public meeting with investors and analysts 2013 · resseguro. bb seguridade participações s.a. |...

Public Meeting with Investors and Analysts 2013

BB Seguridade Participações S.A. | Investor Relations 2

Track Record

1. Pending approval by regulators, supervisors and inspectors.

1981

Creation of BB’s insurance operations

1992

Creation of Brasilprev

1995

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

1996

Creation of Brasilveículos in partnership with SulAmérica

1999

Partnership with Principal Financial Group in Private Pension Plans

2011

Established Joint Venture with Mapfre

2008-2011

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

2012

Creation of

BB

Seguridade

1987

BB Corretora’s establishment

2013

IPO BB Seguridade

Equity investment in IRB –Brasil RE

Brasildental¹

Partnership with Odontoprev

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BB Corretora

Brasilcap

100% Total

BB Seguros BB Cor

BB Mapfre SH1

Mapfre BB SH2

Brasilprev

Free Float (Post IPO)

74.9% BB Seguridade Economic Stake (%)

49.9%

50%

100% Total

50.0%

49.0%

50%

74.9%

49.9%

50%

66.7%

49.9%

67%

100%

100% BB Seguridade Volting Stake (%)

Board of Directors Representation (%)

66.25% 33.75%

Estrutura Acionária - Parcerias

Position until 09/30/2013

IRB –Brasil Re

Brasil dental¹

20.5%

20.5%

20%

74.9%

49.9%

50%

¹Awaiting approval by regulators, supervisors and inspectors

Ownership Structure


Acionária - Parcerias Organizational Struture

CEO Marcelo Augusto Dutra Labuto

CFO Leonardo Giuberti Mattedi

Commercialization Directorship

André Luis Cortes Mussili

Products and Operation Directorship

Ângela Beatriz de Assis

Executive Board

Board of Directors

Shareholders General Meeting

Fiscal Council

Audit Committee


FREE-FLOAT BREAKDOWN – SEP/13

Shareholders Structure

Banco do Brasil66.3%

Free-float33.8%

TRADING SHARES - SEP/13

Foreign 60.2%

Institutional33.3%

Individuals6.5%


Corporate Governance

• Only common shares

• 100% tag along

• 80% payout Stocks

• Six members

• The President of the Company

• One independent member appointed by the minority shareholders

• Two members appointed by Banco do Brasil from its Executive Board

• One member appointed by the Ministry of Planning, Budget and Management and the other by the Ministry of Finance

Board of directors

• Four members

• Elected among the active employees of Banco do Brasil

Board of executive officers

• Three members

• One is the independent member appointed by the minority shareholders

• The independent member has veto power

Related-party committee


Presidents, Vice Presidents and Directors

Corporate Governance – Affiliates

Board of Directors

SH1 Life

SH2 P&C

Brasilprev Pension Plans

Brasilcap Premium

Bonds

16 members

8 appointments

8 appointments

Companhia de Seguros

Aliança do Brasil

6 appointments

6 appointments

Mapfre Vida S.A

6 appointments

6 appointments

Vida Seguradora S.A

6 appointments

6 appointments

16 members

8 appointments

8 appointments

Aliança do Brasil

Seguros S.A

6 appointments

6 appointments

BB Mapfre Assistência

2 Appointments

2 appointments

Brasilveículos

6 appointments

6 appointments

16 members

8 appointments

8 appointments

3 appointments

3 appointments

12 members

8 appointments

2 appointments

2 appointments

4 appointments

Mapfre Affinity

Seguradora S.A

6 appointments

6 appointments

Mapfre Seguros Gerais

S.A

6 appointments

6 appointments

Broker

3 members

3 appointments

10 members

2 appointments

IRB-RE

Resseguro

http://www.google.com.br/imgres?imgurl=http://www.sindseg-rj.org.br/images/logos/alba.gif&imgrefurl=http://www.sindseg-rj.org.br/seguradoras.html&usg=__KShNk9BKbBPi7czKXB1AW1GxoYY=&h=88&w=88&sz=6&hl=pt-BR&start=10&zoom=1&tbnid=gBbZduYXJaub3M:&tbnh=77&tbnw=77&ei=3Fa7UNjONYvr0QGswIHICg&prev=/search?q=companhia+de+seguros+alian%C3%A7a+da+bahia&um=1&hl=pt-BR&sa=N&rls=com.microsoft:*&tbm=isch&um=1&itbs=1


