BB Seguridade Participações S A : Dados Econômico-Financeiros

Financial Statements

1. Seguridade Participações S.A. 1st Quarter 2024

		Consolidated Financial Statements - 1st Quarter 2024
			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	- PRESENTATION OF FINANCIAL STATEMENTS	9
3	- DESCRIPTION OF KEY ACCOUNTING POLICIES	10
4	- ACQUISITIONS, DISPOSALS AND CORPORATE RESTRUCTURINGS	16
5	- RISK MANAGEMENT	16
6	- SEGMENT INFORMATION	20
7	- INVESTMENTS IN ASSOCIATES	22
8	- COMMISSIONS INCOME	39
9	- COSTS OF SERVICES PROVIDED	39
10	- PERSONNEL EXPENSES	39
11	- ADMINISTRATIVE EXPENSES AND SALES	40
12	- TAXES	40
13	- OTHER INCOME AND EXPENSE	43
14	- FINANCIAL RESULT	43
15	- CASH AND CASH EQUIVALENTS	43
16	- FINANCIAL INSTRUMENTS	44
17	- DIVIDENDS RECEIVABLE	44
18	- COMMISSIONS RECEIVABLE	45
19	- INTANGIBLE ASSET	45
20	- OTHER ASSETS	45
21	- CORPORATE AND STATUTORY OBLIGATIONS	46
22	- PROVISIONS AND CONTINGENT LIABILITIES	46
23	- UNEARDED COMMISSIONS	48
24	- OTHER LIABILITIES	49
25	- EQUITY	49
26	- RELATED PARTY TRANSACTIONS	51

REPORT OF INDEPENDENT AUDITORS FOR FINANCIAL STATEMENTS

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

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

MEMBERS OF THE MANAGEMENT BODIES

Consolidated Financial Statements - 1st Quarter 2024

BB Seguridade Participações S.A.

MANAGEMENT COMMENTS ON PERFORMACE

Dear Shareholders,

We present the Financial Statement of BB Seguridade Participações S.A ("BB Seguridade") for the first quarter of 2024, in accordance with the International Financial Reporting Standards (IFRS) and the pronouncements of the Accounting Pronouncements Committee (CPC), including the IFRS 17.

In the first quarter of 2024, BB Seguridade reported net income of R$2,023 million (+10.4 YoY). The main highlights explaining the R$190.1 million increase of net income as compared to the 1Q23 were:

• Brasilseg (+R$148.9 million boosted by the improvement of insurance margin, largely driven by the higher release of CSM in the credit life insurance contracts measured by the BBA model, with the incorporation of new contracts to the CSM balance, whose revenues releases in a faster pace in the beginning of the contract. Additionally, the increase in the results of insurance contracts measured by the PAA model, due to the growth or premiums and lower loss ratio as compared to 1Q23, also contributed to the rise of insurance margin;
• BB Corretora (+R$85.6 million): justified by the evolution of brokerage revenues, the EBIT margin improvement and the higher net investment income, which is explained by the drop of expenses with interest accrual on dividends payable, due to the lower average Selic rate, and by the R$1.1 billion expansion of the average balance of cash and financial investments; and
• Brasilcap (+R$5.4 million): led by the growth of net investment income, with an increase in the average balance of financial investments and an improvement in the financial spread driven by the reduction in the cost of liabilities.

The result originating from Brasilprev was R$61.4 million lower (-13.2%) than that observed in the same period of 2023, due to the drop in financial results, mainly explained by the contraction of both the IPCA (1Q24: +1.4% | 1Q23: +2.1%) and the IGP-M (1Q24: -0.9% | 1Q23: +0.2%), the main indexes pegged to the financial investment portfolio guaranteeing the defined benefit plans reserves, in addition to the negative mark-to-market impact from investments for trading. However, part of this drop was offset by: (i) the greater release of CSM relating to PGBL and VGBL plans, mainly reflecting the increase in revenue from management fees; and (ii) the reduction in the loss component of traditional plans, which was registered in the transition to the new accounting standard (IFRS 17), due to the greater volume of redemptions in the quarter which deviates from the estimates adopted at that time and contributes to the reduction of onerousness.

In 1Q24, the holding's other income and expenses recorded a negative balance R$860 thousand lower than that reported in the same period of 2023. The drop is explained by lower expenses with taxes on financial income, with the drop in the average Selic rate and the lower volume of income from interest accrual on dividends receivable, and by the reduction of personnel expenses, after the review of the reimbursement percentages between the holdings and BB Corretora. On the other hand, part of this reduction was offset by:

• lower volume of revenues from the ADR Level I program recorded in other operating revenues and expenses; and
• greater constitution of provisions for contingencies, to face labor lawsuits with reclassification from "possible" to "probable" loss.

