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v3.25.1

INSURANCE CONTRACTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Notes and other explanatory information [abstract] |
Schedule of insurance contract liabilities |
Schedule of insurance contract liabilities |  |  |  |  |  |
| R$ thousands
On December 31, 2024 | On December 31, 2023
PAA | BBA/VFA | Total | PAA | BBA/VFA | Total
Liability for remaining coverage (LRC) | 3,413,117 | 359,997,742 | 363,410,859 | 3,256,881 | 327,891,751 | 331,148,632
- Present value of future estimated cash flows on Best Estimated Liability (BEL) | - | 333,588,968 | 333,588,968 | - | 301,644,946 | 301,644,946
- Non-financial risk adjustment (RA) | - | 1,713,661 | 1,713,661 | - | 1,832,047 | 1,832,047
- Contract Service Margin (CSM) | - | 24,695,113 | 24,695,113 | - | 24,414,758 | 24,414,758
- Premium allocation approach (PAA) | 3,413,117 | - | 3,413,117 | 3,256,881 | - | 3,256,881
Liability for incurred claims | 13,527,747 | 1,854,214 | 15,381,961 | 12,268,731 | 1,374,859 | 13,643,590
- Present value of estimated future cash flows on Best Estimated Liability (BEL) | 13,109,372 | 1,788,775 | 14,898,147 | 11,847,634 | 1,302,912 | 13,150,546
- Non-financial risk adjustment (RA) | 418,375 | 65,439 | 483,814 | 421,097 | 71,947 | 493,044
Total liabilities for insurance contracts | 16,940,864 | 361,851,956 | 378,792,820 | 15,525,612 | 329,266,610 | 344,792,222
Schedule of remaining coverage for general model variable fee approach |
Schedule of remaining coverage for general model variable fee approach |  |  |  |  |  |
| R$ thousands
On December 31, 2024 | On December 31, 2023
Non-Onerous Contracts | Onerous Contracts | Total | Non-Onerous Contracts | Onerous Contracts | Total
Present value of estimated future cash outflows | 415,934,920 | 32,862,946 | 448,797,866 | 388,031,144 | 36,009,806 | 424,040,950
- Acquisition costs | 3,789,618 | 119,449 | 3,909,067 | 3,318,639 | 72,598 | 3,391,237
- Claims and other directly attributable expenses | 412,145,302 | 32,743,497 | 444,888,799 | 384,712,505 | 35,937,208 | 420,649,713
Present value of estimated future cash inflows | (109,275,236) | (5,933,662) | (115,208,898) | (115,748,997) | (6,647,007) | (122,396,004)
Non-financial risk adjustment | 926,022 | 787,639 | 1,713,661 | 994,571 | 837,476 | 1,832,047
Contract Service Margin | 24,594,993 | 100,120 | 24,695,113 | 23,928,554 | 486,204 | 24,414,758
Total remaining coverage of the general model/variable rate model | 332,180,699 | 27,817,043 | 359,997,742 | 297,205,272 | 30,686,479 | 327,891,751
Schedule of realization of contract service margin |
Schedule of realization of contract service margin |  |  |  |  |  |  |
| R$ thousands
Due within one year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | More than 5 years | Total
Issued Insurance Contracts |  |  |  |  |  |  |
- Insurance Contract | 2,450,329 | 2,180,759 | 1,840,336 | 1,603,463 | 1,410,985 | 15,209,241 | 24,695,113
General model/variable rate approach on December 31, 2024 | 2,450,329 | 2,180,759 | 1,840,336 | 1,603,463 | 1,410,985 | 15,209,241 | 24,695,113
Issued Insurance Contracts |  |  |  |  |  |  |
- Insurance Contract | 2,489,957 | 2,423,170 | 1,883,419 | 1,624,982 | 1,405,499 | 14,587,731 | 24,414,758
General model/variable rate approach on December 31, 2023 | 2,489,957 | 2,423,170 | 1,883,419 | 1,624,982 | 1,405,499 | 14,587,731 | 24,414,758
Schedule of changes of the liability for remaining coverage |