Scope of the Related-party Committee

Captive access to Banco do Brasil’s network

20-year term

No termination clause

Signed on January 2013

Arm’s length

Brasilprev SH1 SH2 Brasilcap

Products sold through BB Corretora

Remuneration: fixed percentage of policies, varying according to product type

Shareholders agreement: 23-year term for PFG, 20-year term for Mapfre and without a defined term for Icatu / Aliança da Bahia

Related-party

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


Bancassurance

BB Seguridade focus its strategy in bancassurance with own brokerage, benefiting from exclusive access to the Banco do Brasil’s distribution network

Low complexity business model

Low capital need

No underwriting risk

Own Brokerage

Competitive Advantage

Distribution Network

Non-bancassurance

148 Partnerships

20,198 External Brokers

61 Million of clients

5,416 Branches

60,387 ATMs

17,378 Banking Correspondents

28,643 Shared net

1º

Captive access to the largest distribution network of Brazil


One of the Largest Insurance, Pension Plan and Premium Bonds Company in Latin America

R$ 3.6 billion in premiums written, R$ 3.7 billion in pension contributions and R$ 1.4 billion in premium bonds in 3Q13

Largest Insurance Broker in Latin America

Exclusive access to Banco do Brasil’s unique distribution network, with brokerage revenues of R$ 425 million in 3Q13

Leading Presence in Other Segments, such as Premium Bonds, Life and Rural Insurance

Insurance Operations, Pension Plans and Premium Bonds managed through private partnerships with global leaders

Fast Growing with High Profitability

18.8% yoy premium and contribution growth with 38% ROAE in 3Q13

BB Seguridade at a Glance

2nd Largest P&C Insurance Company in Brazil

Over 2.4 million insured vehicles and R$ 5.8 billion in premiums written in 9M13

1261 employees at the holding and broker level. 6,8191 employees at the affiliates level

1. Data from Jun/2013


16.8%

11.9% 11.7%9.5%

6.7%

1,260

866

211

625

123 92

Revenues

Net Income

Leadership positions in all target segments

Source: SUSEP and Companies 1 Considering Life, Property, Rural, Auto and Casualty

Market Share (9M13)

LIFE INSURANCE – EARNED PREMIUMS PENSION PLANS - CONTRIBUTION

INSURANCE BROKERAGE (R$ MM)

1o

PREMIUM BONDS - COLLECTION

1º

INSURANCE – CONSOLIDATED1

1º

1º

Market Leadership

29.0%

21.8%

11.5%8.8%

6.4%

30.6%29.1%

23.0%

6.1%3.2%

19.5%

16.9%

13.0% 12.3%

5.0%


World Brokerage and Insurance Market

12

Insurance market presents low penetration level in Brazil

Insurance premiums1 / GDP (%, 2012)

