BB Seguridade Participações S A : Dados Econômico-Financeiros

Interim

Financial

Statements

1. Seguridade Participações S.A. 3rd Quarter 2023

		Consolidated Financial Statements - 3rd Quarter 2023
			BB Seguridade Participações S.A.
		INDEX
MANAGEMENT COMMENTS ON PERFORMACE	1
STATEMENT OF INCOME	2
STATEMENT OF COMPREHENSIVE INCOME	3
BALANCE SHEET	4
STATEMENT OF CASH FLOWS	5
STATEMENT OF CHANGES IN EQUITY	6
STATEMENT OF VALUE ADDED	7
EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS	8
1	- OPERATIONAL CONTEXT	8
2	- ACQUISITIONS, DISPOSALS AND CORPORATE RESTRUCTURINGS	9
3	- PRESENTATION OF FINANCIAL STATEMENTS	10
4	- DESCRIPTION OF KEY ACCOUNTING POLICIES	15
5	- RISK MANAGEMENT	21
6	- SEGMENT INFORMATION	24
7	- INVESTMENTS IN ASSOCIATES	27
8	- COMMISSIONS INCOME	43
9	- COSTS OF SERVICES PROVIDED	44
10	- PERSONNEL EXPENSES	44
11	- ADMINISTRATIVE EXPENSES AND SALES	44
12	- TAXES	45
13	- OTHER INCOME AND EXPENSE	48
14	- FINANCIAL RESULT	48
15	- CASH AND CASH EQUIVALENTS	49
16	- FINANCIAL INSTRUMENTS	49
17	- DIVIDENDS / INTEREST ON EQUITY CAPITAL RECEIVABLE	50
18	- COMMISSIONS RECEIVABLE	50
19	- INTANGIBLE ASSET	51
20	- OTHER ASSETS	51
21	- CORPORATE AND STATUTORY OBLIGATIONS	51
22	- PROVISIONS AND CONTINGENT LIABILITIES	51
23	- UNEARDED COMMISSIONS	54
24	- OTHER LIABILITIES	55
25	- EQUITY	55
26	- RELATED PARTY TRANSACTIONS	57

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

1

Consolidated Financial Statements - 3rd Quarter 2023

BB Seguridade Participações S.A.

MANAGEMENT COMMENTS ON PERFORMACE

Dear Shareholders,

In the third quarter of 2023, BB Seguridade Participações S.A. ("BB Seguridade" or "Company") reported net income of R$2,124 million (+23.7% YoY). The main highlights explaining the R$407.5 million increase of net income as compared to the 3Q22 were:

• Brasilprev (+R$186.1 million): due to the reduction of the onerousness of defined benefit plans that was registered at the transition to the new accounting standards (IFRS 17). This movement is explained by deflation of the IGP-M, as well as the increase of redemptions and migrations to defined contributions plans (PGBL and VGBL), deviating from the assumptions adopted when estimating the result of this plans at the transition. In lesser extent, the release of the contractual service margin (CSM) of PGBL and VGBL had also contributed;
• Brasilseg (+R$144.2 million): driven largely by the improvement in results arising from insurance contracts measured by the premium allocation model (PAA), due to the greater recognition of premiums in relation to 3Q22, in addition to the greater release of CSM from credit life insurance contracts measured by the general model measurement (BBA);
• BB Corretora (+R$40.2 million): justified by the evolution of brokerage revenues and the higher financial result; and
• Brasilcap (+R$23.7 million): led by the growth of financial result, with the expansion of the average balance of interest earning assets and the improvement of financial margin.

In the 3Q23, the other revenues and expenses registered negative balance of R$3 million, against R$45,000 in 3Q22. The variation is mainly explained by:

• lower volume of revenues from the ADR Level I program recorded in other operating revenues and expenses; and
• higher tax expenses on financial income, a consequence of the increase in the holding company's financial income.

On the other hand, the effects mentioned above were partially offset by the reduction in personnel expenses, after reviewing the cost sharing percentages between holding companies and BB Corretora.

The financial result registered an increase of 469.2%, with an expansion in the average balance of financial investments.

For more information about BB Seguridade's performance, including the managerial analysis of its investees, please refer to the MD&A, available at www.bbseguridaderi.com.br/en, section Financial Information, option Results Center.

