BB Seguridade

Profile

BB Seguridade Participações S.A. (BB Seguridade) is a holding company controlled by Banco do Brasil S.A. (Banco do Brasil) which operates in the insurance, pension plan and premium bonds segments. Its equity investments are currently organized in two segments:

  • risk and accumulation business: affiliated companies incorporated in the form of joint ventures or partnerships with private partners and operating insurance products, pension plans, premium bonds, reinsurance and dental care plans; and
  • distribution business: wholly owned subsidiary that distributes insurance, open pension plans, premium bonds and dental care plans.

Counting on the network of Banco do Brasil as the main distribution channel of a complete portfolio of insurance, pension plans, premium bonds and dental care plans with the intermediation of an own brokerage firm, nowadays BB Seguridade occupies a proeminent market position in every segment in which is present. Its strategy is based on the following Mission and Values ​​statements:

Mission

Protecting goods, achievements and projects.

Values

Reliability

We translate our integrity, transparency and competence into all the activities we carry out. We develop solutions based on customer's wishes, combined with clear and accurate information at the time of purchase and after sale. We demonstrate to our shareholders the creation of long-term value in a growing and sustainable way, through an efficient and sound management, based on solid principles of governance, compliance and risk management.

Innovation

We treat innovation as a service, which precedes reflection and understanding of who we are, where we are and what we should do or become. We use critical and creative thinking to keep pace with market changes. We embrace the empathic look to take advantage of the best opportunities the environment offers us, building what is new and relevant and transforming the way people live and work. Our main goal is to generate value by placing people (customers, employees and shareholders) at the center of our decisions. We work collaboratively, taking the best advantage of our multidisciplinary and complementary competencies.

Respect for the Customer

We see the world from the perspective of our customers, in order to offer the best solutions to meet their needs. We maximize the consume experience of our clients by offering a wide variety of channels of access to our products and services, including after-sales solutions. We value fair and courteous treatment, respecting consumer rights, and providing clear, reliable and timely guidelines and information to enable better consumer decisions and positive buying experiences.

Simplicity

We direct our efforts to what really matters without compromising value delivery to the customer. We save the organization's resources by constantly redesigning and simplifying complex or over-operational processes. We consider simplicity as a vector for the agile operation of the company and the accomplishment of the work in a more intelligent way.

Ownership feeling

We act in the best interest of BB Seguridade. We are entitled to the autonomy with which we work, through accountability. We have proactive attitudes that add value to BB Seguridade's business. We look at our ecosystem, looking for ways to put the strategy into action.

History

BB Seguridade was incorporated on December 20, 2012, based on article 1 of Law 11,908 / 09 (see act or creation law), which authorizes Banco do Brasil to set up wholly-owned and controlled subsidiaries to carry out the activities contemplated in its corporate purpose.

Its creation was the result of a reorganization process in the insurance, pension plans and premium bonds division started by its controlling shareholder in 2008, when he already had almost two decades of operation in these segments using a model of partnership with specialized private entities. The main movements during this period were:

  • In 2009, the 23-years term renewal of a partnership started in 1999 with the US company Principal Financial Group to jointly operate in the open pension plans sector, through Brasilprev Seguros e Previdência S.A. (Brasilprev);
  • In 2010, a 20-years term partnership was formed in a joint venture with the Spanish group MAPFRE, called Grupo Segurador BB E MAPFRE, which began in 2011 and is divided into two holding companies: BB MAPFRE SH1 Participações SA (BB MAPFRE SH1), which centralizes the segments of Life, Mortgage Life and Rural insurances; and MAPFRE BB SH2 Participações S.A. (MAPFRE BB SH2), focused on the segments of Auto and P&C insurances;
  • In 2011, the increase in the share capital of Brasilcap Capitalização S.A. (Brasilcap), the company wich operates in the premium bonds segment, in partnership with Icatu Hartford and Aliança da Bahia since 1995; and
  • In 2013, the formalization of a contract between Banco do Brasil and BB Corretora de Seguros and Administradora de Bens SA (BB Corretora), a wholly-owned subsidiary of BB Seguridade, to sell insurance products in the controlling shareholder’s distribution network for a period of 20 years.

Then, in order to obtain a fairness pricing of its insurance business by the market and unlock value for its shareholders, Banco do Brasil decided to carry out BB Seguridade’s Initial Public Offering (IPO).

In this context, on April 29, 2013, the common shares issued by the company began to be traded in the Brazilian stock exchange listed at the Novo Mercado segment of BM&FBOVESPA, the most advanced in corporate governance standards. By the closing of the IPO, 675 million common shares of BB Seguridade, owned by Banco do Brasil, were sold in a 100% secondary offering that reached a financial volume of R$ 11.5 billion, being recognized as the largest IPO in the world in that year according to the International Financing Review of Thomson Reuters.

Still in 2013, BB Seguridade acquired a shareholder stake in IRB-Brasil RE S.A. (IRB-Brasil) aligned with its expansion plans, becoming part of IRB’s controlling group together with the Federal Government and private partners.

Lastly, in the segment of dental care plans, the company set up, in partnership with Odontoprev, Brasildental Operadora de Planos Odontológicos S.A. (Brasildental). The operation, in the form of a joint venture, began in 2014 and will last for 20 years.

Updated on February 13, 2017.