Schedule of changes of the liability for remaining coverage |  |  |  |  |  |  |
| R$ thousands
BBA/VFA | PAA | Total
Excluding Loss Component | Loss Component | TOTAL BBA/VFA | -Premium allocation approach
BEL | RA | CSM | BEL
Opening balances on January 1, 2024 | 295,007,749 | 1,832,047 | 24,414,758 | 6,637,197 | 327,891,751 | 3,256,881 | 331,148,632
Changes related to current period (Insurance revenue) | (5,297,914) | (168,464) | (4,240,688) | - | (9,707,066) | (49,545,938) | (59,253,004)
Total retrospective method contracts | (596,582) | (30,954) | (1,725,516) | - | (2,353,052) | - | (2,353,052)
Fair value method contracts | (3,979,828) | (114,747) | (1,564,336) | - | (5,658,911) | - | (5,658,911)
Issuance of contracts after transition (Other contracts) | (678,657) | (22,763) | (950,836) | - | (1,652,256) | - | (1,652,256)
Experience adjustments | (42,847) | - | - | - | (42,847) | - | (42,847)
Appropriation relating to contracts premium allocation approach | - | - | - | - | - | (49,545,938) | (49,545,938)
Technical changes related to future periods | (1,221,520) | (71,048) | 3,648,437 | (512,188) | 1,843,681 | (618,023) | 1,225,658
Changes in estimates that adjust the contract service margin | 4,826,038 | (128,048) | (4,692,900) | (512,188) | (507,098) | - | (507,098)
Changes in estimates that do not adjust the contract service margin (OCI) | (3,443,788) | (106,907) | - | - | (3,550,695) | - | (3,550,695)
Experience adjustments | 3,219 | - | 1,620,038 | - | 1,623,257 | - | 1,623,257
Contracts initially recognized in the period | (2,606,989) | 163,907 | 6,721,299 | - | 4,278,217 | (618,023) | 3,660,194
Insurance expenses | 224,162 | - | - | 1,334,682 | 1,558,844 | 3,865,963 | 5,424,807
Constitution of onerous contracts | - | - | - | 1,334,682 | 1,334,682 | - | 1,334,682
Commission Expense | 224,162 | - | - | - | 224,162 | 3,865,963 | 4,090,125
Financial expenses | 28,159,122 | 121,126 | 872,606 | - | 29,152,854 | - | 29,152,854
Financial expenses of insurance contracts | 28,159,122 | 121,126 | 872,606 | - | 29,152,854 | - | 29,152,854
Cash flows | 9,257,678 | - | - | - | 9,257,678 | 46,454,234 | 55,711,912
Premiums received | 51,516,743 | - | - | - | 51,516,743 | 50,320,197 | 101,836,940
Investment component | (41,788,964) | - | - | - | (41,788,964) | - | (41,788,964)
Insurance acquisition costs cash flow | (470,101) | - | - | - | (470,101) | (3,865,963) | (4,336,064)
Balance on December 31, 2024 | 326,129,277 | 1,713,661 | 24,695,113 | 7,459,691 | 359,997,742 | 3,413,117 | 363,410,859
| R$ thousands
BBA/VFA | PAA | Total
Excluding Loss Component | Loss Component | TOTAL BBA/VFA | -Premium allocation approach
BEL | RA | CSM | BEL
Opening balances on January 1, 2023 | 258,267,184 | 1,892,919 | 22,162,317 | 6,220,383 | 288,542,803 | 3,981,926 | 292,524,729
Changes related to current period (Insurance revenue) | (3,601,931) | (171,746) | (3,116,918) | - | (6,890,595) | (44,362,232) | (51,252,827)
Total retrospective method contracts | (647,949) | (42,010) | (1,479,197) | - | (2,169,156) | 64 | (2,169,092)
Fair value method contracts | (2,683,054) | (124,431) | (1,045,106) | - | (3,852,591) | - | (3,852,591)
Issuance of contracts after transition (Other contracts) | (283,692) | (5,305) | (592,615) | - | (881,612) | - | (881,612)
Experience adjustments | 12,764 | - | - | - | 12,764 | - | 12,764
Appropriation relating to contracts premium allocation approach | - | - | - | - | - | (44,362,296) | (44,362,296)