1

Consolidated Financial Statements - 3rd Quarter 2023

BB Seguridade Participações S.A.

STATEMENT OF INCOME

R$ thousand (except earnings per share)

				Parent					Consolidated
	Note	3rd Quarter 2023	01.01 to	3rd Quarter 2022	01.01 to 09.30.2022		3rd Quarter 2023	01.01 to	3rd Quarter 2022	01.01 to 09.30.2022
	09.30.2023	(Restated balances)	(Restated balances)		09.30.2023	(Restated balances)	(Restated balances)
Operating Income		2,106,029	5,829,016	1,713,193	4,427,108	2,449,932	6,859,413	2,062,035	5,417,452
Equity income	[7.b]	2,106,029	5,829,016	1,713,193	4,427,108	1,304,118	3,589,869	947,159	2,447,269
Net commissions income	[8]	--	--	--	--	1,145,814	3,269,544	1,114,876	2,970,183
Cost of Services Provided	[9]	--	--	--	--	(45,585)	(146,446)	(51,224)	(153,024)
Gross Profit		2,106,029	5,829,016	1,713,193	4,427,108	2,404,347	6,712,967	2,010,811	5,264,428
Other Income and Expenses		(3,042)	(13,378)	45	(8,463)	(50,080)	(139,946)	(49,370)	(138,040)
Personnel expenses	[10]	(3,046)	(9,893)	(3,866)	(10,783)	(21,176)	(62,634)	(19,168)	(53,106)
Administratives and sales expenses	[11]	(905)	(2,789)	(859)	(2,997)	(20,287)	(42,329)	(10,040)	(23,540)
Tax expenses	[12.c]	(1,615)	(6,320)	(685)	(2,616)	(8,957)	(28,226)	(7,416)	(18,303)
Provision for brokerage to returned	[13]	--	--	--	--	--	--	(9,824)	(29,472)
Other	[13]	2,524	5,624	5,455	7,933	340	(6,757)	(2,922)	(13,619)
Income Before Financial Revenue and		2,102,987	5,815,638	1,713,238	4,418,645	2,354,267	6,573,021	1,961,441	5,126,388
Expenses
Financial Result	[14]	28,948	41,662	5,086	12,924	182,094	428,596	150,012	325,929
Financial revenue		29,474	122,735	5,352	40,547	183,130	510,360	150,337	354,892
Financial expenses		(526)	(81,073)	(266)	(27,623)	(1,036)	(81,764)	(325)	(28,963)
Income Before Taxes and Equities		2,131,935	5,857,300	1,718,324	4,431,569	2,536,361	7,001,617	2,111,453	5,452,317
Income Tax and Social Contribution	[12.a]	(7,659)	(7,892)	(1,501)	(1,501)	(412,085)	(1,152,209)	(394,630)	(1,022,249)
Net Income		2,124,276	5,849,408	1,716,823	4,430,068	2,124,276	5,849,408	1,716,823	4,430,068
Weighted average number of shares	[25.a]	1,995,399,521	1,996,314,575	1,996,726,433	1,996,709,128	1,995,399,521	1,996,314,575	1,996,726,433	1,996,709,128
Basic and diluted earnings per share (R$)	[25.a]	1.06	2.93	0.86	2.22	1.06	2.93	0.86	2.22

The explanatory notes are an integral part of the interim financial statements. The opening balance sheet and restatements refer to the adoption of CPC 50 [IFRS 17] - Insurance Contracts and CPC 48 [IFRS 9] - Financial Instruments, whose effects are detailed in Note 03 - Presentation of Financial Statements.

2

							Consolidated Financial Statements - 3rd Quarter 2023
									BB Seguridade Participações S.A.
	STATEMENT OF COMPREHENSIVE INCOME
										R$ thousand
			Parent					Consolidated
			01.01 to		01.01 to			01.01 to		01.01 to
	Note	3rd Quarter 2023	3rd Quarter 2022	09.30.2022		3rd Quarter 2023	3rd Quarter 2022	09.30.2022
	09.30.2023		09.30.2023
				(Restated balances)				(Restated balances)
	Net Income	2,124,276	5,849,408	1,716,823	4,430,068	2,124,276	5,849,408	1,716,823	4,430,068
	Share of comprehensive income Investments	(223,377)	167,887	36,877	119,454	(223,377)	167,887	36,877	119,454
	Gains/(losses) on financial assets available for sale	(44,968)	80,627	66,783	17,877	(44,968)	80,627	66,783	17,877
	Other comprehensive results
	Effects CPC 50	(327,097)	199,829	(2,564)	183,971	(327,097)	199,829	(2,564)	183,971
	other	(209)	(586)	(2,862)	(2,863)	(209)	(586)	(2,862)	(2,863)
	Tax effect	148,897	(111,983)	(24,480)	(79,531)	148,897	(111,983)	(24,480)	(79,531)
	Total Comprehensive Income	1,900,899	6,017,295	1,753,700	4,549,522	1,900,899	6,017,295	1,753,700	4,549,522

