Porto Seguro S A : Release 2Q23

Earnings Release

2Q23

Results per Business Vertical

Index
Message from Management	03
Main Highlights	03
Income Statement	04
Porto Seguro Vertical	05
Auto	06
Property and Casualty	07
Life and Pension	08
Porto Seguro Adjusted Indicators	09
Summary and Income Statement Insurance	10
Porto Saúde Vertical	11
Summary and Income Statement - Healthcare	13
Porto Bank Vertical	14
Financial Solutions for Credit	15
Financial Solutions for Rent and Guarantee ……	17
Consortium	18
Summary and Income Statement - Bank	19
Services Vertical	20
Summary and Income Statement - Services	21
Financial Result	22
Investments, Capital Adequacy, Market Indicators and Projections	24
ESG - Environmental, Social and Governance Factors	25
Ecosystem Strengthening	26
Financial Statements	27
Appendix	30

2

Message from the Management

2Q23

In the second quarter and the first semester of 2023, we achieved the best results in our history in both periods. Net income reached R$ 705.6 million in 2Q23 (+437.0% vs. 2Q22) and surpassed the R$ 1 billion mark for the first time in the first six months of the year (R$ 1.04 billion; +238.8% vs. 1H22). The ROAE was 25.8% in the quarter and 19.0% in the semester; however, if we exclude the effects of intangible assets, adjusted ROAE was 27.8% in 2Q23 and 20.5% in 1H23.

We maintained a robust expansion also in terms of revenue and expansion of our customer base. Total revenue grew 17.6% in the second quarter (vs. 2Q22) and 21.8% in the first semester (vs. 1H22), while the number of clients increased by approximately 500 thousand compared to the same period of the previous year, reaching 12.7 million clients of our products and services.

In the Insurance vertical, quarterly premiums grew 14.0% (vs. 2Q22) due to the double-digit expansion of the main products. In Auto, written premiums increased 11.5% in the quarter (vs. 2Q22), as a result of the increase of 100 thousand cars in the fleet (vs. 2Q22), favored by the strategy of accelerating sales in certain regions, mix change and by adjustments in pricing. Property and Casualty insurances increased 20.5% (vs. 2Q22), with emphasis on growth in Commercial, Residential and Cell Phone insurance. Life insurance grew by 25.9% (vs. 2Q22), with double-digit growth in all segments (Individual, Group, Travel and Credit Life).

The Insurance vertical's Combined Ratio have improved significantly, reaching 85.1% (-14.4 p.p. vs. 2Q22), mainly explained by the reduction in Auto's loss ratio, due to the improvement in risk underwriting, increase in claims control, and price recompositing.

In Porto Saúde, the 32.2% revenue growth (vs. 2Q22) was leveraged by the continued significant expansion of Health insurance in premiums (+34.6% vs. 2Q22) and in lives (+16.7% vs. 2Q22), exceeding 460 thousand lives insured in the period. We observed a resumption of pre- pandemic behavior, where the second quarter showed an increase of 5.5

1. (vs. 1Q23) in Health Insurance claims, reaching 84.2% in 2Q23. We have worked with a strong focus on fraud reduction technologies. We estimate that these initiatives generated a recurring impact of between 1.0 and 1.5 p.p. of loss ration reduction.

In Porto Bank, the Vertical's total revenues exceeded R$ 1.1 billion, through an increase of 9.1% compared to 2Q22, with emphasis on the 22.2% expansion in Consortium revenues and the increase of more than 260 thousand deals in Vertical (vs. 2Q22). The NPL of Credit Operations over 90 days was stable compared to the immediately previous quarter and remained 0.6 p.p. below the market average. We maintained rigor in granting policies, privileging credit to customers who already have a relationship with the Company and implemented new collection instruments that increased the recovery of debtor clients. The focus on risk management and better quality of the credit portfolio continue to be pillars of our sustainable growth.

In Services, the advance in strategic partnerships contributed to a 20.2% increase in Vertical revenues³, vs. 2Q22, and a significant expansion in the number of users in the B2B model in the last 12 months (+41.0% vs. 2Q22). It is in line with our strategy to generate value by expanding the offer of services to new target markets and segments.

Our recurring operating efficiency ratio, which takes into account the sum of Administrative Expenses in relation to Total Revenue, improved by 1.3 p.p. (vs. 2Q22), due to the productivity gains in the period.

The return on financial investments (ex-Pension plan) managed by our treasury was R$ 339.2 million in 2Q23, which represents a return equivalent to 100% of the CDI. The quarter's results were explained by the change in equity portfolio, which offset the carry over of inflation- linked securities. Compared to the same period last year, the financial result increased 161.8%, reaching R$ 330.9 million.