The net investment income increased 496.0% YoY, attributed to the drop in financial expenses (-50.0%), with a reduction in the volume of interest accrual on dividends payable. On the other hand, financial income was 34.6% lower in the quarter, considering the contraction in the average Selic rate and the lower volume of income from interest accrual on dividends receivable.

For more information regarding BB Seguridade's performance, including a management analysis of its investees, refer to the Performance Analysis document, available on the IR website, at www.bbseguridaderi.com.br, Financial Information menu, Results Center option.

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1

Consolidated Financial Statements - 1st Quarter 2024

BB Seguridade Participações S.A.

STATEMENT OF INCOME

R$ thousand (except earnings per share)

			Parent			Consolidated
		Note	1st Quarter 2024	1st Quarter 2023		1st Quarter 2024	1st Quarter 2023
Operating Income		2,016,237	1,836,111	2,409,697	2,193,298
Equity income	[7.b]	2,016,237	1,836,111	1,218,980	1,125,031
Net commissions income	[8]	--	--	1,190,717	1,068,267
Cost of Services Provided	[9]	--	--	(46,016)	(50,722)
Gross Profit		2,016,237	1,836,111	2,363,681	2,142,576
Other Income and Expenses		(4,604)	(5,464)	(44,059)	(39,514)
Personnel expenses	[10]	(2,897)	(3,640)	(21,139)	(19,562)
Administratives and sales expenses	[11]	(768)	(721)	(13,019)	(9,029)
Tax expenses	[12.c]	(2,682)	(4,080)	(9,111)	(12,106)
Other	[13]	1,743	2,977	(790)	1,183
Income Before Financial Revenue and Expenses		2,011,633	1,830,647	2,319,622	2,103,062
Financial Result	[14]	13,779	2,312	116,420	96,198
Financial revenue		53,524	81,823	156,422	175,795
Financial expenses		(39,745)	(79,511)	(40,002)	(79,597)
Income Before Taxes		2,025,412	1,832,959	2,436,042	2,199,260
Income Tax and Social Contribution	[12.a]	(2,367)	--	(412,997)	(366,301)
Net Income		2,023,045	1,832,959	2,023,045	1,832,959
Number of shares	[25.d]	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.a]	1.974.952.316	1.996.734.226	1.974.952.316	1.996.734.226
Basic and diluted earnings per share (R$)	[25.a]	1,02	0,92	1,02	0,92

The explanatory notes are an integral part of the interim financial statements.

2

Consolidated Financial Statements - 1st Quarter 2024

BB Seguridade Participações S.A.

STATEMENT OF COMPREHENSIVE INCOME

						R$ thousand
			Parent		Consolidated
	Note	1st Quarter 2024	1st Quarter 2023		1st Quarter 2024	1st Quarter 2023
Net Income		2,023,045	1,832,959	2,023,045	1,832,959
Share of Comprehensive Income Investments		468,785	185,388	468,785	185,388
in Equity Holdings
Gains/(losses) on financial assets available for sale	[25.g]	1,135,461	46,955	1,135,461	46,955
Other comprehensive results
Effects CPC 50	[25.g]	(354,563)	261,936	(354,563)	261,936
Other		373	79	373	79
Tax effect		(312,486)	(123,582)	(312,486)	(123,582)
Total Comprehensive Income		2,491,830	2,018,347	2,491,830	2,018,347

The explanatory notes are an integral part of the interim financial statements.

3

Consolidated Financial Statements - 1st Quarter 2024

BB Seguridade Participações S.A.