The explanatory notes are an integral part of the interim financial statements. The opening balance sheet and restatements refer to the adoption of CPC 50 [IFRS 17] - Insurance Contracts and CPC 48 [IFRS 9] - Financial Instruments, whose effects are detailed in Note 03 - Presentation of Financial Statements.

3

Consolidated Financial Statements - 3rd Quarter 2023

BB Seguridade Participações S.A.

BALANCE SHEET

								R$ thousand
			Parent				Consolidated
			Dec 31, 2022	Jan 01, 2022			Dec 31, 2022	Jan 01, 2022
	Note	Sept 30, 2023	(Restated	(Opening		Sept 30, 2023	(Restated	(Opening
			balances)	balance)			balances)	balance)
Current Assets		418,915	3,768,306	1,956,417	4,553,477	7,221,098	5,125,631
Cash and cash equivalents	[15]	386,940	59,003	369,342	3,367,113	6,076,618	4,090,561
Dividends/interest on equity	[17]	--	3,683,356	1,572,428	--	13,519	1,648
receivable
Current tax assets	[12.d]	20,427	16,131	1,928	46,426	16,131	1,928
Commissions receivable	[18]	--	--	--	1,132,746	1,114,256	1,026,158
Other assets	[20]	11,548	9,816	12,719	7,192	574	5,336
Non-Current Assets		10,281,703	7,954,747	7,354,986	11,683,181	9,349,363	8,375,575
Financial assets at fair value	[16.a]	18,841	18,064	14,011	1,561,853	368,281	14,011
through profit or loss
Current tax assets	[12.d]	92,058	75,177	68,332	99,424	80,977	84,337
Deferred tax assets	[12.e]	91	28	10	12,206	7,773	35,420
Commissions receivable	[18]	--	--	--	992,282	708,990	698,435
Investments in associates	[7.b]	10,167,022	7,857,399	7,267,634	8,782,056	7,957,439	7,324,226
Intangible	[19]	3,647	4,021	4,959	3,647	4,021	4,959
Other assets	[20]	44	58	40	231,713	221,882	214,187
Total Assets		10,700,618	11,723,053	9,311,403	16,236,658	16,570,461	13,501,206
Current Liabilities		37,329	3,686,295	1,842,974	2,823,788	6,508,168	3,999,277
Statutory obligation	[21]	287	3,674,027	1,831,691	287	3,674,027	1,831,691
Contingent liabilities	[22]	172	53	--	12,169	4,431	4,996
Current tax liabilities	[12.g]	1,125	31	444	714,209	963,874	762,519
Unearned commissions	[23]	--	--	--	2,005,792	1,760,473	1,172,483
Other liabilities	[24]	35,745	12,184	10,839	91,331	105,363	227,588
Non-Current Liabilities		96	28	28	2,749,677	2,025,563	2,033,528
Contingent liabilities	[22]	96	28	28	14,778	9,451	10,419
Deferred tax liabilities	[12.h]	--	--	--	228,565	228,565	228,565
Unearned commissions	[23]	--	--	--	2,506,334	1,787,547	1,794,544
Total Liabilities		37,425	3,686,323	1,843,002	5,573,465	8,533,731	6,032,805
Equity		10,663,193	8,036,730	7,468,401	10,663,193	8,036,730	7,468,401
Capital	[25.d]	6,269,692	6,269,692	3,396,767	6,269,692	6,269,692	3,396,767
Capital reserves	[25.e]	1,805	1,571	1,508	1,805	1,571	1,508
Income reserves	[25.e]	1,552,229	1,552,229	4,122,925	1,552,229	1,552,229	4,122,925
Treasury shares	[25.f.1]	(261,432)	(80,344)	(81,320)	(261,432)	(80,344)	(81,320)
Other accumulated	[25.g]	(174,105)	(341,992)	(455,209)	(174,105)	(341,992)	(455,209)
comprehensive income
		3,275,004	635,574	483,730	3,275,004	635,574	483,730
Total Equity		10,663,193	8,036,730	7,468,401	10,663,193	8,036,730	7,468,401
Total Liabilities and Equity		10,700,618	11,723,053	9,311,403	16,236,658	16,570,461	13,501,206

