9M17 Institutional Presentation BB Seguridade Participaes S.A. | - - PowerPoint PPT Presentation

9M17

Institutional

Presentation

BB Seguridade Participações S.A. | Investor Relations

Overview

BB Seguridade Participações S.A. | Investor Relations

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Track Record

1981

Establishment

• f BB’s

insurance

• perations

1993

Creation of Brasilprev

1995

Brasilcap’s inception in partnership with SulAmérica, Icatu and Aliança da Bahia

1996

Establishment of Brasilveículos in partnership with SulAmérica

1999

Partnership with Principal Financial Group in Private Pension Plans

2010

Establishment

• f the Joint

Venture with MAPFRE

2008-2011

Ownership restructuring of BB’s insurance, Pension Plans and Premium Bonds division

2012

Establishment

• f

BB Seguridade

1987

BB Corretora’s establishment

2013 IPO IRB –Brasil RE

Equity investment in

Brasildental

Partnership with Odontoprev

2014

Establishment

• f

ADR – Level I

BB Seguridade Participações S.A. | Investor Relations

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Estrutura Acionária - Parcerias

Ownership Structure

1. One of the members is elected by consensus.

Brasilcap

Premium Bonds

100%

BB Seguros BB Corretora BB MAFPRE SH1

Life, Mortgage Life and Rural

MAPFRE BB SH2

P&C

Brasilprev

Pension Plans

Free Float

74.9% 49.9% 50.0%

100%

50.0% 49.0% 50.0% 74.9% 49.9% 50.0% 66.7% 49.9% 66.7%

66.25% 33.75%

IRB Brasil - Re

Reinsurance

Brasildental

Dental Insurance 15.2% 15.2% 20.0% 74.9% 49.9% 50.0% BB Seguridade Economic Stake (%) BB Seguridade Voting Stake (%) Board of Directors Representation (%)

BB Seguridade

50.0% 50.0% 50.0% 50.0%

• 50.0%¹

Board of Executive Officers Representation (%)

• Brazilian Government;
• Bradesco Seguros S.A.;
• Itaú Seguros S.A.;
• FIP Caixa Barcelona;
• Other.

BB Seguridade Participações S.A. | Investor Relations

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ESTRUTURA ORGANIZACIONAL BB SEGURIDADE

CEO

José Maurício Pereira Coelho

Chief Financial Officer

Werner Romera Suffert

Chief Risk Officer

Antonio Rugero Guibo

Chief Marketing Officer

Sérgio Augusto Kurovski

Executive Board

Board of Directors

General Meeting

Fiscal Council

Audit Committee Related-party Committee Internal Audit

Internal Structure

BB Seguridade Participações S.A. | Investor Relations

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Shareholders Structure

TOTAL CAPITAL BREAKDOWN – SEP/2017 FREE-FLOAT BREAKDOWN¹ – SEP/2017

Foreign Investors 81.1% Institutional 13.6% Individuals 5.2% Banco do Brasil 66.3% Free-float 33.8%

¹ Does not include treasury stocks.

BB Seguridade Participações S.A. | Investor Relations

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ADR Program

In 2014, BB Seguridade established a sponsored Level I American Depositary Receipt (ADR) program.

Ticker: BBSEY Structure: Level I ADR Exchange: Over-the-counter (OTC) market Ratio (ADR:ORD): 1 ADR : 1 ORD DR ISIN: US05541J1034 CUSIP: 05541J103 Depositary Bank: Deutsche Bank Trust Company Americas Custodian Bank: Banco do Brasil S.A.

BB Seguridade Participações S.A. | Investor Relations

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Corporate Governance

Board of Executive Officers Four members: Elected among the active employees of Banco do Brasil Remuneration policy: fixed monthly wage plus variable portion between six and twelve monthly wages. The variable portion is paid as 50% in cash and 50% in stocks with vesting period of 4 years. Only common shares 100% tag along 80% payout (semi annual dividends) Stocks Related-party Committee Three members: One is the independent member appointed by the minority shareholders The independent member has veto power Board of Directors Two members appointed by Banco do Brasil from its Board of Executive Officers One appointed by the Ministry of Planning, Budget and Management and the other one appointed by the Ministry of Treasury One member appointed by the minority shareholders The CEO of BB Seguridade Six members:

