CAIXA SEGURIDADE PARTICIPAÇÕES S.A. ITR - Performance Reviews
NET | R$ 766.2 | |||
INCOME | ||||
MILLION | ||||
/3Q21: +55.7% | /2Q22: +12.6% | /9M21: +48.4% | ||
2,004 | |||||
1,350 | |||||
681 | 766 | ||||
492 | |||||
3Q21 | 2Q22 | 3Q22 | | | 9M21 | 9M22 |
Caixa Seguridade recorded net income of R$ 766.2 million in the third quarter of 2022, - the best historical result achieved by the Company for the fourth consecutive quarter - with a growth of 55.7% compared to the third quarter of 2021 and 12.6% compared to the second quarter of 2022. For the first nine months of 2022, the amount of R$ 2.0 billion represents a growth of 48.4% compared to the same period in 2021. The result reflects the performance level of the structure of strategic partnerships implemented by the Company, which includes the result of the own brokerage in full operation.
The insurance and assistance services segment showed a 10.7% growth in written premiums and assistance revenues in the third quarter of 2022 compared to the same period in 2021. Highlight for the performance of the Life, Home and Mortgage lines, which recorded the best historical result, with growth of 11.8%, 25.7% and 7.0% in the quarter, respectively. The Credit Life branch grew by 8.8%, which represents a nominal increase of R$61.6 million compared to the third quarter of 2021, a performance related to the opportunities generated by the PRONAMPE credit offer and Agro credit in the third quarter of 2022.
Pension reserves surpassed the R$130.0 billion mark in September 2022, an annual growth of 25.6%, which resulted in an increase in income from management fees and other fees of 19.7% for the full year. Contributions received from pension plans and risk written premiums grew by 10.9% in the full year and 7.5% in the third quarter of 2022 compared to the same period in 2021, reaching R$25.6 billion in the full year until September 2022.
Continuing the performance presented in the previous period, the Credit Letters (Consórcio) segment registered the sale of R$ 3.7 billion in letters of credit commercialized at the CAIXA Distribution Network, an increase of 31.9% compared to the second quarter of 2022, being the largest value for a quarter of Caixa Seguridade.
In the same line, Premium Bonds (Capitalização) also recorded the best historical quarterly result in fundraising in the third quarter of 2022, with growth of 32.7% when compared to the same period in 2021. For the full year, the collection of the segment increased by 23.7% and, for the comparative view between the third quarter of 2022 and the immediately previous quarter, the increase was of 19.4%.
Operating Income grew by 59.5% in the comparison between the third quarter of 2022 and the same period of 2021, and a growth of 55.6% between the nine months of 2022 and 2021. Within the performance of operating income, commission income showed a growth of 50.6% in the comparison between the third quarter of 2022 and the same period of 2021 and a growth of 66.5% in the comparative view between the full year of 2022 and the full year of 2021. The performance of commission revenue is a result of the performance of the remuneration structure of the new
brokerage model, with the increase in revenue through the brokerage model, with emphasis on the results of Credit Life and Credit Letters in the period of 3Q22.
The result of investments in equity interests (MEP) grew by 69.8% in the third quarter of 2022 compared to the same period in 2021, a performance driven by the maturing of new companies' portfolios and the drop in claims. For the accumulated view of the year, in the comparison between the first nine months of 2022 and 2021, the growth was of 46.9%.
Also in the third quarter of 2022, the Company announced the divestment of non-strategicequity interests, through the execution of a contract with CNP Assurances S.A. in the amount of R$ 667.2 million, for the sale of equity interests in the companies Companhia de Seguros Previdência do Sul, CNP Capitalização S.A., CNP Consórcio S.A., CNP Seguros Participações em Saúde Ltda and Odonto Empresas Convênios Dentários Ltda. These operations were authorized by CADE on October 13, 2022.
Caixa Seguridade announced on October 27 the distribution of R$ 1.06 billion in dividends, equivalent to 90.0% of the adjusted net income earned through June 30, 2022, with payment scheduled for November 11, 2022.
Thus, recurring return on equity (ROE), which calculates the ratio of the last twelve months' earnings over the adjusted Shareholders' Equity measured for the third quarter of 2022 in the amount of 45.4%, 9.0 p.p. above that recorded in the same period of 2021 (36.5%) and kept the threshold calculated for the second quarter of 2022 (41.2%), with a reduction of 0.1 p.p. For the recurring view, which disregards the effect of the payment of dividends, the ratio measured for the third quarter of 2022 was of 50.2%.