The explanatory notes are an integral part of the interim financial statements. The restatements (retrospective applications) refer to the adoption of CPC 50 [IFRS 17] - Insurance Contracts and CPC 48 [IFRS 9] - Financial Instruments, whose effects are detailed in Note 03 - Presentation of Interim Financial Statements.

4

Consolidated Financial Statements - 3rd Quarter 2023

BB Seguridade Participações S.A.

STATEMENT OF CASH FLOWS

						R$ thousand
		Parent			Consolidated
			01.01 to			01.01 to
	Note	01.01 to	09.30.2022		01.01 to	09.30.2022
	09.30.2023	(Restated	09.30.2023	(Restated
			balances)			balances)
Cash flow from operating activities
Net profit		5,849,408	4,430,068	5,849,408	4,430,068
Adjustment to net profit:
Equity income	[7.b]	(5,829,016)	(4,427,108)	(3,589,869)	(2,447,269)
Net increase in dividends and interest on		(203)	3,639	77,280	25,745
shareholders' equity
Net increase in financial assets at fair value		--	--	(106,705)	--
through profit or loss
Provisions for labor, tax and civil lawsuits	[13]	186	--	13,064	(152)
Other adjustments		1,458	1,687	1,458	1,687
Adjustment to net profit		21,833	8,286	2,244,636	2,010,079
Changes in balance sheet items:

Financial assets at fair value through profit or loss

Current tax assets and deferred tax assets Commissions receivable

Other assets Unearned commissions

Current tax liabilities and deferred tax liabilities

Other liabilities

Cash provided by operating activities

(777)	(3,696)	(777)	(3,696)
(21,240)	(17,226)	(53,175)	(22,439)
--	--	(301,782)	108,420
(1,716)	(36)	(16,450)	(5,626)
--	--	964,106	376,790
1,094	95	(249,665)	(72,817)
23,561	(880)	(14,032)	(35,146)
22,755	(13,457)	2,572,861	2,355,565

Cash flow from investment activities
Investments in financial assets at fair value		--	--	(1,086,090)	--
through profit or loss
Dividends received	[7.b]	7,448,118	3,629,262	2,946,660	2,144,793
Acquisition Asset		(254)	(322)	(254)	(322)
Cash provided by investment activities		7,447,864	3,628,940	1,860,316	2,144,471
Cash flow from financing activities
Dividends paid		(6,960,998)	(3,925,747)	(6,960,998)	(3,925,747)
(Acquisition)/ Disposals of Treasury shares		(181,684)	--	(181,684)	--
Cash flow provided by financing activities		(7,142,682)	(3,925,747)	(7,142,682)	(3,925,747)
Net change in cash and cash equivalents		327,937	(310,264)	(2,709,505)	574,289
Opening balance	[15]	59,003	369,342	6,076,618	4,090,561
Closing balance	[15]	386,940	59,078	3,367,113	4,664,850
Increase (decrease) in cash and cash		327,937	(310,264)	(2,709,505)	574,289
equivalents
Complementary information on operations
Income tax paid		--	(322)	(854,340)	(708,788)
Social contribution paid		(1,703)	(275)	(365,036)	(312,651)
Total taxes paid		(1,703)	(597)	(1,219,376)	(1,021,439)

The explanatory notes are an integral part of the interim financial statements. The opening balance sheet and restatements refer to the adoption of CPC 50 [IFRS 17] - Insurance Contracts and CPC 48 [IFRS 9] - Financial Instruments, whose effects are detailed in Note 03 - Presentation of Financial Statements.

5

Consolidated Financial Statements - 3rd Quarter 2023

BB Seguridade Participações S.A.