Source: SUSEP e Swiss Re – Sigma 03/2013

1. Excluding abroad business

#42

Life Insurance Premium / GDP Non-Life Insurance Premium / GDP

#62

In Total Insurance

In Life Insurance

15.0

11.6

3.8

11.0

6.9

9.28.4 8.4

5.3 5.6

3.7 3.14.5 3.9

1.52.5 2.3

0.1 0.5 0.71.7

0.9

3.2

2.6

9.2

1.4

5.3

2.32.8

2.0

4.3 3.3

4.5

3.62.3

2.4

4.02.8

1.7

3.6 3.2 2.61.3

1.1

Tai

wan

Áfr

ica

do S

ul

Ho

land

a

Hon

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ong

Coré

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o Su

l

Jap

ão

Rei

no

Un

ido

Fin

lând

ia

Suiç

a

Fran

ça

Esta

dos

Un

ido

s

Ale

man

ha

Itál

ia

Po

rtu

gal

Eslo

vên

ia

Esp

anh

a

Ch

ile

Ven

ezu

ela

Bra

sil

Arg

enti

na

Chin

a

Méx

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Insurance in Brazil

Source: SES -SUSEP

INSURANCE PREMIUM EVOLUTION (MONTHLY - R$ BN) INSURANCE PREMIUM EVOLUTION (YEARLY - R$ BN)

Source: SES - Susep Source: SES - Susep

44.546.6

53.4

61.6

69.8

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

2008 2009 2010 2011 2012

4.0

5.0

6.0

7.0

8.0

Jan Fev Mar Abr Mar Jun Jul Ago Set Out Nov Dez

2011 2012 2013


114 116

70

84

6965 66

57

28

17 9 107

156

118112

108101

84

64 6255

40

15 147

Ho

lan

da

Suiç

a

Rei

no

Un

ido

EUA

Au

strá

lia

Cana

dá

Áfr

ica

do

Su

l

Jap

ão

Irla

nd

a

Ho

ng K

ong

Ale

man

ha

Bra

sil

Fran

ça

2002 2012E

Global macroeconomic scenario – Pension Plans

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

Pension Assets/GDP (%)

#12

Source: Towers Watson

In assets


Pension Plans in Brazil

REVENUES (MONTHLY - R$ BN) CONTRIBUTIONS (YEARLY - R$ BN)

Source: SES - Susep Source: SES - Susep

31.5

38.3

45.8

53.7

70.5

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

2008 2009 2010 2011 2012

2.5

3.5

4.5

5.5

6.5

7.5

8.5

9.5

Jan Fev Mar Abr Mar Jun Jul Ago Set Out Nov Dez

2011 2012 2013


7.71

8.198.44 8.63

8.798.49

9.039.39

9.6 9.74

9.87

10.6711.02 11.16 11.2010.23

11.0911.40

11.58 11.71

DI1F15 DI1F16 DI1F17 DI1F18 DI1F19

Brazilian Macro

EXCHANGE RATE (R$/USD)

INFLATION (%) BASE YIELD | SELIC (%)

FORWARD YIELD CURVE (%)

09/30/2013

06/28/2013

03/28/2013

12/28/2012

Source: Broadcast Source: Focus- Bacen do Brasil

1.661.86

2.052.25

2.40 2.40

2010 2011 2012 2013E 2014E 2015E

5.9%

6.5%

5.8% 5.9% 5.9%5.5%

2010 2011 2012 2013E 2014E 2015E

10.8% 11.0%

7.3%

10.0% 10.3% 10.6%

2010 2011 2012 2013E 2014E 2015E


431 472 455550 548

1,281

1,553

33.3%

36.9%34.7%

39.1% 38.0%

32.4%

35.8%

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13Adjusted net income ROAE

SH114.3%

SH221.2%

Brasilprev52.7%

Brasilcap11.8%

7,3569,865 10,168

11,4658,720

23,458

30,353

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

BB Seguridade Performance

TOTAL REVENUES (R$ MM) REVENUES BREAKDOWN

PROFITABILY EARNINGS BREAKDOWN

QoQ: - 24%

YoY: + 19%

QoQ: 0%

YoY: + 27%

9M12 9M13

+ 29%

9M12 9M13

SH114.8%

SH219.1%

Brasilprev51.5%

Brasilcap14.6%

SH127.8%

SH27.0%

Brasilprev20.9%

Brasilcap6.2%

BB Corretora37.6%

Others0.5%

SH128.8%

SH24.6%

Brasilprev20.5%

Brasilcap3.5%

BB Corretora41.4%

IRB0.8%

Others0.5%


926 957 1,055 1,173 1,249

2,701

3,477

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

258

364

146

610

272

651

1,028

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

+ 34%

1,184 1,321 1,201

1,7831,521

3,351

4,505

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

+ 29%

BB Mapfre – SH1

QoQ: - 15%

YoY: + 28%

QoQ: + 6%

YoY: + 35%

CHANGES IN TECHNICAL RESERVES (R$ MM)