BB Seguridade Participações S.A. | Investor Relations

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Access to Banco do Brasil’s network

Banking Fee

BB Seguridade

Equity Income Equity Income 66,25%

Any proposal for changes in the agreements must be examined by the Related-party Committee where the independent member has a veto power

Cost Reimbursement Brokerage Income

BB Seguridade Participações S.A. | Investor Relations

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Backed by Banco do Brasil Expertise from Private Partners

• Solidity, tradition, security and reliability
• Safe harbor, especially for long term products
• Flight to quality and less susceptible to market conditions
• Brand awareness
• Fast decision making
• BB Seguridade operates in an arm’s length format
• Monitors the developments of any potential conflicts between BB

and BB Seguridade

• Improves corporate governance
• Minimum voting stake of 50.1%

Backed by Banco do Brasil with Expertise of Private Partnerships

Banco do Brasil Agreement with BB Corretora for distribution of products in Banco do Brasil's branches 20 January-13 January-33 Mapfre Joint Venture 20 June-11 June-31 Principal Joint Venture 23 April-10 October-32 Icatu Partnership No defined term June-05

• Aliança da Bahia

Partnership No defined term June-05

• Odontoprev

Joint Venture 20 September-15 September-35

Relationship Term of the agreements (years) Partnership Start End

BB Seguridade Participações S.A. | Investor Relations

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Bank Channel¹ BB Seguridade strategy focuses on bancassurance with its own broker, taking advantage of the access to Banco do Brasil distribution network. Low complexity business model Low capital needs No underwriting risk

Own Brokerage

Competitive Advantage

Distribution Channel

Non-banking Channel 157 Partnerships (Affinity) 19,823 External Brokers 65.8 Million clients 4,871 Branches 60,067 ATMs 13,683 Banking correspondents 35,381 Points of service in shared network

1º

Access to the largest distribution network in Latin America

1. Data as of September, 2017

BB Seguridade Participações S.A. | Investor Relations

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31.5% 17.2% 13.9% 12.5% 9.2% 8.1% 168,8% 46,0% 18,6%

Strong Financial Performance

ROAE¹ 9M17(%)

Source: Companies and Susep

• 1. Annualized ROAE calculated by dividing the adjusted net income by the average shareholder’s equity multiplied by 4/3.

INSURANCE COMPANIES ASSOCIATED WITH BANKS TRADITIONAL INSURANCE COMPANIES

Brokerage participation

Macroeconomic Environment

BB Seguridade Participações S.A. | Investor Relations

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Global Macroeconomic Data

1. Source: World Bank - forecasts as of June, 2017 2. Source: Focus - forecasts as of November 03, 2017

2015 2016 2017E 2018E 2019E World Economy - GDP Growth¹ World 2,7% 2,4% 2,7% 2,9% 2,9% USA 2,6% 1,6% 2,1% 2,2% 1,9% Euro Zone 2,0% 1,8% 1,7% 1,5% 1,5% China 6,9% 6,7% 6,5% 6,3% 6,3% Brazilian Economy² GDP Growth - Brazil

• 3,8%
• 3,6%

0,7% 2,5% 2,5% SELIC (ends of period) 13,3% 14,0% 7,0% 7,0% 8,0% SELIC (year average ) n.a. n.a. 9,8% 6,8% 8,0% Inflation (IPCA) 10,7% 6,3% 3,1% 4,0% 4,3% Inflation (IGP-M) 10,7% 7,2%

• 1,1%

4,4% 4,3% Dollar (quotation in R$) 3,90 3,26 3,20 3,30 3,33

BB Seguridade Participações S.A. | Investor Relations

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24.5 27.2 27.5 28.5 20.6 19.8 20.6 20.6 14.3 12.6 11.4 11.5 5.0 4.9 5.0 5.3 4.8 4.5 5.1 5.6 30.8 31.0 30.4 28.5

69.2% 69.0% 69.6% 71.5% 2013 2014 2015 2016 Banco do Brasil Bradesco Itaú Caixa Santander Others Market-share (%) 98.9 93.6 87.3 78.9 68.1 56.9 38.3

United Kingdom United States Italy China Brazil Venezuela Colombia

4,871 4,845 4,397 3,414 2,255

Bancassurance

BRANCHES IN BRAZIL FINANCIAL INCLUSION¹ (%) POPULATION WITH CHECKING ACCOUNT¹ (%) BANCASSURANCE IN INSURANCE DISTRIBUTION

Source: SUSEP Source: Febraban

• 1. CPFs with active relationship in Brazilian Financial System /Economically active population

51.0 53.0 55.0 57.0 60.0 2010 2011 2012 2013 2014

Source: Companies

• 1. Data as of June/17.

