,874)

3.1

Administrative and sales expenses

(1,221)

(797)

53.2

Tax expenses

(240)

(397)

(39.5)

Other

886

360

146.1

Earnings before financial revenues and expenses

750,533

975,341

(23.0)

financeiras

Net investment income

2,970

7,899

(62.4)

Financial income

3,212

8,000

(59.9)

Financial expenses

(242)

(101)

139.6

Earnings before taxes

753,503

983,240

(23.4)

Taxes

199

(1,427)

-

Adjusted net income

753,702

981,813

(23.2)

1

Interim Financial Statements - 1st Half 2021

BB Seguridade Participações S.A.

Table 2 - Extraordinary Events

2Q21

Parent

2Q20

Chg.%

Adjusted Equity Income

754,070

979,049

(23.0)

Extraordinary Events

BB Corretora: Donation against Covid-19

-

(25,016)

-

Equity Income

754,070

954,033

(21.0)

In h Q , h ho n ' o h v n n x n4 6% YoY, h by h h vo m o v n om

the ADR Level I program (+111.9%), accounted in other revenues, and by lower PIS and Cofins tax expenses on financial income, due to the contraction in the average balance of financial investments (-75.4%).

On the other hand, the raise in administrative and sales expenses offset part of this drop, with higher data processing and postage expenses, the second one due to the increase in the number of shareholders in the last 12 months, which led to higher costs with the print of remuneration report of 2020, and the growth in expenses with legal publication of the financial statements for 2020 fiscal year in the newspaper.

The net investment income dropped 62.4%, impacted by the lower average balance of financial investments after the return of capital to the shareholders in April 2020.

Fo mo n o m on bo

'

o m n , n

n h m n

n y o

nv

,

se refer to

the MD&A, available at www.bbseguridaderi.com.br/en, section Financial Information, option Results Center.

RELATIONSHIP WITH INDEPENDENT AUDITORS

According to the CVM Rule 381/03, we hereby inform that, for the second quarter of 2021, BB Seguridade used the

n n n v ov by D o To h Tohm o In n n ("D o "), h o h on maintained by its controlling shareholder Banco do Brasil S.A.

When hiring services not related to the external audit, BB Seguridade adopts procedures based on the applicable law and on international accepted principles that preserve the auditor's independence. Such principles consist of: (i) the auditor should not audit its own work; (ii) the auditor should not perform managerial activities at his client management structure; and (iii) the auditor should not promote the interests of its client.

During the second quarter of 2021, there was no changes related to the signature, cancelation, or modification of contracts between the controlling shareholder (Banco do Brasil) and Deloitte.

Regarding BB Seguridade´s investees, on April 26, 2021, it was signed an audit services contract between Deloitte and Brasilcap, effective as of April 26, 2021, according to the table below:

Company

Contract dates

Service

Fee (R$)

Start

End

Brasilcap S.A.

04/26/2021

04/25/2023

Audit services on the financial statements of 2021 and

814,000.00

2022.

.

2

Interim Financial Statements - 1st Half 2021

BB Seguridade Participações S.A.

STATEMENT OF INCOME

R$ thousand (except earnings per share)

Parent

Consolidated

Note

2nd Quarter 2021

1st Half 2021

2nd Quarter 2020

1st Half 2020

2nd Quarter 2021

1st Half 2021

2nd Quarter 2020

1st Half 2020

OPERATING INCOME

754,070

1,725,419

954,033

1,822,262

1,080,094

2,370,860

1,257,823

2,427,200

Equity income

[7.b]

754,070

1,725,419

954,033

1,822,262

233,111

703,634

519,456

908,215

Net commissions income

[8]

--

--

--

--

846,983

1,667,226

738,367

1,518,985

COST OF SERVICES PROVIDED

[9]

--

--

--

--

(54,092)

(94,434)

(36,778)

(82,238)

GROSS PROFIT

754,070

1,725,419

954,033

1,822,262

1,026,002

2,276,426

1,221,045

2,344,962

OTHER INCOME AND EXPENSES

(3,537)

(4,636)

(3,708)

(6,058)

(26,159)

(52,523)

(69,872)

(101,592)

Personnel expenses

[10]

(2,962)

(5,739)

(2,874)

(5,646)

(15,478)

(29,705)

(16,139)

(31,574)

Administratives and sales expenses

[11]

(1,221)

(1,762)

(797)

(1,671)

(5,539)

(8,910)

(46,248)

(51,658)

Tax expenses

[12.c]

(240)

(1,093)

(397)

(3,090)

(1,270)

(2,715)

(1,460)

(5,799)

Other

[13]

886

3,958

360

4,349

(3,872)

(11,193)

(6,025)

(12,561)

INCOME BEFORE FINANCIAL REVENUE AND

750,533

1,720,783

950,325

1,816,204

999,843

2,223,903

1,151,173

2,243,370

EXPENSES

FINANCIAL RESULT

[14]

2,970

12,309

7,899

32,267

24,600

42,915

31,063

77,773

Financial revenue

3,212

15,468

8,000

57,575

24,898

46,201

31,255

104,478

Financial expenses

(242)

(3,159)

(101)

(25,308)

(298)

(3,286)

(192)

(26,705)

INCOME BEFORE TAXES AND EQUITIES

753,503

1,733,092

958,224

1,848,471

1,024,443

2,266,818

1,182,236

2,321,143

INCOME TAX AND SOCIAL CONTRIBUTION

[12.a]

199

(2,328)

(1,427)

(8,953)

(270,741)

(536,054)

(225,439)

(481,625)

NET INCOME

753,702

1,730,764

956,797

1,839,518

753,702

1,730,764

956,797

1,839,518

Number of shares

[25.a]

2,000,000,000

2,000,000,000

2,000,000,000

2,000,000,000

2,000,000,000

2,000,000,000

2,000,000,000

2,000,000,000

Weighted average number of shares - basic and diluted

[25.c]

1,996,676,877

1,996,657,612

1,996,594,035

1,996,617,689

1,996,676,877

1,996,657,612

1,996,594,035

1,996,617,689

Basic and diluted earnings per share (R$)

[25.c]

0.38

0.87

0.48

0.92

0.38

0.87

0.48

0.92

The accompanying notes are an integral part of the interim financial statements

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

BB Seguridade Participações SA published this content on 02 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2021 12:01:03 UTC.


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Sales 2021 5 640 M 999 M 999 M
Net income 2021 3 971 M 703 M 703 M
Net cash 2021 3 954 M 700 M 700 M
P/E ratio 2021 10,9x
Yield 2021 6,41%
Capitalization 43 268 M 7 530 M 7 660 M
EV / Sales 2021 6,97x
EV / Sales 2022 5,90x
Nbr of Employees 173
Free-Float 33,6%
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Last Close Price 21,67 BRL
Average target price 29,88 BRL
Spread / Average Target 37,9%
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Rafael Augusto Sperendio Chief Financial Officer
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