BALANCE SHEET

						R$ thousand
		Parent			Consolidated
	Note	Mar 31, 2024	Dec 31, 2023		Mar 31, 2024	Dec 31, 2023
Current Assets		333,634	3,039,549	4,646,685	5,933,758
Cash and cash equivalents	[15]	310,326	645,070	3,472,109	4,752,742
Dividends/interest on equity receivable	[17]	--	2,362,126	--	444
Current tax assets	[12.d]	8,953	18,827	12,393	42,584
Commissions receivable	[18]	--	--	1,149,333	1,128,077
Other assets	[20]	14,355	13,526	12,850	9,911
Non-Current Assets		11,754,656	9,247,072	13,204,022	12,338,864
Financial assets at fair value through profit or loss	[16.a]	25,601	21,020	1,653,993	1,607,391
Current tax assets	[12.d]	111,586	93,591	143,111	100,967
Deferred tax assets	[12.e]	363	222	14,160	13,244
Commissions receivable	[18]	--	--	1,198,016	1,046,897
Investments in associates	[7.b]	11,613,627	9,128,605	9,949,005	9,331,907
Intangible	[19]	3,361	3,585	3,361	3,585
Other assets	[20]	118	49	242,376	234,873
Total Assets		12,088,290	12,286,621	17,850,707	18,272,622
Current Liabilities		67,626	2,469,986	2,687,653	5,478,106
Statutory obligation	[21]	306	2,455,309	306	2,455,309
Contingent liabilities	[22]	731	500	17,770	15,889
Current tax liabilities	[12.g]	1,741	689	332,296	950,663
Unearned commissions	[23]	--	--	2,191,412	1,952,798
Other liabilities	[24]	64,848	13,488	145,869	103,447
Non-Current Liabilities		338	153	3,142,728	2,978,034
Contingent liabilities	[22]	338	153	14,896	14,110
Deferred tax liabilities	[12.h]	--	--	228,565	228,565
Unearned commissions	[23]	--	--	2,899,267	2,735,359
Total Liabilities		67,964	2,470,139	5,830,381	8,456,140
Equity		12,020,326	9,816,482	12,020,326	9,816,482
Capital	[25.d]	6,269,692	6,269,692	6,269,692	6,269,692
Capital reserves	[25.e]	919	1,805	919	1,805
Income reserves	[25.e]	4,446,836	4,446,836	4,446,836	4,446,836
Treasury shares	[25.f.1]	(991,142)	(704,030)	(991,142)	(704,030)
Other accumulated comprehensive income	[25.g]	270,964	(197,821)	270,964	(197,821)
Retained earnings		2,023,057	--	2,023,057	--
Total Equity		12,020,326	9,816,482	12,020,326	9,816,482
Total Liabilities and Equity		12,088,290	12,286,621	17,850,707	18,272,622

The explanatory notes are an integral part of the interim financial statements.

4

Consolidated Financial Statements - 1st Quarter 2024

BB Seguridade Participações S.A.

STATEMENT OF CASH FLOWS

						R$ thousand
		Parent			Consolidated
	Note	1st Quarter 2024	1st Quarter 2023		1st Quarter 2024	1st Quarter 2023
Cash flow from operating activities
Net profit		2,023,045	1,832,959	2,023,045	1,832,959
Adjustment to net profit:
Equity income	[7.b]	(2,016,237)	(1,836,111)	(1,218,980)	(1,125,031)
Net increase in dividends and interest		4,473	(204)	38,377	77,280
on shareholders' equity
Net increase in financial assets at fair		--	--	(42,021)	(23,214)
value through profit or loss
Other adjustments		666	1,022	2,917	2,476
Adjustment to net profit		11,947	(2,334)	803,338	764,470
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

(4,581)	818	(4,581)	818
(8,262)	(16,108)	(12,869)	(40,507)
--	--	(172,375)	(17,554)
(898)	(1,613)	(10,442)	(7,477)
--	--	402,522	189,067
1,052	526	(618,367)	(705,202)
51,360	(1,355)	42,422	5,186
50,618	(20,066)	429,648	188,801

Cash flow from investment activities
Investments in financial assets at fair		--	--	--	(634,069)
value through profit or loss
Dividends received	[7.b]	2,396,030	3,760,838	1,071,111	934,500
Acquisition Asset		--	(88)	--	(88)

Cash provided by investment activities

Cash flow from financing activities

Dividends paid

Share repurchase

Cash flow provided by financing activities

Net change in cash and cash equivalents

2,396,030	3,760,750	1,071,111	300,343
(2,493,394)	(3,751,008)	(2,493,394)	(3,751,008)
(287,998)	--	(287,998)	--
(2,781,392)	(3,751,008)	(2,781,392)	(3,751,008)
(334,744)	(10,324)	(1,280,633)	(3,261,864)

Opening balance	[15]	645,070	59,003	4,752,742	6,076,618
Closing balance	[15]	310,326	48,679	3,472,109	2,814,754
Increase (decrease) in cash and cash		(334,744)	(10,324)	(1,280,633)	(3,261,864)
equivalents
Complementary information on
operations
Income tax paid		(561)	--	(712,385)	(695,669)
Social contribution paid		(1,050)	--	(272,966)	(265,604)
Total taxes paid		(1,611)	--	(985,351)	(961,273)

The explanatory notes are an integral part of the interim financial statements.