Finally, we have continued to receive important recognition in recent months: we were elected the 2nd strongest brand in the country by Brand Finance, we won the ESG award from Exame magazine in the Financial Services category and we surpassed the mark of 1 million followers on Linkedin. In this way, we thank everyone who participated in the results achieved and who are with us on this journey of caring for people and their dreams, after all, all care is Porto.

M A I N H I G H L I G H T S - 2 Q 2 3 ( v s . 2 Q 2 2 ) ¹

REVENUES	LIVES/ITEMS
Total Revenue²	Auto
R$ 7,576.5 mn +17.6%	5.8 million +101k (+1.8%)
Porto Seguro	Life
R$ 5,056.1 mn +14.0%	5.4 million +545k (+11.3%)
Porto Saúde	Health Insurance
R$ 1,069.7 mn +32.2%	461k +66k (+16.7%)
Porto Bank	B2B Services Users
R$ 1,115.8 mn +9.1%	1.0 million +391k (+41.0%)
Services³	Credit Cards
R$ 134.8 mn +20.2%	3.0 million +188k (+6.7%)

RESULT

Net income

R$ 705.6 mn +437.0%

ROAE

25.8% +20.2 p.p.

Loss Ratio

Porto Seguro Vertical

47.1% -12.8 p.p.

Porto Saúde Net

Income

R$ 53.9 mn +144.0%

Consortium Credit

Portfolio

R$ 46.5 bi +27.6%

Porto Seguro S.A. - B3: PSSA3

Market Indicators

Share quotation: R$ 28.12 (June 2023)

Variation (last 12 months): +58.3%

Free Float: 182,113,466

Market value: R$ 18.2 billion

Earnings Release 2Q23: August 10, 2023

(after close of trading)

Conference Call: 08/11/2023 11h00 (BRT) | 10h00 (US EDT) In Portuguese and English (with simultaneous translation)

Link for the call in the IR website:

https://mzgroup.zoom.us/webinar/regist er/WN_IwXcr8i2QBGHDeqFLIShyw

12.7 million	20.4 million	13k
clients	contracts	employees
1 million followers	39% of services for cars	Porto Seguro Super App
on Linkedin	and homes generated	review 4.7/5.0 for Apple
	from WhatsApp and the	Store & 4.8/5.0
	SuperApp in 2Q23	for Play Store4
2nd strongest brand in the	45 million of	75 NPS & 76% renewal
Country according to the	digital interactions	rate of Porto Seguro
ranking of	and customer services	Auto
Brand Finance	in 2Q23

34k independent	13k service	3.5 million
providers	SuperApp users
brokers
737k auto services	418k home	8 million human
in 2Q23	repair services in	customer services
	2Q23	in 2Q23
73 NPS & 70%	79 NPS & 75% renewal	70 NPS & 60% of
renewal rate of	rate of Porto Seguro	accounts with
Azul Auto	Homeowner	transaction of Porto
		Seguro Credit Card

1 Results and profitability considering the business combination of the transaction with Itaú / 2. Total Revenue = Retained Premium + Credit Operations + Non-Insurance Revenue / 3. Excluding revenue from Porto Assistência and CDF / 4. Position data of July 25, 2023

