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Insurance contracts and private pension | 12 Months Ended
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Dec. 31, 2024
Insurance Contracts And Private Pension |
Insurance contracts and private pension | Note 27 - Insurance contracts and private pension The accounting policy on insurance contracts and private pension is presented in Note 2c XI. Insurance products sold by ITAÚ UNIBANCO HOLDING are divided into (i) non-life insurance, which guarantees loss, damage or liability for objects or people; and (ii) life insurance, which includes coverage against the risk of death and personal accidents. Insurance products are substantially offered through the electronic channels and branches of ITAÚ UNIBANCO HOLDING. ITAÚ UNIBANCO HOLDING reinsures the portion of the underwritten risks that exceed the maximum liability limits it deems to be appropriate for each segment and product. These reinsurance contracts allow the recovery of a portion of the losses with the reinsurer, although they do not release ITAÚ UNIBANCO HOLDING from the main obligation. Private pension products are essentially divided into: (i) Free Benefit Generating Plan (PGBL) and Free Benefit Generating Life Plan (VGBL): whose main objective is to accumulate financial resources, the payment of which is made by means of income; and (ii) traditional: pension plan with a minimum guarantee of profitability, which is no longer sold. Financial assets related to insurance and private pension contracts are composed mainly of government securities measured at amortized cost and fair value through other comprehensive income, the latter being preferably related to the assets guaranteeing long-term obligations. Therefore, effects at present value of projected cash flows from insurance and private pension contracts are substantially neutralized by these FVOCI financial assets. The liquidity management of insurance and private pension contracts is detailed in Note 32. Insurance contracts and private pension portfolios and measurement approach are presented below:
Schedule of insurance contracts and private pension portfolios and measurement approach |  |  |  |  |  |  |  |
| Note | 12/31/2024 | 12/31/2023
| (Assets) / Liabilities | Income |  | (Assets) / Liabilities | Income
| Contractual | Financial |  | Contractual | Financial
General Model (BBA) |  | 16,399 | 2,332 | (1,385) |  | 15,762 | 2,361 | (538)
lnsurance | 27a I | 5,752 | 2,463 | (268) |  | 5,134 | 2,461 | (242)
Private pension | 27a II | 10,647 | (131) | (1,117) |  | 10,628 | (100) | (296)
Variable Fee Approach (VFA) | 27a II | 289,823 | 1,869 | (22,310) |  | 255,193 | 1,709 | (28,044)
Private pension |  | 289,823 | 1,869 | (22,310) |  | 255,193 | 1,709 | (28,044)
Simplified Model (PAA) | 27a I | 611 | 2,335 | 16 |  | 450 | 2,062 | (3)
lnsurance |  | 631 | 2,382 | 11 |  | 488 | 2,068 | (2)
Reinsurance |  | (20) | (47) | 5 |  | (38) | (6) | (1)
Total Insurance contracts and private pension |  | 306,833 | 6,536 | (23,679) |  | 271,405 | 6,132 | (28,585)
lnsurance |  | 6,383 | 4,845 | (257) |  | 5,622 | 4,529 | (244)
Reinsurance |  | (20) | (47) | 5 |  | (38) | (6) | (1)
Private pension |  | 300,470 | 1,738 | (23,427) |  | 265,821 | 1,609 | (28,340)
Current |  | 611 | - | - |  | 450 |  |
Non-current |  | 306,222 | - | - |  | 270,955 |  |
Insurance of General Model (BBA) are composed of assets of R$ (46) (R$ (103) at 12/31/2023) and liabilities of R$ 5,798 (R$ 5,237 at 12/31/2023). a) Reconciliation of insurance and private pension portfolios I - Insurance
Schedule of reconciliation of insurance |  |  |  |  |  |  |  |  |
