BB Seguridade Participacoes S.A. (BBSEY) Q4 2024 Earnings Call Transcript

2025-02-18 16:11:07 ET

BB Seguridade Participacoes S.A. (BBSEY)

Q4 2024 Earnings Conference Call

February 18, 2025, 9:00 AM ET

Company Participants

Felipe Peres - Head of Investor Relations

Andre Haui - Chief Executive Officer

Rafael Sperendio - Chief Financial Officer

Conference Call Participants

Jitendra Singh - HSBC

Tiago Binsfeld - Goldman Sachs

Kaio Prato - UBS

Antonio Ruette - Bank of America

Daniel Vaz - Safra

Guilherme Grespan - JP Morgan

Arnon Shirazi - Citi

Eduardo Nishio - Genial Investimentos

Pedro Leduc - Itau BBA

Presentation

Operator

Felipe Peres

Hello, good morning. Welcome to our virtual conference call to present the results of the Fourth Quarter of 2024. This conference call is being recorded and you are now listening to the simultaneous interpretation into English. To listen to the audio in English, press the interpretation button at the lower right-hand side in your screen.

This conference call is going to have two parts. In the first part, our CEO, Andre Haui, and our CFO, Rafael Sperendio, will share with you the results of 2024. Then we are going to have a questions-and-answers session when analysts and investors will be able to ask questions. Our slide deck is available at our Investor Relations website at www.bbseguridadri.com.br.

Now I'm going to give the floor to Andre who's going to start the presentation and I will come after their presentations to moderate the Q&A. Andre, please, the floor is yours.

Andre Haui

Thank you, Felipe. Thank you, dear friends. First of all, I would like to thank everyone who joined us in our virtual conference call.

It's a great enthusiasm and satisfaction for me to announce that our net income grew 9.5% in 2024, reaching the record of R$8.7 billion. Managerial profit, according to Susep, is R$8.2 billion, an increase of 5.7% compared to 2023, a very solid result supported by the 11.9% growth in non-interest operating income net of taxes, which more than offset the drop in investment income. We continue with a very robust payout policy for our shareholders.

In 2024, R$7.1 billion were allocated to the payment of dividends, in addition to R$1.2 billion used to share buybacks. In other words, between dividends and buybacks, more than R$8.3 billion were allocated to our shareholders in a payout of more than 95%....

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