BREAKDOWN OF PREMIUMS WRITTEN 9M12 vs 9M13 PREMIUMS WRITTEN (R$ MM)

EARNED PREMIUM (R$ MM)

QoQ: - 55%

YoY: + 5%

9M12 9M13

+ 58%

Life49.6%

Credit Life26.9%

Mortgage Life1.7%

Rural17.6% Other

4.3%

Life42.9%

Credit Life28.9%

Mortgage Life2.6% Rural

22.0%Other3.6%


17.9 18.516.8

14.716.6 16.2 16.0

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

- 0.2 p.p.

76.9 78.9 76.7 76.8 76.5 78.4 76.6

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

25.026.5

24.823.4 23.5

24.9 23.9

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

34.0 33.9 35.1

38.736.4 37.4 36.8

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

BB Mapfre – SH1

QoQ: - 0.3 p.p.

YoY: - 0.5 p.p.

QoQ: + 1.9 p.p.

YoY: - 1.3 p.p.

QoQ: - 2.3 p.p.

YoY: + 2.4 p.p.

QoQ: + 0.1 p.p.

YoY: - 1.5 p.p.

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

CLAIMS (%) COMISSION RATIO (%)

- 0.6 p.p.

- 1.0 p.p.

- 1.7 p.p.


169.0 172.7 177.5 197.2 221.0

474.6595.8

22.6% 23.5% 23.4%

27.7%

33.1%

20.7%

26.0%

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

Adjusted Net Income ROAE

76.6 75.357.9 57.0

95.0

233.3209.9

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

BB Mapfre – SH1

QoQ: + 67%

YoY: + 24%

QoQ: + 12%

YoY: + 31%

NET INVESTMENT INCOME (R$ MM) PROFITABILITY (R$ MM)

- 10% + 26%

BREAKDOWN OF ASSETS UNDER MANAGEMENT1

Pre-Fixed7.3%

Interbank Deposit69.5%

Linked to inflation

8.8%

Others14.4%

Pre-Fixed9.4%


Linked to inflation

8.3%

Others15.0%

SEP/12 SEP/13

1. Mark-to-market


1,600 1,641 1,722 1,806 1,938

4,668

5,466

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

243.2

40.4

113.6

21.8

184.4

300.0319.9

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

1,843 1,681 1,836 1,8282,122

4,968

5,786

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

Mapfre BB – SH2

QoQ: + 16%

YoY: + 15%

QoQ: + 7%

YoY: + 21%

CHANGES IN TECHNICAL RESERVES (R$ MM)

QoQ: + 746%

YoY: - 24%

BREAKDOWN OF PREMIUMS WRITTEN 9M12 vs 9M13 PREMIUMS WRITTEN (R$ MM)

EARNED PREMIUM (R$ MM)

9M12 9M13 + 16%

+ 7% + 17%

Vehicles54.3%

Casualties30.9%

Other14.8%

Vehicles57.0%

Casualties29.9%

Other13.1%


18.4 18.5 19.3 18.7 19.6 18.7 19.2

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

99.0 98.0 98.793.8

99.8 98.8 97.4

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

24.5 24.8 24.3

21.022.8

25.4

22.6

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

56.0 54.7 55.1 54.157.4

54.7 55.6

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

Mapfre BB – SH2

CLAIMS (%) COMISSION RATIO (%)

G&A RATIO (%)

QoQ: + 6.0 p.p.