| 12/31/2024 |  | 12/31/2023
| Liability for Remaining Coverage | Loss Component of the Liability for Remaining Coverage | Liability for Incurred Claims | Total |  | Liability for Remaining Coverage | Loss Component of the Liability for Remaining Coverage | Liability for Incurred Claims | Total
Opening Balance - 01/01 | 3,015 | 1,960 | 609 | 5,584 |  | 2,248 | 1,936 | 697 | 4,881
Income from Insurance Contracts and Private Pension | (6,446) | (39) | 1,687 | (4,798) |  | (5,791) | (150) | 1,418 | (4,523)
Financial Income from Insurance Contracts and Private Pension | 233 | (71) | - | 162 |  | 137 | 174 | 25 | 336
Premiums Received, Claims and Other Expenses Paid | 7,066 | - | (1,651) | 5,415 |  | 6,421 | - | (1,531) | 4,890
Closing Balance | 3,868 | 1,850 | 645 | 6,363 |  | 3,015 | 1,960 | 609 | 5,584
Schedule of reconciliation of insurance one |  |  |  |  |  |  |  |  |
| 12/31/2024 |  | 12/31/2023
| Estimate of Present Value of Future Cash Flows | Contractual Service Margin | Risk Adjustment for Non-financial Risk | Total |  | Estimate of Present Value of Future Cash Flows | Contractual Service Margin | Risk Adjustment for Non-financial Risk | Total
Opening Balance - 01/01 | 86 | 5,215 | 283 | 5,584 |  | (145) | 4,756 | 270 | 4,881
Realization of Insurance Contractual Margin | - | (5,194) | - | (5,194) |  | - | (4,554) | - | (4,554)
Actuarial Remeasurements | 1,557 | (1,151) | (10) | 396 |  | 1,266 | (1,198) | (37) | 31
Income from Insurance Contracts and Private Pension | 1,557 | (6,345) | (10) | (4,798) |  | 1,266 | (5,752) | (37) | (4,523)
New Recognized Insurance Contracts | (6,760) | 6,743 | 17 | - |  | (5,943) | 5,921 | 22 | -
Financial Income from Insurance Contracts and Private Pension | (152) | 315 | (1) | 162 |  | 18 | 290 | 28 | 336
Recognized in Income for the period | (76) | 315 | 13 | 252 |  | (59) | 290 | 14 | 245
Recognized in Other Comprehensive Income | (76) | - | (14) | (90) |  | 77 | - | 14 | 91
Premiums Received, Claims and Other Expenses Paid | 5,415 | - | - | 5,415 |  | 4,890 | - | - | 4,890
Closing Balance | 146 | 5,928 | 289 | 6,363 |  | 86 | 5,215 | 283 | 5,584
II - Private pension
Schedule of reconciliation of private pension |  |  |  |  |  |  |  |  |
| 12/31/2024 |  | 12/31/2023
| Liability for Remaining Coverage | Loss Component of the Liability for Remaining Coverage | Liability for Incurred Claims | Total |  | Liability for Remaining Coverage | Loss Component of the Liability for Remaining Coverage | Liability for Incurred Claims | Total
Opening Balance - 01/01 | 265,128 | 595 | 98 | 265,821 |  | 227,952 | 184 | 86 | 228,222
Income from Insurance Contracts and Private Pension | (89,794) | 137 | 87,919 | (1,738) |  | (84,584) | 148 | 82,827 | (1,609)
Financial Income from Insurance Contracts and Private Pension | 22,753 | (16) | (1) | 22,736 |  | 29,186 | 263 | 6 | 29,455
Premiums Received, Claims and Other Expenses Paid | 101,575 | - | (87,924) | 13,651 |  | 92,574 | - | (82,821) | 9,753
Closing Balance | 299,662 | 716 | 92 | 300,470 |  | 265,128 | 595 | 98 | 265,821
Schedule of reconciliation of private pension one |  |  |  |  |  |  |  |  |
| 12/31/2024 |  | 12/31/2023
| Estimate of Present Value of Future Cash Flows | Contractual Service Margin | Risk Adjustment for Non-financial Risk | Total |  | Estimate of Present Value of Future Cash Flows | Contractual Service Margin | Risk Adjustment for Non-financial Risk | Total
Opening balance - 01/01 | 245,564 | 19,936 | 321 | 265,821 |  | 210,255 | 17,696 | 271 | 228,222
Realization of Insurance Contractual Margin | - | (1,899) | - | (1,899) |  | - | (1,829) | - | (1,829)