Source: World Bank

• 1. Data as of 2014

1

BB Seguridade Participações S.A. | Investor Relations

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16.7 16.2 11.5 7.4 9.5 2.1 7.6 7.0 7.2 6.1 6.2 3.0 2.8 3.6 2.8 2.9 2.3 0.5 2.7 0.9 0.4 1.1 3.3 1.4 2.7 4.7 2.2 8.3 2.6 2.6 2.4 3.2 2.0 4.3 3.3 2.3 2.8 1.9 1.8 3.5 0.8 1.9 2.2 1.3

Taiwan Hong Kong South Africa South Korea Finland Netherlands United Kingdom Denmark Japan France Italy United States Germany Portugal Spain Chile China Brazil India Colombia Argentina Mexico

Global Insurance Industry

Insurance market presents low penetration level in Brazil

Insurance premiums1 / GDP (%, 2016)

Source: SUSEP and Swiss Re – Sigma 03/2017

• 1. Excluding businesses abroad

#41 Life Insurance Premium / GDP Non-Life Insurance Premium / GDP #64

In Total Insurance In Life Insurance

BB Seguridade Participações S.A. | Investor Relations

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184% 120% 119% 121% 112% 97% 57% 67% 56% 40% 21% 13% 6% 168% 126% 123% 121% 108% 103% 74% 59% 42% 42% 23% 12% 6%

Netherlands Australia Switzerland US UK Canada South Africa Japan Ireland Hong Kong Brazil¹ Germany France 2015 2016

Global Pension Plans Industry

Pension market is growing in Brazil due to the life expectation increase

Pension Assets/GDP² (%)

Source: Towers Watson

• 1. Brazil pension assets were recalculated based on Abrapp and FENAPREVI data to include opened and closed entities
• 2. Assets/GDP ratio for the world is calculated in USD and assets were estimated as of Dec 31, 2016.

# 9

In assets

BB Seguridade Participações S.A. | Investor Relations

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157.0 177.6 194.6 212.5 231.3 2012 2013 2014 2015 2016 69.8 82.7 89.2 92.0 93.4 2012 2013 2014 2015 2016

INSURANCE INDUSTRY EVOLUTION (R$ BN)

Insurance Industry in Brazil

Source: SUSEP.

INSURANCE PREMIUMS WRITTEN EVOLUTION (R$ BN)

BB Seguridade Participações S.A. | Investor Relations

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70.3 73.9 83.5 99.0 117.5 2012 2013 2014 2015 2016

Pension Plans Industry in Brazil

AuM (R$ BN) CONTRIBUTIONS (R$ BN)

Source: SUSEP

338.6 373.2 442.0 536.3 661.6 2012 2013 2014 2015 2016

Source: Fenaprevi

Performance

BB Seguridade Participações S.A. | Investor Relations

21 Largest Insurance Broker in Latin America

̶

Access to Banco do Brasil’s unique distribution network Leading Presence in both, contributions and net inflows in Pension Plans

̶

P/VGBL reserves amounted to R$ 216.8 billion in September 2017 Insurance Operations, Pension Plans and Premium Bonds managed through private partnerships with global leaders High Profitability

̶

Annualized ROAE of 46.0% in 9M17

BB Seguridade at a Glance

175 employees at the holding and broker level, and 6,674 employees1 at the affiliates level. One of the Largest Insurance, Pension and Premium Bonds Companies in Latin America

̶

R$ 11.8 billion in premiums written, R$ 29.8 billion in pension contributions and R$ 3.2 billion in premium bonds in 9M17 1st Largest P&C Insurance Company in Brazil

• 1. Including outsourced workers

BB Seguridade Participações S.A. | Investor Relations

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Market Share – 9M17

Segments Market Size (R$ MM) BBSE (%) Main Competitors Insurance premiums written Life¹