YoY: + 0.8 p.p.

QoQ: + 3.3 p.p.

YoY: + 1.4 p.p.

COMBINED RATIO (%)

QoQ: + 0.9 p.p.

YoY: + 1.2 p.p.

QoQ: + 1.8 p.p.

YoY: - 1.8 p.p. + 0.9 p.p. - 2.7 p.p.

+ 0.5 p.p. - 1.4 p.p.


98.581.0

39.728.1

65.2

256.5

133.0

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

Mapfre BB – SH2

QoQ: + 132 %

YoY: - 34%

QoQ: - 51%

YoY: - 33 %

NET INVESTMENT INCOME (R$ MM) PROFITABILITY (R$ MM)

- 48% - 20%

BREAKDOWN OF ASSETS UNDER MANAGEMENT)

Pre-Fixed8.4%Interbank

Deposit50.4%

Linked to inflation

11.0%

Others30.3%

Pre-Fixed10.6%


Linked to inflation

4.7%

Others42.5%

SEP/13 SEP/12

1. Mark-to-market

58,1 48,4 24,6

79,639,2

180,0143,4

9,7%8,0%

4,0%

13,2%

6,2% 6,0%7,6%

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13



220.2 225.7 233.7 255.2 270.8

612.1

759.6

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

3,356

5,762 6,038 5,895

3,694

12,368

15,627

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

Pension Plans

PREMIUM CONTRIBUTION (R$ MM) BREAKDOWN OF CONTRIBUTION 9M12 vs 9M13

MANAGEMENT FEES (R$ MM)

QoQ: - 37 %

YoY: + 10%

QoQ: + 6%

YoY: + 23%

QoQ: + 6%

YoY: + 49%

PROFITABILITY (R$ MM)

9M12 9M13 + 26%

+ 24% + 23%

103.0 131.0 127.7 144.6 153.3

346.3425.5

49.3%

60.5%53.8%

59.0% 58.4%51.4% 49.7%

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13


PGBL12.8%

VGBL85.4%

Traditional1.8%

PGBL10.2%

VGBL88.0%

Traditional1.8%


61,65767,347

71,93775,237 77,616

Sep/12 Dec/12 Mar/13 Jun/13 Sep/13

Pension Plans

RESERVES (R$ MM) RESERVES BREAKDOWN

QoQ: + 3%

YoY: + 26%

SEP/12 SEP/13

TRADITIONAL PLAN PORTFOLIO BREAKDOWN OF ASSETS UNDER MANAGEMENT

Pre-Fixed3.3%

Interbank Deposit

2.6%

Linked to inflation

94.1%

Pre-Fixed5.7% Pós - CDI

5,0%

Linked to inflation

89.3%

Government Bonds73.1%

Securities*14.0%

Debentures and commercial

papers 9.6%

Others 3.3%


Securities*15.0%

Debentures and commercial

papers8.3%

Others 2,7%

SEP/12 SEP/13 SEP/12 SEP/13

Securities* = CDBs, DPGEs, CRIs, FDICs, LHs e LFs

PGBL29.0%

VGBL59.2%

Traditional11.8% PGBL

25.1%

VGBL64.6%

Traditional10.3%


13.1

29.3

21.4

25.527.3

19.0

25.0

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

26

4737

76

58

91

171

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

972 1,101 1,093

1,958

1,383

2,771

4,435

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

Premium Bonds

PREMIUM BONDS COLLECTION (R$ MM)

RESULTS WITH DRAWS (R$ MM)

COLLECTION BREAKDOWN

LOTTERY RATIO (%)

QoQ: - 29%

YoY: + 42%

QoQ: + 1.8 p.p.

YoY: + 14.2 p.p.

QoQ: - 24%

YoY: + 126%

9M12 9M13 + 60%

+ 87% + 6.0 p.p.