STATEMENT OF CHANGES IN EQUITY

									R$ thousand
				Profit Reserves		Other	Retained Earnings/
			Capital	Treasury	accumulated
Event	Note	Capital			Accumulated	Total
Legal	Statutory
Reserves	Shares	comprehensive
			Losses
				Reserve	Reserve		income
Balances at Dec 31, 2021		3,396,767	1,508	679,354	3,443,571	(81,320)	(158,464)	--	7,281,416
Transition CPC 48 and 50		--	--	--	--	--	(296,745)	483,730	186,985
Balances on 01.01.2022 (Opening balance)		3,396,767	1,508	679,354	3,443,571	(81,320)	(455,209)	483,730	7,468,401
Capitalization of Profit Reserve		2,872,925	--	(679,354)	(2,193,571)	--	--	--	--
Share-based payment transactions		--	63	--	--	976	--	--	1,039
Other comprehensive income - Update financial instruments		--	--	--	--	--	10,726	--	10,726
Other comprehensive income - Effects CPC 50		--	--	--	--	--	110,382	--	110,382
Other comprehensive income		--	--	--	--	--	(1,655)	--	(1,655)
Prescribed dividends		--	--	--	--	--	--	79	79
Net Income for the Period		--	--	--	--	--	--	4,237,983	4,237,983
Net Income for the Period - Effects CPC 48 and 50		--	--	--	--	--	--	192,085	192,085
Interim dividends paid		--	--	--	--	--	--	(2,068,697)	(2,068,697)
Balances at Sept 30, 2022 (Restated balances)		6,269,692	1,571	--	1,250,000	(80,344)	(335,756)	2,845,180	9,950,343
Changes in the period (Restated balances)		2,872,925	63	(679,354)	(2,193,571)	976	119,453	2,361,450	2,481,942
Balances at Dec 31, 2022 (Restatedbalances)		6,269,692	1,571	302,229	1,250,000	(80,344)	(341,992)	635,574	8,036,730
Share buyback		--	--	--	--	(181,684)	--	--	(181,684)
Share-based payment transactions		--	234	--	--	596	--	--	830
Outros resultados abrangentes - Atualização instrumentos financeiros	[7.b]	--	--	--	--	--	48,376	--	48,376
Outros resultados abrangentes - efeitos CPC 50	[7.b]	--	--	--	--	--	119,897	--	119,897
Outros resultados abrangentes	[7.b]	--	--	--	--	--	(386)	--	(386)
Prescribed dividends		--	--	--	--	--	--	72	72
Net income for the period	[25.a]	--	--	--	--	--	--	5,849,408	5,849,408
Interim dividends paid	[25.b]	--	--	--	--	--	--	(3,210,050)	(3,210,050)
Balances at Sept 30, 2023		6,269,692	1,805	302,229	1,250,000	(261,432)	(174,105)	3,275,004	10,663,193
Changes in the period		--	234	--	--	(181,088)	167,887	2,639,430	2,626,463

Other comprehensive income is presented net of tax effects.

The explanatory notes are an integral part of the interim financial statements. The restatements (retrospective applications) refer to the adoption of CPC 50 [IFRS 17] - Insurance Contracts and CPC 48 [IFRS 9] - Financial Instruments, the effects of which are detailed in explanatory note 03 - Presentation of Interim Financial Statements.

1. In relation to the values presented in the 1st Quarter 2023, there was an opening of the transition value of CPC 48 and 50, with the reclassification of negative R$ 368,589 thousand from Retained Earnings/ Accumulated to Other accumulated comprehensive income, in addition to an adjustment of R$ 71,844 thousand in Other accumulated comprehensive income, referring to Brasilprev.

6

Consolidated Financial Statements - 3rd Quarter 2023

BB Seguridade Participações S.A.