5

Consolidated Financial Statements - 1st Quarter 2024

BB Seguridade Participações S.A.

STATEMENT OF CHANGES IN EQUITY

									R$ thousand
			Capital	Profit Reserves	Treasury	Other accumulated	Retained Earnings/
Event	Note	Capital			comprehensive	Accumulated	Total
Reserves	Legal	Statutory	Shares
			income	Losses
				Reserve	Reserve
Balances at Dec 31, 2022 (Restated balances)		6,269,692	1,571	302,229	1,250,000	(80,344)	(341,992)	635,574	8,036,730
Share-based payment transactions		--	230	--	--	586	--	--	816
Other comprehensive income - Financial Instruments		--	--	--	--	--	28,174	--	28,174
Other comprehensive income - Effects CPC 50		--	--	--	--	--	157,162	--	157,162
Other comprehensive income		--	--	--	--	--	52	--	52
Net Income for the Period		--	--	--	--	--	--	1,832,959	1,832,959
Balances at Mar 31, 2023 (Restated balances)		6,269,692	1,801	302,229	1,250,000	(79,758)	(156,604)	2,468,533	10,055,893
Changes in the period		--	230	--	--	586	185,388	1,832,959	2,019,163
Balances at Dec 31, 2023		6,269,692	1,805	699,589	3,747,247	(704,030)	(197,821)	--	9,816,482
Share buyback	[25.f3]	--	--	--	--	(287,998)	--	--	(287,998)
Share-based payment transactions	[25.f2]	--	(886)	--	--	886	--	--	--
Other comprehensive income - Financial Instruments	[25.g]	--	--	--	--	--	681,277	--	681,277
Other comprehensive income - Effects CPC 50	[25.g]	--	--	--	--	--	(212,738)	--	(212,738)
Other comprehensive income		--	--	--	--	--	246	--	246
Prescribed dividends		--	--	--	--	--	--	12	12
Net Income for the Period		--	--	--	--	--	--	2,023,045	2,023,045
Balances at Mar 31, 2024		6,269,692	919	699,589	3,747,247	(991,142)	270,964	2,023,057	12,020,326
Changes in the period		--	(886)	--	--	(287,112)	468,785	2,023,057	2,203,844

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. Other comprehensive income is presented net of tax effects.

6

Consolidated Financial Statements - 1st Quarter 2024

BB Seguridade Participações S.A.

STATEMENT OF VALUE ADDED

						R$ thousand
		Parent			Consolidated
	Note	1st Quarter 2024	1st Quarter 2023		1st Quarter 2024	1st Quarter 2023
Income		2,356	3,018	1,351,892	1,210,808
Commissions income		--	--	1,346,183	1,207,177
Other income		2,356	3,018	5,709	3,631
Input Acquired from Third Parties		(1,181)	(531)	(64,397)	(61,047)
Administrative expenses diverse		(610)	(530)	(12,207)	(8,197)
Cost of services provided	[9]	--	--	(46,016)	(50,722)
Other expenses		(571)	(1)	(6,174)	(2,128)
Gross Added Value		1,175	2,487	1,287,495	1,149,761
Depreciation and amortization		(42)	(40)	(325)	(320)
Net Added Value Generated by the Entity		1,133	2,447	1,287,170	1,149,441
Added Value Received Through Transfer		2,069,761	1,917,934	1,375,402	1,300,826
Equity in the earnings of associates	[7.b]	2,016,237	1,836,111	1,218,980	1,125,031
Financial income	[14]	53,524	81,823	156,422	175,795
Total Added Value to Distribute		2,070,894	1,920,381	2,662,572	2,450,267
Distribution of Added Value		2,070,894	1,920,381	2,662,572	2,450,267
Personnel		2,486	3,122	18,077	16,533
Direct remuneration - Earnings and fees		1,768	2,174	12,653	11,542
Benefits and training		405	497	3,243	2,959
FGTS		128	141	961	852
Other charges		185	310	1,220	1,180
Taxes, fees and contributions		5,460	4,598	580,636	520,346
Federal		5,460	4,598	549,462	492,947
Municipal		--	--	31,174	27,399
Remuneration of third-party capital		39,903	79,702	40,814	80,429
Interest	[14]	39,745	79,511	40,002	79,597
Rents		158	191	812	832
Equity remuneration		2,023,045	1,832,959	2,023,045	1,832,959
Retained earnings for the period		2,023,045	1,832,959	2,023,045	1,832,959

The explanatory notes are an integral part of the interim financial statements.

7

Consolidated Financial Statements - 1st Quarter 2024

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).

8