3

Income Statement

2Q23

Porto Seguro S.A.'s Income Statement	2Q23	2Q22	Δ%	1Q23	Δ%	1H23	1H22	Δ%
Retained Premium	6,198.8	5,351.8	15.8	5,891.3	5.2	12,090.1	10,069.3	20.1
Premium Earned	6,008.2	4,710.9	27.5	5,742.5	4.6	11,750.7	9,190.1	27.9
Loan Operations	708.3	646.4	9.6	695.7	1.8	1,403.9	1,251.7	12.2
Non-Insurance Revenues	669.4	444.0	50.8	659.9	1.4	1,329.3	845.5	57.2
Retained Net Claims	(3,188.0)	(2,988.5)	6.7	(3,306.2)	(3.6)	(6,494.2)	(5,755.3)	12.8
Expenses with Losses	(347.1)	(279.9)	24.0	(366.0)	(5.2)	(713.1)	(547.6)	30.2
Selling Expense	(1,336.0)	(1,131.7)	18.1	(1,313.7)	1.7	(2,649.7)	(2,188.5)	21.1
Cost of Services Rendered	(128.7)	(64.2)	100.5	(128.8)	(0.0)	(257.5)	(124.4)	107.0
Taxes	(304.9)	(191.3)	59.4	(239.7)	27.2	(544.6)	(355.7)	53.1
Other Revenues and Expenses	(308.7)	(210.5)	46.7	(247.2)	24.9	(556.0)	(428.1)	29.9
Variation of Technical Provisions - Survival	18.0	1.2	-	-	-	18.0	1.5	-
Administrative Expenses	(906.1)	(838.9)	8.0	(966.7)	(6.3)	(1,872.8)	(1,604.6)	16.7
Operating Income	884.2	97.5	-	529.8	66.9	1,414.0	284.6	396.8
Financial result	330.9	126.4	161.8	162.8	103.2	493.8	246.3	100.5
Profit Before Income Tax	1,215.2	224.0	442.6	692.6	75.4	1,907.8	530.8	259.4
Inc. Tax / Social Contribution	(244.8)	(25.7)	-	(240.1)	2.0	(484.9)	(99.8)	385.9
Profit sharing	(247.6)	(66.8)	270.7	(106.5)	132.5	(354.1)	(124.5)	184.5
Non-controlling shareholders in subsidiaries	(17.2)	(0.1)	-	(13.3)	29.4	(30.4)	(0.1)	-
Net Income	705.6	131.4	437.0	332.8	112.0	1,038.4	306.5	238.8
Effective Income Tax over Net Income (before tax) after profit sharing	25.3%	16.4%	9.0	41.0%	-15.7	31.2%	24.6%	6.7
Average Shareholder's Equity	10,921.7	9,387.3	16.3	10,729.9	1.8	10,921.7	9,387.3	16.3
ROAE	25.8%	5.6%	20.2	12.4%	13.4	19.0%	6.5%	12.5
Net Income excluding "business combination"	707.4	310.3	128.0	334.7	111.4	1,042.1	310.3	235.9
Average Shareholder's Equity excluding "business combination"	10,187.5	8,645.5	17.8	9,994.7	1.9	10,187.5	8,645.5	17.8
ROAE excluding "business combination"	27.8%	14.4%	13.4	13.4%	14.4	20.5%	7.2%	13.3
Extraordinary events	2Q23	2Q22	Δ%	1Q23	Δ%	1H23	1H22	Δ%
Recurring Net Income	670.0	131.4	409.9	332.8	101.3	1,002.8	306.5	227.2
Oncoclínicas (a)	35.6	-	-	-	-	35.6	-	-
Net income for the Period	705.6	131.4	437.0	332.8	112.0	1,038.4	306.5	238.8
a) joint venture of oncological medical services
Verticals and Holding Income Statement	2Q23	2Q22	Δ%	1Q23	Δ%	1H23	1H22	Δ%
Vertical Results (a)	659.5	174.7	277.4	426.1	54.8	1,085.6	336.6	222.5
Financial Results - Holding 1	72.4	(74.0)	(197.8)	(34.3)	(311.2)	38.1	(60.6)	(162.8)
Subsidiaries Holding Company	(28.4)	30.1	(194.1)	(7.0)	306.1	(35.3)	20.1	(275.6)
Others - Holding 2	2.0	0.5	276.6	(52.0)	(103.8)	(50.0)	10.4	-
Holding Results (b)	46.0	(43.3)	(206.1)	(93.3)	(149.3)	(47.3)	(30.1)	56.8
Net Income = (a+b)	705.6	131.4	437.0	332.8	112.0	1,038.4	306.5	238.8

1. Financial result: Mainly the difference in the profitability of financial investments (businesses receive 100% of the CDI rate) and the result of investments of the Holding Company's non-earmarked funds.
2. Other: Mainly Interest on Capital, due to the managerial allocation of the temporary benefit.

Operating Efficiency	2Q23	2Q22	Δ%	1Q23	Δ%	1H23	1H22	Δ%
Administrative expenses	(906.1)	(838.9)	8.0	(966.7)	(6.3)	(1,872.8)	(1,604.6)	16.7
Recurring Administrative Expenses*	(860.8)	(825.6)	4.3	(925.4)	(7.0)	(1,786.1)	(1,591.3)	12.2
Total Revenue	7,576.5	6,442.2	17.6	7,246.8	4.6	14,823.3	12,166.5	21.8
Recurring Total Revenue*	7,498.7	6,442.2	16.4	7,167.3	4.6	14,665.9	12,166.5	20.5
Operating efficiency ratio	12.0	13.0	(1.1)	13.3	(1.4)	12.6	13.2	(0.6)
Recurring Efficiency Ratio*	11.5	12.8	(1.3)	12.9	(1.4)	12.2	13.1	(0.9)