Actuarial Remeasurements | 379 | (196) | (22) | 161 |  | (1,330) | 1,534 | 16 | 220
Income from Insurance Contracts and Private Pension | 379 | (2,095) | (22) | (1,738) |  | (1,330) | (295) | 16 | (1,609)
New Recognized Insurance Contracts | (3,103) | 3,097 | 6 | - |  | (2,520) | 2,514 | 6 | -
Financial Income from Insurance Contracts and Private Pension | 22,729 | 6 | 1 | 22,736 |  | 29,406 | 21 | 28 | 29,455
Recognized in Income for the period | 23,410 | 6 | 11 | 23,427 |  | 28,309 | 21 | 10 | 28,340
Recognized in Other Comprehensive Income | (681) | - | (10) | (691) |  | 1,097 | - | 18 | 1,115
Premiums Received, Claims and Other Expenses Paid | 13,651 | - | - | 13,651 |  | 9,753 | - | - | 9,753
Closing Balance | 279,220 | 20,944 | 306 | 300,470 |  | 245,564 | 19,936 | 321 | 265,821
The underlying assets of the portfolio of private pension contracts with direct participation features (PGBL and VGBL) are composed of specially organized investment funds, which are mostly consolidated in ITAÚ UNIBANCO HOLDING, whose fair value of the quotas is R$ 287,919 (R$ 253,287 at 12/31/2023). b) Contractual service margin ITAÚ UNIBANCO HOLDING expects to recognize the Contractual Service Margin in income according to the terms and amounts shown below:
Schedule of contractual service margin |  |  |  |  |  |  |
Period | 12/31/2024 |  | 12/31/2023
lnsurance | Private Pension | Total |  | lnsurance | Private Pension | Total
1 year | 2,388 | 2,068 | 4,456 |  | 1,944 | 1,736 | 3,680
2 years | 1,638 | 2,084 | 3,722 |  | 1,222 | 1,861 | 3,083
3 years | 1,188 | 2,115 | 3,303 |  | 1,011 | 1,897 | 2,908
4 years | 580 | 2,077 | 2,657 |  | 717 | 1,903 | 2,620
5 years | 115 | 1,935 | 2,050 |  | 295 | 1,806 | 2,101
Over 5 years | 19 | 10,665 | 10,684 |  | 26 | 10,733 | 10,759
Total | 5,928 | 20,944 | 26,872 |  | 5,215 | 19,936 | 25,151
During the period, the recognized amount of revenue from insurance contracts and private pension referring to groups of contracts measured by the modified retrospective approach (contracts in force on the transition date) is R$ 2,241 (R$ 2,532 from 01/01 to 12/31/2023), with the balance of margin of these contracts corresponding to R$ 17,798 (R$ 19,809 at 12/31/2023). c) Discount rates The rates used by indexing unit to discount cash flows from insurance contracts and private pension are as follows:
Schedule of discount rates |  |  |  |  |  |  |  |  |  |  |
| 12/31/2024 |  | 12/31/2023
Indexes | 1 year | 3 years | 5 years | 10 years | 20 years |  | 1 year | 3 years | 5 years | 10 years | 20 years
IGPM | 7.43% | 5.69% | 6.29% | 6.18% | 5.88% |  | 5.56% | 4.91% | 5.25% | 5.59% | 5.65%
IPCA | 7.63% | 8.05% | 7.79% | 7.59% | 7.36% |  | 5.87% | 5.09% | 5.09% | 5.20% | 5.31%
TR | 13.07% | 13.48% | 13.24% | 12.78% | 12.58% |  | 9.35% | 9.10% | 9.32% | 9.48% | 9.45%
d) Claims development
Schedule of claims development |  |  |  |  |  |
Occurrence date | 12/31/2020 | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | Total
At the end of event period | 1,016 | 1,262 | 1,164 | 1,122 | 1,201 |
After 1 year | 1,248 | 1,529 | 1,414 | 1,383 |  |
After 2 years | 1,283 | 1,571 | 1,444 |  |  |
After 3 years | 1,298 | 1,584 |  |  |  |
After 4 years | 1,308 |  |  |  |  |
Accumulated payments through base date | 1,292 | 1,554 | 1,431 | 1,384 | 1,104 | 6,765
Liabilities recognized in the balance sheet |  |  |  |  |  | 705
Liabilities in relation to prior periods |  |  |  |  |  | 17
Other estimates |  |  |  |  |  | 19
Adjustment to present value |  |  |  |  |  | (44)
Risk adjustment to non-financial risk |  |  |  |  |  | 40
Liability for Claims incurred at 12/31/2024 |  |  |  |  |  | 737

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