July Susep Data Impacts Bank Insurer Shares
July Results Reveal Divergences Among Major Bank-Linked Insurers
Susep's data for July 2026 was released this week, presenting a mixed outlook for bank-linked insurers. While BB Seguridade recorded a profit decline and strong pressure on rural insurance, Caixa Seguridade showed growth in housing premiums, impacting the stock market.
BB Seguridade Records Profit Decline in July
According to Susep, BB Seguridade reported a net profit of R$ 776 million in July, 19% lower than in the same period last year, reflecting weaker financial results at Brasilprev. Analysts from Citi and Itaú BBA point to a drop in rural premiums – 29% monthly and 40% annually – as a determining factor.
Pressure on Rural Insurance Impacts BB Seguridade's Results
The rural segment saw its loss ratio increase by 6 percentage points, reaching 16% in July, and agricultural insurance premiums declined by 62% compared to the previous year. This deterioration, coupled with the new Plano Safra, reduced demand for rural insurance, directly impacting BB Seguridade's performance.
Caixa Seguridade Highlights Growth in Housing Premiums
Susep's figures indicate that Caixa Seguridade achieved an approximate net profit of R$ 399 million in July, 5% higher than the previous month and 3% higher than the same period in 2025. Housing premiums stood out, growing 15% over 12 months, compensating for declines in the life and credit life segments.
Overall Loss Ratio Improves, But Still Concerns the Sector
Despite the deterioration in rural insurance, the overall loss ratio decreased by 3.6 percentage points to 24.3% in July, reflecting fewer claims in the credit life, auto, and life segments. However, the rural segment's loss ratio remained high, pushing the indicator to 24.6%.
Impacts on Bank Insurer Shares
Following Susep's data release, BB Seguridade's shares closed down 2.55%, quoted at R$ 39.82, while Caixa Seguridade showed greater resilience, tracking the increase in housing premiums. Analysts emphasize that quarterly earnings estimates based solely on Susep data can show volatility, as they do not capture seasonal and business-specific effects.
With information from Valor Econômico, Estadão, InfoMoney.
Source: Valor Econômico, Estadão, InfoMoney