14,810

17.6% # 2 13.3% # 3 11.6%

Credit life

6,931

15.1% # 1 18.6% # 2 16.5%

Rural

3,111

72.6% # 2 5.9% # 3 4.1%

Auto

25,664

12.0% # 1 27.3% # 2 12.4%

Pension plans Contributions

86,827

34.5% # 2 26.5% # 3 19.8%

P/VGBL Reserves

735,313

30.6% # 2 28.1% # 3 23.2%

Premium bonds Collection

15,173

21.3 # 1 30.3% # 3 14.2%

Reserves

28,724

34.3% # 2 25.8% # 3 11.5%

Source: Susep

• 1. Excluding premiums from “Dotal”

# 1 # 1 # 1 # 1 # 2 # 1 # 3 # 3

BB Seguridade Participações S.A. | Investor Relations

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SH1 29.0% SH2 1.3% Brasilprev 20.8% Brasilcap 5.0% IRB 4.2% Brasildental 0.1% BB Corretora 39.6% SH1 29.9% SH2 3.6% Brasilprev 18.0% Brasilcap 7.3% IRB 3.1% Brasildental 0.1% BB Corretora 38.0%

1,754 2,260 3,223 3,945 4,107 3,032 2,970 32.4% 38.4% 49.8% 54.8% 51.8% 51.3% 46.0% 2012 2013 2014 2015 2016 9M16 9M17 Adjusted net income (R$ MM) ROAE CAGR 2012-2016 24%

• 2%

SH1 12.2% SH2 14.1% Brasilprev 66.4% Brasilcap 7.2% SH1 11.3% SH2 13.4% Brasilprev 67.0% Brasilcap 8.3%

33,322 43,349 53,996 60,176 68,876 47,854 44,788 21.4% 24.5% 27.0% 27.5% 28.8% 28.0% 24.8% 2012 2013 2014 2015 2016 9M16 9M17 Revenues (R$ MM) Market share² CAGR 2012-2016 20%

• 6%

9M17

BB Seguridade Performance

PREMIUMS, CONTRIBUTIONS AND COLLECTIONS1 BREAKDOWN OF PREMIUMS, CONTRIBUTIONS AND COLLECTIONS¹ PROFITABILITY EARNINGS BREAKDOWN¹

9M16 9M17

• 1. Premiums written, pension plans contributions and premium bonds collections
• 2. Source: Susep

9M16

• 1. It does not consider the Holding’s revenues and expenses.
• 1. Premiums written, pension plans contributions and premium bonds collections

BB Seguridade Participações S.A. | Investor Relations

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553 488 861 1,225 1,263 931 811

31.5% 21.6% 26.7% 31.1% 30.7% 30.7% 27.3% 2012 2013 2014 2015 2016 9M16 9M17 Net investment income % Net income CAGR 2012-2016 23%

• 13%

Pre-fixed 25.2% Floating 25.5% Inflation protected 45.4% Fund quotes 0.2% Other 3.7% Pre-fixed 24.9% Floating 24.5% Inflation protected 46.6% Fund quotes 0.2% Other 3.8%

Net Investment Income

FORWARD YIELD CURVE (%) AVERAGE SELIC RATE (%) ASSET ALLOCATION

Source: Focus - Bacen do Brasil Source: ValorPro

NET INVESTMENT INCOME (R$ MM)

SEP/16 SEP/17

8.53 8.15 10.81 13.27 14.02 14.07 10.86 2012 2013 2014 2015 2016 9M16 9M17

12.92 12.41 12.25 12.15 12.17 8.93 8.89 9.52 10.06 10.34 12.20 11.62 11.56 11.57 11.60 7.51 7.27 8.11 8.80 9.24 DI1F18 DI1F19 DI1F20 DI1F21 DI1F22

Sep/2016 Jun/2016 Jun/2017 Sep/2017

BB Seguridade Participações S.A. | Investor Relations

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47.5 45.5 53.1 51.5 13.9 13.1 15.5 14.8 31.9 35.7 24.1 27.5 3.8 2.4 4.3 2.7 2.9 3.2 3.0 3.4 9M16 9M17 9M16 9M17 Life Credit Life Rural DPVAT Mortgage Life 309 307 444 679 679 520 397 2012 2013 2014 2015 2016 9M16 9M17 CAGR 2012-2016 22%

