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The sequence of poor quarterly results of BB Seguridade, the company consolidating the insurance holdings of Banco do Brasil, generated a profit of R $ 3.549 billion in 2018. This is a reduction of 9.3 % compared to up to 2017.
According to Bloomberg, the result was lower than the average estimate of badysts, which showed a profit of $ 3.672 billion.
The decline in annual profit was higher than that projected by the company, which already had revealed to the market that it was expecting a 4% to 6% reduction in profit in 2018. [19659002] BB Seguridade attributed the lower result to the lower than expected financial result and commercial performance of the Retirement business.
of the last three months of the year were not encouraging. BB Seguridade posted a profit of R $ 840 million in the fourth quarter, down 11% from the same period in 2017 and also below market expectations.
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BB Seguridade's profits on so-called risky activities, which include life insurance, retirement, automobile insurance and capitalization activities, amounted to R 1,912 billion. ;last year. 16.1%.
Revenue from distribution activities (insurance sales) amounted to R $ 1.613 billion, a slight increase of 1.7%. Financial income generated an additional contribution of $ 126 million last year, an increase of 28.8%. The 34.4% reduction in administrative expenses, to 25 million rand, also contributed to the result.
And for 2019?
After a 2018 to forget, BB Seguridade has more optimistic expectations. The company expects its profits to increase by 5% to 10% in 2019.
In addition to the results, investors will closely follow Jair Bolsonaro's management plans for the company. Banco do Brasil owns 66.25% of the company's capital, which is on the government's list of privatizations.
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