First of all, we need to understand the basic shareholding structure of BB Seguridade. We can see that its majority controller, Banco do Brasil, holds just over 66% of the company's total capital. Conversely, the remaining shares are traded on the market (Free Float).

At first, BB Seguridade is an investment company, that is, a holding. In this sense, it holds control of companies that operate in the insurance market. Basically, we can divide its holdings into two segments:

• Risk and accumulation businesses: joint ventures or partnerships with private partners that operate insurance products, open pension plans, capitalization, and dental assistance plans.

• Distribution businesses: a subsidiary that sells insurance, open pension plans, capitalization bonds, and private dental assistance plans, in addition to an affiliate that operates in the distribution of insurance products through digital channels.

The Company operates with a bancassurance model, that is, it uses the physical, human, and technological structure of Banco do Brasil to sell its products. In this way, it can benefit from all the solidity and tradition of the brand to market the insurance. In other words, the company operates through more than 60,000 physical service points and all the digital channels of the financial institution.

BB Seguros

This wholly-owned subsidiary of BB Seguridade holds direct stakes in risk and accumulation businesses. Thus, it controls the following 4 companies: Brasilseg, Brasilprev, Brasilcap, and Brasildental.

The history of BB Seguridade takes us back to 1981, when Banco do Brasil began its insurance operations. Six years later, Banco do Brasil Corretora (BB Corretora) was created to assist in the business and insurance brokerage operations.

New winds and new partnerships

At the turn of the 1990s, BB Corretora entered into several collaborative partnerships. The decade is marked by various partnerships, including with:

• SulAmérica

• Icatí

• Aliança da Bahia

• Principal Financial Group

From this, the company expands by creating subsidiaries, including:

• Brasilprev

• Brasilcap

• Brasilveículos

The autonomous companies in the insurance segment are linked to the operations of the future Banco do Brasil Seguridades, creating a network of insurances, each with its operations tied to a segment of the insurance industry.

The first steps towards the creation of BB Seguridade were taken in 2008, after a corporate reorganization of the insurance, pension, and capitalization area of Banco do Brasil.

MAPFRE and Banco do Brasil

In the following two years, in 2010, the Company formed a partnership with the Spanish group MAPFRE and began activities in two segments:

• BB MAPFRE SH1: personal, rural, and housing insurance.

• MAPFRE BB SH2: property insurance, mainly automobile and damage.

The Beginning of Banco Do Brasil Seguridades

Finally, the creation of BB Seguridade took place in 2012, with an IPO in the Novo Mercado segment of Bovespa the following year in 2013. As a result, 675 million shares were sold, and in the same year, the company already acquired a stake in IRB–Brasil RE S.A (IRBR3)

The contract for the commercialization of insurance products within the structure of Banco do Brasil for a period of 20 years was formalized in 2013. In the following year, a partnership was established with Odontoprev for a period of 20 years, constituting Brasildental.

New markets and digital horizons

In 2017, the partnership took a step forward in its digitalization process and created Ciclic in partnership with Principal Financial Group, with an extended operating term of 15 years.

In 2018, there was a restructuring of the partnership with MAPFRE, aiming to focus on the banking channel, and divesting from Auto and Large Risks.

More recently, in 2019, the company completed the sale of all its shares in IRB–Brasil RE S.A., producing a net gain of R$2.3 billion.

Since then, Banco do Brasil Seguridades has been consolidating itself as a major player in the insurance sector. BB Seguridades has become one of the largest companies in the segment, presenting large profit margins and consequently establishing itself as one of the best dividend payers on the Stock Exchange.