• 24%

4,351 5,703 6,904 7,007 6,626 4,829 4,819

320 542 528 594 753 584 648

4,671 6,244 7,432 7,601 7,379 5,412 5,467 2012 2013 2014 2015 2016 9M16 9M17 Retained premiums Premiums ceded CAGR 2012-2016 12%

+ 1%

1,278 1,680 2,425 2,654 2,794 2,104 2,157 78.6% 75.0% 72.5% 69.0% 70.2% 70.6% 72.0% 2012 2013 2014 2015 2016 9M16 9M17 Underwriting result (R$ MM) Combined ratio CAGR 2012-2016 22%

+ 3%

BB MAPFRE SH1

BREAKDOWN OF PREMIUMS WRITTEN AND RETAINED PREMIUMS (%) PREMIUMS WRITTEN (R$ MM) UNDERWRITING RESULT

WRITTEN RETAINED

NET INVESTMENT INCOME (R$ MM)

BB Seguridade Participações S.A. | Investor Relations

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78.6 75.0 72.5 69.0 70.2 70.6 72.0 72.0 70.0 67.2 62.1 63.9 64.1 66.7 2012 2013 2014 2015 2016 9M16 9M17 Combined ratio Expanded combined ratio 16.8 14.2 15.3 12.7 11.4 11.6 15.2 2012 2013 2014 2015 2016 9M16 9M17

+ 3.6 p.p.

36.6 33.6 31.1 29.5 31.9 32.2 28.1 2012 2013 2014 2015 2016 9M16 9M17

• 4.1 p.p.

BB MAPFRE SH1 – Performance Ratios¹

COMBINED RATIO (%) G&A RATIO (%) LOSS RATIO (%) COMMISSION RATIO (%)

• 1. Adjusted ratios considering the reinsurance effects.

25.4 27.3 26.3 27.0 27.2 27.1 29.0 2012 2013 2014 2015 2016 9M16 9M17

+ 1.9 p.p.

BB Seguridade Participações S.A. | Investor Relations

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68.0 76.9 77.3 72.9 74.4 74.0 77.4 32.0 23.1 22.7 27.1 25.6 26.0 22.6 2012 2013 2014 2015 2016 9M16 9M17 Non-interest operating result.¹ Net investment income¹

Pre-fixed 5.8% Floating 57.8% Inflation protected 26.6% Others¹ 9.7% Pre-fixed 11.4% Floating 42.6% Inflation protected 33.9% Others¹ 12.1%

647 907 1,297 1,632 1,663 1,235 1,132 20.0% 29.6% 41.4% 46.5% 44.2% 46.5% 43.0% 2012 2013 2014 2015 2016 9M16 9M17 Adjusted net income (R$ MM) ROAE CAGR 2012-2016 27%

• 8%

PROFITABILITY NET INCOME BREAKDOWN (%) SOLVENCY

• 1. Agrarian debt bonds, DPVAT, Investment funds

ASSET ALLOCATION

SEP/16 SEP/17

BB MAPFRE SH1

5 6 9 10 10 10 9 4 5 7 8 8 8 8

159.1% 128.9% 126.0% 113.3% 139.9% 124.5% 126.8% Dec/12 Dec/13 Dec/14 Dec/15 Dec/16 Sep/16 Sep/17

Investments + Receivables (R$ BN) Technical reserve (R$ BN) Solvency ratio

• 1. Net of taxes considering the Company’s effective tax rate.

BB Seguridade Participações S.A. | Investor Relations

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47.7 48.6 58.2 58.6 40.3 40.9 27.2 28.8 4.3 3.0 5.3 3.6 7.7 7.5 9.3 9.0 9M16 9M17 9M16 9M17 Vehicles Casualties DPVAT Other 338 216 387 684 611 486 294 2012 2013 2014 2015 2016 9M16 9M17 CAGR 2012-2016 16%

• 40%

1,166 1,423 1,410 1,504 1,185 959 940 98.4% 98.0% 98.6% 99.4% 102.7% 101.5% 103.3% 2012 2013 2014 2015 2016 9M16 9M17 Underwriting result (R$ MM) Combined ratio (%) CAGR 2012-2016 0.4%