STATEMENT OF VALUE ADDED

						R$ thousand
			Parent		Consolidated
	Note	01.01 to	01.01 to 09.30.2022		01.01 to	01.01 to 09.30.2022
	09.30.2023	(Restated balances)	09.30.2023	(Restated balances)
Income		5,968	8,123	3,708,641	3,372,586
Commissions income	[8]	--	--	3,695,772	3,360,023
Other income		5,968	8,123	12,869	12,563
Input Acquired from Third Parties		(2,487)	(2,474)	(204,977)	(228,718)
Administrative expenses diverse		(2,267)	(2,398)	(39,878)	(20,990)
Cost of services provided	[9]	--	--	(146,446)	(153,024)
Other expenses		(220)	(76)	(18,653)	(54,704)
Gross Added Value		3,481	5,649	3,503,664	3,143,868
Depreciation and amortization	[13]	(124)	(114)	(973)	(950)
Net Added Value Generated by the Entity		3,357	5,535	3,502,690	3,142,918
Added Value Received Through Transfer		5,951,751	4,467,654	4,100,228	2,802,161
Equity in the earnings of associates	[7.b]	5,829,016	4,427,107	3,589,868	2,447,269
Financial income	[14]	122,735	40,547	510,360	354,892
Total Added Value to Distribute		5,955,108	4,473,189	7,602,918	5,945,078
Distribution of Added Value		5,955,108	4,473,189	7,602,918	5,945,078
Personnel		8,540	9,279	53,711	45,903
Direct remuneration - Earnings and fees		6,024	6,727	38,182	32,025
Benefits and training		1,350	1,466	9,381	8,481
FGTS		364	396	2,490	2,114
Other charges		802	690	3,658	3,283
Taxes, fees and contributions		15,565	5,620	1,615,584	1,437,594
Federal		15,565	5,620	1,530,479	1,358,066
Municipal		--	--	85,105	79,528
Remuneration of third-party capital		81,595	28,222	84,215	31,513
Interest	[14]	81,073	27,623	81,764	28,963
Rents		522	599	2,451	2,550
Equity remuneration		5,849,408	4,430,068	5,849,408	4,430,068
Dividends		3,209,978	2,068,618	3,209,978	2,068,618
Retained earnings for the period		2,639,430	2,361,450	2,639,430	2,361,450

The explanatory notes are an integral part of the interim financial statements. The opening balance sheet and restatements refer mainly to the adoption of CPC 50 [IFRS 17] - Insurance Contracts and CPC 48 [IFRS 9] - Financial Instruments, whose effects are detailed in Note 03 - Presentation of Interim Financial Statements.

7

Consolidated Financial Statements - 3rd Quarter 2023

BB Seguridade Participações S.A.

EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS

1 - OPERATIONAL CONTEXT

1. Seguridade Participações S.A. ("BB Seguridade" or "Company") is a holding company controlled by Banco do Brasil SA, incorporated on December 20th, 2012, which operates in insurance business. It is a publicly-held corporation and its shares are traded on the Novo Mercado segment of B3 SA - Brazil, Stock, Counter, under the code "BBSE3", and its ADRs (American Depositary Receipts) on the Over-the-Counter market in the United States of America under the code "BBSEY".

It is registered with the CNPJ under No. 17.344.597/0001-94 and headquartered in the Northern Local Government Sector, Quadra 05, Lote B, Torre Sul, 3rd Floor, Banco do Brasil Building, Asa Norte, Brasília, Distrito Federal, Brazil.

Its corporate purpose is to participate in insurance companies, capitalization companies, open supplementary pension entities and private health care plans, as well as in other companies whose corporate purpose is the brokerage and feasibility of business involving insurance companies in the elementary, life, health, capitalization, pension and asset management fields.

1. Seguridade has, among its equity stake, two wholly-owned subsidiaries, BB Seguros Participações S.A. ("BB Seguros") and BB Corretora de Seguros e Administradora de Bens S.A. ("BB Corretora"), the corporate structure that makes up the BB Seguridade Group ("Group").

Such stake are currently organized into two segments: risk and accumulation businesses, which operate insurance, open pension funds, capitalization and dental care plans products through BB Seguros with private partners; and distribution business, which sells insurance, open pension funds, capitalization bonds and private dental care plans, through BB Corretora, in addition to an investment that operates in the distribution of insurance products through digital channels.

In the risk and accumulation business, the Group operates through stakes in the companies BB MAPFRE, Brasilprev, Brasilcap and Brasildental, which are directly invested in by BB Seguros, and indirectly in the companies Brasilseg and Aliança do Brasil Seguros, subsidiaries of BB MAPFRE. In the distribution business, it operates through BB Corretora, which holds a stake in the investee Ciclic.

We present below the corporate structure of the Company:

1. MAPFRE has a direct stake in the companies Brasilseg Companhia de Seguros and Aliança do Brasil Seguros S.A. and indirect in the company Broto S.A. (invested by Brasilseg).

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