Interim Financial Statements
Parent Company and
Consolidated
September 30th, 2022
Summary | |
Balance sheet................................................................................................................................................ | 3 |
Income statement of the period................................................................................................................... | 4 |
Statement of comprehensive income for the year ....................................................................................... | 6 |
Statement of changes in equity for the period ............................................................................................. | 7 |
Statement of cash flows for the period -Indirect method............................................................................ | 8 |
Statement of added value for the period ..................................................................................................... | 9 |
Note 1-Operating Context and General Information ................................................................................ | 10 |
Note 2-Presentation of the individual and consolidated interim financial statements ............................. | 16 |
Note 3- Main Accounting Practices............................................................................................................ | 16 |
Note 4-Recently issued pronouncements and laws .................................................................................. | 19 |
Note 5-Main accounting judgments and estimates .................................................................................. | 20 |
Note 6-Risk Management ......................................................................................................................... | 21 |
Note 7-Information per segment .............................................................................................................. | 31 |
Note 8- Cash and cash equivalents ............................................................................................................ | 37 |
Note 9-Financial instruments at fair value ................................................................................................ | 37 |
Note 10 - Accounts receivable ................................................................................................................... | 38 |
Note 11 -Other assets ................................................................................................................................ | 38 |
Note 12 -Investments in equity.................................................................................................................. | 39 |
Note 13 -Taxes ........................................................................................................................................... | 69 |
Note 14 - Accounts payable ....................................................................................................................... | 71 |
Note 15 - Provisions and contingent liabilities ........................................................................................... | 72 |
Note 16 - Equity ......................................................................................................................................... | 72 |
Note 17 -Distribution revenue ................................................................................................................... | 74 |
Note 18 -Cost of the service provided ....................................................................................................... | 75 |
Note 19 - Administrative expenses ............................................................................................................ | 76 |
Note 20 -Other Operating Income/Expenses............................................................................................. | 76 |
Note 21 -Financial result ............................................................................................................................ | 76 |
Note 22 -Related parties ............................................................................................................................ | 77 |
Note 23 -Subsequent Events...................................................................................................................... | 85 |
Balance sheet
In thousands of reais, unless otherwise stated.
Balance sheet
09/30/2022 | 12/31/2021 | |||
ASSETS | Parent | Consolidated | Parent | Consolidated |
company | company | |||
Current assets | 699,405 | 1,436,081 | 564,889 | 971,392 |
Cash and cash equivalents (Note 8) | 415 | 810 | 210 | 470 |
Financial Instruments (Note 09) | 624,670 | 1,271,740 | 89,911 | 361,905 |
Dividends receivable (Note 20(d)) | 10,000 | - | 419,310 | 415,515 |
Interest on capital receivable (Note 21(d)) | - | 13,531 | - | 11,091 |
Accounts receivable (Note 10) | 45,833 | 130,691 | 38,276 | 165,086 |
Current tax assets | - | 372 | - | - |
Other assets (Note 11) | 18,487 | 18,937 | 17,182 | 17,325 |
Non-CURRENT | 11,070,730 | 10,473,933 | 10,011,294 | 9,683,722 |
Investments in equity interests (Note 12) | 11,070,705 | 10,473,908 | 10,011,276 | 9,683,704 |
Other assets | 25 | 25 | 18 | 18 |
Total assets | 11,770,135 | 11,910,014 | 10,576,183 | 10,655,114 |
09/30/2022 | 12/31/2021 | |||
LIABILITIES AND EQUITY | Parent | Consolidated | Parent | Consolidated |
company | company | |||
Current assets | 15,725 | 155,604 | 16,185 | 95,116 |
Accounts payable (Note 14) | 12,782 | 98,066 | 15,201 | 43,635 |
Current tax liabilities | 2,943 | 52,129 | 984 | 51,481 |
Deferred tax liabilities (Note 13 (c)) | - | 5,409 | - | - |
Non-CURRENT | 1,226 | 1,226 | 1,229 | 1,229 |
Accounts payable (Note 14) | 1,226 | 1,226 | 1,229 | 1,229 |
Shareholders' Equity (Note 16) | 11,753,184 | 11,753,184 | 10,558,769 | 10,558,769 |
Share capital | 2,756,687 | 2,756,687 | 2,756,687 | 2,756,687 |
Reserves | | 1,416,426 | 1,416,426 | 2,303,797 | 2,303,797 |
Equity Valuation Adjustment | 5,575,995 | 5,575,995 | 5,498,285 | 5,498,285 |
Accumulated profits | 2,004,076 | 2,004,076 | - | - |
Total Liabilities and Equity | 11,770,135 | 11,910,014 | 10,576,183 | 10,655,114 |
The accompanying notes are an integral part of these interim financial statements.
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Caixa Seguridade Participacoes SA published this content on 08 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2022 23:00:05 UTC.