• 2%

5,806 6,909 7,648 7,680 7,008 5,263 5,250

843 885 1,198 1,414 1,417 1,165 1,075

6,649 7,794 8,846 9,094 8,424 6,428 6,325 2012 2013 2014 2015 2016 9M16 9M17 Retained premiums Premiums ceded CAGR 2012-2016 6%

• 2%

MAPFRE BB SH2

BREAKDOWN OF PREMIUMS WRITTEN AND RETAINED PREMIUMS (%) PREMIUMS WRITTEN (R$ MM) NET INVESTMENT INCOME (R$ MM) UNDERWRITTING RESULT

RETAINED WRITTEN

BB Seguridade Participações S.A. | Investor Relations

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98.4 98.0 98.6 99.4 102.7 101.5 103.3 92.8 94.9 93.5 91.2 94.8 93.4 97.7 2012 2013 2014 2015 2016 9M16 9M17 Combined ratio Expanded combined ratio 19.3 19.5 18.3 19.3 18.7 18.5 21.5 2012 2013 2014 2015 2016 9M16 9M17

+ 3 p.p.

26.1 24.1 23.0 23.1 23.2 23.1 24.5 2012 2013 2014 2015 2016 9M16 9M17

+ 1.4 p.p.

56.6 54.4 57.4 57.2 61.0 60.2 57.6 2012 2013 2014 2015 2016 9M16 9M17

• 2.6 p.p.

MAPFRE BB SH2 – Performance Ratios¹

LOSS RATIO (%) COMMISSION RATIO (%) G&A RATIO (%) COMBINED RATIO (%)

• 1. Adjusted ratios considering the reinsurance effects.

BB Seguridade Participações S.A. | Investor Relations

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6 6 8 9 8 8 8 5 6 7 8 7 8 8

127.5% 130.8% 139.0% 143.1% 183.4% 175.1% 179.7% 2012 2013 2014 2015 2016 Sep/16 Sep/17

Investments + Receivables (R$ BN) Technical reserve (R$ BN) Solvency ratio

221 152 249 438 406 285 236 7 47 26

• 22
• 156
• 65
• 162

2012 2013 2014 2015 2016 9M16 9M17 Net investment income¹ Non interest operating result¹

Pre-fixed 15.0% Floating 45.8% Inflation protected 24.0% Others¹ 15.1% Pre-fixed 6.9% Floating 56.5% Inflation protected 19.5% Others¹ 17.1%

228 199 275 416 250 221 75 9.7% 7.5% 9.2% 12.8% 7.0% 8.2% 2.7% 2012 2013 2014 2015 2016 9M16 9M17 Adjusted net income (R$ MM) ROAE CAGR 2012-2016 2%

PROFITABILITY NET INCOME BREAKDOWN (R$ MM) SOLVENCY

• 1. Agrarian debt bonds, DPVAT, Investment funds

ASSET ALLOCATION

SEP/16 SEP/17

MAPFRE BB SH2

• 1. Net of taxes considering the Company’s effective tax rate.

BB Seguridade Participações S.A. | Investor Relations

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41 55 80 113 157 144 184 19 20 23 27 31 30 33 7 8 8 9 9 9 9 67 84 112 148 198 183 226 2012 2013 2014 2015 2016 Sep/16 Sep/17 VGBL PGBL Traditional¹ CAGR 2012-2016 31%

+ 24%

838 1,031 1,236 1,555 1,957 1,429 1,769 1.38% 1.32% 1.28% 1.21% 1.15% 1.16% 1.12% 2012 2013 2014 2015 2016 9M16 9M17 Management fee (R$ MM) Management fee CAGR 2012-2016 24%

+ 24%

13 14 21 23 29 19 12 8.7% 11.2% 9.4% 9.3% 8.8% 8.4% 8.0% 2012 2013 2014 2015 2016 9M16 9M17 Net inflows (R$ BN) Redemptions ratio CAGR 2012-2016 22%

• 35%

16 21 28 34 44 30 28

3 3 2 2 2 2 2

0.3 0.4 0.5 0.5 0.5 0.3 0.3

18 23 31 37 47 32 30 2012 2013 2014 2015 2016 9M16 9M17 VGBL PGBL Traditional CAGR 2012-2016 27%

