Shares declined modestly by 0.4% following Q1 results, reflecting investor caution amid flat premiums and a cautious commercial outlook despite solid net income growth and strong investment income.

• Managerial net income grew 11% year-over-year, reaching BRL 2.2 billion, driven significantly by a nearly 60% increase in investment income.
• Operating net income rose by 2.2%, supported by management fee growth, improved operational efficiency at Brasilprev, and a lower loss ratio in insurance segments.
• Insurance premiums retained were stable at BRL 3.6 billion, while written premiums saw a slow decline, indicating pressure in new business generation.
• Pension reserves approached BRL 0.5 trillion with over 10% growth year-over-year, supported by a BRL 3.9 billion net inflow, reversing the prior year’s net outflow.
• The commercial environment remains challenging, especially in credit-dependent lines such as credit life and reinsurance, with slower credit origination weighing on premium growth prospects.