Unique Payment

47.8%

Montlhy Payment

52.2%Unique

Payment 68.2%

Montlhy Payment

31.8%


Pre-Fixed 48,5%

Pós - CDI 44,1%

Linked to inflation

6,1%Stock Funds

1.3%


Securities*6.9%

Debentures and commercial papers

9.9%

Others2.3%


Securities*11.8%

Debentures and commercial papers

13.2%

Others7.3%

Pre-Fixed24.9%


Linked to inflation

23.2%

Stock Funds1.1%

3449

25 28 27

119

80

101.4%168.0%

63.4% 63.9% 51.7%98.9%

51.0%

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

Net Income ROAE

- 0.3 p.p.

Premium Bonds

PROFITABILITY COMISSION RATIO (%)

QoQ: - 2.2 p.p.

YoY: - 8.4 p.p.

QoQ: -6%

YoY: -22% - 32%

TRADING INVESTMENTS BREAKDOWN INVESTMENT PORTFOLIO BREAKDOWN

SEP/12 SEP/13 SEP/13 SEP/12

Securities* = CDBs, DPGEs, CRIs, FDICs, LHs e LFs

52.2

29.4

42.946.1 43.9 44.9 44.6

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13


49 50 50 52 5148

51

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

330 362 388447 425

997

1,260

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

161 179 194232 218

482

643

3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13

Brokerage

REVENUES BREAKDOWN COMISSION REVENUES (R$ MN)

QoQ: - 5%

YoY: + 29%

QoQ: - 6%

YoY: + 35% + 33%

NET INCOME (R$ MN) NET MARGIN (%)

QoQ: - 1.0 p.p.

YoY: + 2.0 p.p. + 3.0 p.p.

+ 26%

9M12 9M13

SH147.7%

SH220.1%

Brasilprev16.1%

Brasilcap12.5%

Other3.6%

SH150.4%

SH217.9%

Brasilprev15.1%

Brasilcap16.0%

Other0.7%


Guidance

¹ Considering the distribution of dividends, the adjusted ROAE would be 37.2%

Guidance reinforces the company’s commitment to the best practices of Corporate Governance

Guidance 2013

BB Seguridade - Adjusted ROAE 35.8 1

Premiums written growth - BB Mapfre SH1 34.4

Premiums written growth - Mapfre BB SH2 16.5

Collection growth - Pensions Plans 26.3

Collection growth - Premium Bonds 60.1

15 - 20

30 - 40

50 - 65

RatioEstimates

2013

Values observed

9M13

37 - 41

37 - 49


Low penetration of health beneficiaries

High ROAE with no underwriting risk

Health Insurance

Focus solely on distribution

Not part of Banco do Brasil’s current portfolio

Health Insurance Distribution

Health Insurance

Opportunity to distribute partners’ products in the banking channel

Ex: Travel, micro-insurance and warranty

1st bank to receive SUSEP’s authorization to

sell micro-insurance

Potential to develop new products

Introduction of products

already tested by partners in other markets

New Products

Focus on maximizing impact and reach of product offerings

Attractive and high growth sector High ROAE with low risk Low penetration of dental plans High Cash flow

Dental insurance

Brasildental

Joint-venture with Odontoprev, created for

dental insurance operation

74,99% of Total Equity

20-year term

Entry in an underpenetrated segment

Strategic partnership with an experienced player

Infrastructure focused (PAC, World Cup and Olympics are likely to increase demand)

Reinsurance

Acquisition of 20,5% of IRB’s

common shares

Joining the control group

Deliverables


IR BB Seguridade

Contacts

Investor Relations SBS – Quadra 1 – Bloco A – Ed. Sede I – 4º andar

70.073-900 – Brasília (DF) Telephone: (61) 3102-5771

Fax: (61) 3102-5893

www.bancodobrasilseguridade.com.br [email protected]

mailto:[email protected]

public meeting with investors and analysts 2013 · resseguro. bb seguridade participações s.a. |...

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