• 7%

Brasilprev

CONTRIBUTIONS (R$ BN) NET INFLOWS MANAGEMENT FEE RESERVES (R$ BN)

Source: Quantum Axis

• 1. Defined remuneration plan

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477 592 729 861 1,009 742 812 47.1% 46.3% 42.6% 39.2% 41.8% 39.7% 43.3% 2012 2013 2014 2015 2016 9M16 9M17 Adjusted net income (R$ MM) ROAE CAGR 2012-2016 21%

+ 9%

Government bonds 88.1% Securities¹ 9.0% Debentures and commercial papers 2.3% Stocks 0.6% Pre-fixed 2.4% Floating 8.3% Inflation protected 89.3% Pre-fixed 6.0% Floating 7.1% Inflation protected 86.9%

445 646 750 932 1,202 893 1,089 60.7% 52.8% 52.2% 51.7% 49.2% 48.3% 47.8% 2012 2013 2014 2015 2016 9M16 9M17 Result with pension plans and insurance (R$ MM) Cost-to-income ratio CAGR 2012-2016 28%

+ 22%

Brasilprev

ASSET ALLOCATION BY INDEX (EXCEPT P/VGBL)

• 1. Securities = time deposits, time deposit with special guarantee, real state receivables certificate, creditory rights, letras hipotecárias and letras financeiras

SEP/16 SEP/17 SEP/16 SEP/17

R$ 184.6 BN ASSET ALLOCATION R$ 227.9 BN R$ 12.0 BN R$ 12.2 BN RESULT WITH PENSION PLANS AND INSURANCE PROFITABILITY

Government bonds 92.6% Securities¹ 5.0% Debentures and commercial papers 1.7% Stocks 0.6%

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1,951 4,403 4,058 3,931 3,132 2,074 1,520 1,920 1,867 2,629 2,586 2,518 1,900 1,718 3,871 6,270 6,687 6,517 5,649 3,974 3,238 2012 2013 2014 2015 2016 9M16 9M17 Unique payment Monthly payment CAGR 2012-2016 10%

• 19%

183 59 325 454 645 516 379 2012 2013 2014 2015 2016 9M16 9M17 CAGR 2012-2016 37%

• 27%

Brasilcap

PREMIUM BONDS COLLECTION (R$ MM) NET INVESTMENT INCOME (R$ MM) RESULT WITH PREMIUM BONDS PROFITABILITY

99 166 209 178 129 105 28 15.4% 17.3% 18.2% 15.7% 13.8% 15.7% 6.0% 2012 2013 2014 2015 2016 9M16 9M17 Result with premium bonds (R$ MM) Premium bonds margin CAGR 2012-2016 7%

• 74%

168 132 324 379 439 339 221 88.6% 57.1% 92.2% 87.0% 98.4% 109.8% 72.8% 2012 2013 2014 2015 2016 9M16 9M17 Adjusted net income (R$ MM) ROAE CAGR 2012-2016 27%

• 35%

BB Seguridade Participações S.A. | Investor Relations

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Pre-fixed 55.5% Floating 40.5% Inflation protected 2.9% Stock Funds 1.0% Pre-fixed 59.3% Floating 35.7% Inflation protected 3.5% Stock Funds 1.5%

Government bonds 72.9% Time deposits and others 13.5% Debentures and commercial papers 4.1% Stocks 0.7% Repo + Cash 8.9% Government bonds 80.5% Time deposits and others 7.8% Debentures and commercial papers 2.7% Stocks 0.7% Repo + Cash 8.2%

6,459 9,489 11,752 12,354 10,763 11,012 9,840 2012 2013 2014 2015 2016 Sep/16 Sep/17 CAGR 2012-2016 14%

• 11%

TECHNICAL RESERVES (R$ MM) SOLVENCY RATIO (%) ASSET ALLOCATION ASSET ALLOCATION | TRADING PORTFOLIO

SEP/16 SEP/17 SEP/16 SEP/17

Brasilcap

109.3 134.7 153.2 165.0 167.2 130.1 215.9 2012 2013 2014 2015 2016 Sep/16 Sep/17

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22.5 17.9 12.3 9.4 8.3 8.1 7.5 5.5 7.3 7.4 7.4 11.3 11.0 11.8 25.2 27.2 28.8 30.0 29.4 29.4 29.4