*Excluding the effect of the Split of Porto Assistência

• Improvement in Loss Ratio: 27.5% growth in earned premiums vs. 6.7% increase in loss ratio expenses (vs. 2Q22).
• NPL: Gross Income from Loan Operations (income from Loan Operations minus Expenses with Losses) decreased by 1.5% in 2Q23 (vs. 2Q22) due to higher delinquency.
• Recurring Efficiency Ratio: improvement of 1.3 p.p. compared to 2Q22, due to the productivity gains recorded in the period.
• Financial result: 161.8% increase compared to 2Q22, reaching R$ 330.9 million in the period, mainly due to the higher return on financial investments.
• Impact of new JV: the Joint Venture with Oncoclínicas generated an initial benefit of R$ 35.6 million in the quarter's result.
• Effective rate: The effective tax rate of 25.3% benefited mainly from the payment of Interest on Capital and to a lesser extent from the Benefit of the Law of Incentive to Research and Development of Technological Innovation.
• Record Net Income: Recurring Net Income for the quarter (R$ 670.0 million; +409.9% vs 2Q22) and the semester (R$ 1.0 billion; +227.2% vs. 1H22) were the highest results in the Company's history. Total Profit was R$ 705.6 million in the quarter (+437.0% vs. 2Q22) and R$ 1.04 billion in the semester (+238.8% vs. 1H22).
• ROAE: return on equity of 25.8% in the quarter, an increase of 20.2 p.p. compared to the ROAE in 2Q22, while in the first semester the ROAE was 19.0%, an improvement of 12.5 p.p. compared to 1H22. Adjusted ROAE, excluding the effects of intangible assets, was 27.8% in 2Q23 and 20.5% in 1H23.

4

2Q23

13.7	R$ 5.0
million of	billion in
contracts (Jun/23)	written premium (2Q23)
+5.1% YoY	+14.0% YoY

Net Income of

R$ 511 Million (2Q23)

+413.7% YoY

Porto Seguro Vertical's premiums grew 14.0% in the quarter (vs. 2Q22) and 19.1% in the semester (vs. 1H22), due to the double-digit increase in Auto, Property and Casualty and Life insurance premiums in both periods, as a result of adjustments in pricing and increased sales.

We ended the quarter with 13.7 million contracts in Porto Seguro Vertical, with the addition of more than 662 thousand contracts (+5.1% in relation to the same period of the previous year), favored mainly by the expansion of Life clients and the resumption of Auto growth.

Main Highlights

Significant increase in premiums and contracts associated with high profitability in 2Q23:

• Addition of 662 thousand contracts vs. 2Q22
• Auto Premiums: +11.5% vs. 2Q22
• Property and Casualty Premiums: +20.5% vs. 2Q22
• Life Premiums: +25.9% vs. 2Q22
• Loss ratio of 47.1% in the Vertical; -12.8 p.p. vs. 2Q22
• Combined ratio of 85.1%; -14.4 p.p. vs. 2Q22
• Result greater than R$ 500 million in 2Q23
• ROAE of 42.5%, +32.0 p.p. vs. 2Q22

13.07	12.81	12.80	13.38	13.73
4.43	5.13	5.21	4.82	5.06
2Q22	3Q22	4Q22	1Q23	2Q23
Written Premium (R$ billion)	Active Contracts (million)

Combined Ratio

99.6%				96.6%			89.2%	91.1%			85.1%
2.3%			1.4%	2.5%
					1.2%	2.6%	2.6%		1.4%	3.6%
	12.0%
			11.8%									1.4%					1.5%
										10.8%	11.1%
23.9%				23.7%					10.9%
									22.3%
								22.5%
												22.0%
59.9%				57.5%			51.9%	53.8%			47.1%
	2Q22		3Q22	4Q22			1Q23			2Q23
						Combined Ratio (%)					Taxes (%)		Selling Expenses (%)
						O.E. (%)					G&A (%)		Loss ratio (%)

Net income and Profitability

		40.5%	29.3%	42.5%
	19.2%
10.5%
				511
		424
			345
	194
100
2Q22	3Q22	4Q22	1Q23	2Q23
	Net income (R$ million)	ROAE (% p.a.)

The result of Porto Seguro Vertical in the second quarter of 2023 was R$ 511.4 million, a growth of more than five times in relation to the same period of the previous year, while the ROAE reached 42.5% in the period. In the semester, the result of the vertical was R$ 856.0 million (+399.7% vs. 1H22) and the ROAE was 35.6% (+26.5 p.p. vs. 1H22). The significant results recorded in 2Q23 and 1H23 were favored by the significant reduction in the Combined Ratio, which reached 85.1% in the quarter (-14.4 p.p. vs. 2Q22) and 88.1% in the semester (-11.6p.p. vs. 1H22).

The substantial improvement in Porto Seguro Vertical's indicators is mainly explained by the reduction in loss ratio through improvements in underwriting models, increased control of claims and adjustments made to rates.

5