53.2 52.4 48.5 46.8 49.0 48.5 48.7 48.7 51.7 55.9 58.9 58.2 57.8 57.2 2012 2013 2014 2015 2016 9M16 9M17

Operating expenses Tax expenses Income taxes Net margin SH1 60.8% SH2 10.5% Brasilprev 20.3% Brasilcap 8.2% Other 0.3%

661 907 1,289 1,508 1,610 1,175 1,160 2012 2013 2014 2015 2016 9M16 9M17 CAGR 2012-2016 25%

• 1%

SH1 59.1% SH2 11.5% Brasilprev 19.7% Brasilcap 9.6% Other 0.2%

BB Corretora

BROKERAGE INCOME (R$ MM) ADJUSTED NET INCOME (R$ MM) BREAKDOWN OF BROKERAGE INCOME EXPENSES BREAKDOWN & NET MARGIN¹ (%)

9M16 9M17

1,359 1,736 2,308 2,559 2,764 2,032 2,029 2012 2013 2014 2015 2016 9M16 9M17 CAGR 2012-2016 19%

• 0.1%
• 1. Operating, tax and income tax expenses are calculated as a percentage of brokerage income

and does not consider the net investment income.

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Guidance 2017

Ratio 2017 Estimates 9M17

Adjusted net income growth (%)

• 5.0 a -1.0
• 2.1

Portfolio of Products

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Our Products – SH1 Insurances

 Definition: term life insurance without accumulation.  Coverage: in case of death, permanent disability or severe disease during the term, the benefit will be paid to the insured or his beneficiary.

Life

 Definition: encompasses a group of three main products: crop insurance, rural lien insurance and credit life insurance for farmers.  Coverage: (i) Crop: any weather hazards and falling in the market prices of the crop; (ii) Lien: damage caused to the property, directly related to agricultural activities, which is provided as collateral of a rural loan; (iii) Credit life: in case of death of the insured person the insurance company will prepay the rural loan.

Rural

 Definition: insurance related to mortgage loans.  Coverage: in case of death or permanent disability the remaining balance of the loan will be prepaid. This product also protects the home of the insured from physical damage.

Mortgage Life Credit Life

 Definition: insurance that guarantee the payment of loans.  Coverage: in case of death the insured loan will be paid off and the client’s relatives will not inherit the debt.

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Our Products – SH2 Insurances

 Definition: A mandatory insurance related to accidents caused by vehicles in Brazil.  Coverage: Covers personal injury caused by vehicles to passengers, drivers or pedestrians.

DPVAT

 Definition: insurance sold to individuals or companies that provides protection to vehicles.  Coverage: is an insurance policy designed to provide protection for vehicles against theft, physical damage and/or bodily injury resulting from traffic colli- sions, besides other assistances provided to the policy holder for their daily lives.

Auto

 Definition: is a type of insurance sold to individuals and companies that provides protection against risks to properties linked or not to loans.  Coverage: the main coverage is for damages to the home of individuals, and the assets of companies such as machinery and other properties.

P&C

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Our Products - Brasilprev

 Defined remuneration  Guarantees a minimum yield composed of either inflation +6% or TR + 6%. ** No longer sold

Traditional Plan

 Pension Plan designed for people who declare income taxes in the complete form as contributions are deductible up to a limit of 12% of the client’s taxable income

PGBL

 Focus on inheritance planning  It has the advantage of not joining the inventory  Lower inheritance costs (does not have legal costs neither lawyer fees)  Less time consuming (beneficiary receives the benefit in less than 30 days)

VGBL

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Our Products - Brasilcap Premium Bonds

 Premium bonds products are an alternative way to accumulate reserves, allowing the bond holder to be entitled to participate in lottery. The award

• ccurs through periodic drawings, being most frequent the usage of a

combination of numbers in a pre-determined series, based on the Brazilian Lottery.

Chances of Contemplation

Ourocap From 1 in 10,000 to 1 in 1,000,000 Official Lottery 1 in 50,063,860

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BB Seguridade – IR

Investor Relations Contacts

Rua Alexandre Dumas, 1671 Térreo – Ala B São Paulo – SP – Brasil 04717-903 Telephone: +55 11 4297-0730 www.bbseguridaderi.com.br/en ri@bbseg.com.br