Technical changes related to future periods | 1,288,676 | (41,170) | 4,632,552 | 345,425 | 6,225,483 | (2,485,082) | 3,740,401
Changes in estimates that adjust the contract service margin | 4,153,449 | (274,166) | (3,904,992) | - | (25,709) | - | (25,709)
Changes in estimates that do not adjust the contract service margin (ORA) | 1,665,457 | 44,725 | - | 294 | 1,710,476 | - | 1,710,476
Experience adjustments | - | - | 348,556 | 345,131 | 693,687 | - | 693,687
Contracts initially recognized in the period | (4,530,230) | 188,271 | 8,188,988 | - | 3,847,029 | (2,485,082) | 1,361,947
Insurance expenses | 116,814 | - | - | 69,302 | 186,116 | 3,399,756 | 3,585,872
Constitution of onerous contracts | - | - | - | 69,302 | 69,302 | 902 | 70,204
Commission Expense | 116,814 | - | - | - | 116,814 | 3,398,854 | 3,515,668
Financial expenses | 32,005,207 | 152,044 | 736,807 | 2,087 | 32,896,145 | - | 32,896,145
Financial expenses of insurance contracts | 32,005,207 | 152,044 | 736,807 | 2,087 | 32,896,145 | - | 32,896,145
Cash flows | 6,931,799 | - | - | - | 6,931,799 | 42,722,514 | 49,654,313
Premiums received | 45,717,933 | - | - | - | 45,717,933 | 45,988,014 | 91,705,947
Investment component | (38,534,315) | - | - | - | (38,534,315) | - | (38,534,315)
Insurance acquisition costs cash flow | (251,819) | - | - | - | (251,819) | (3,265,500) | (3,517,319)
Balance on December 31, 2023 | 295,007,749 | 1,832,047 | 24,414,758 | 6,637,197 | 327,891,751 | 3,256,881 | 331,148,632
Schedule of changes in liability for incurred claims |
Schedule of changes in liability for incurred claims |  |  |  |  |  |  |
| R$ thousands
LIC - BBA e VFA | LIC - PAA | TOTAL LIC
PV FCF | RA | Total liability for incurred claims - BBA and VFA | BEL | RA | Total liability for incurred claims - PAA
Opening balances on January 1 | 2,043,558 | 52,341 | 2,095,899 | 9,885,830 | 249,507 | 10,135,337 | 12,231,236
Costs of providing insurance | 3,849,897 | 14,279 | 3,864,176 | 35,483,400 | 144,237 | 35,627,637 | 39,491,813
Claims incurred and other insurance expenses | 3,849,897 | 14,279 | 3,864,176 | 35,483,400 | 144,237 | 35,627,637 | 39,491,813
Liability adjustments for incurred claims | (62,024) |  | (62,024) | (127,219) | - | (127,219) | (189,243)
Financial expenses of insurance contracts | 132,910 | 4,024 | 136,934 | 830,999 | 21,979 | 852,978 | 989,912
Changes recognized in other comprehensive income | 20,379 | 1,303 | 21,682 | 134,008 | 5,374 | 139,382 | 161,064
Estimated cash flows | (4,681,808) | - | (4,681,808) | (34,359,384) | - | (34,359,384) | (39,041,192)
Claims and other insurance costs paid | (4,681,808) | - | (4,681,808) | (34,359,384) | - | (34,359,384) | (39,041,192)
Balance on December 31, 2023 | 1,302,912 | 71,947 | 1,374,859 | 11,847,634 | 421,097 | 12,268,731 | 13,643,590
Costs of providing insurance | 5,017,325 | (8,625) | 5,008,700 | 35,831,413 | (5,557) | 35,825,856 | 40,834,556
Claims incurred and other insurance expenses* | 5,017,325 | (8,625) | 5,008,700 | 35,831,413 | (5,557) | 35,825,856 | 40,834,556
Liability adjustments for incurred claims | 47,381 | - | 47,381 | (60,730) | - | (60,730) | (13,349)
Financial expenses of insurance contracts | 113,966 | 6,708 | 120,674 | 837,611 | 30,374 | 867,985 | 988,659
Changes recognized in other comprehensive income | (43,788) | (4,591) | (48,379) | (289,739) | (27,539) | (317,278) | (365,657)
Estimated cash flows | (4,649,021) | - | (4,649,021) | (35,056,817) | - | (35,056,817) | (39,705,838)
Claims and other insurance costs paid | (4,649,021) | - | (4,649,021) | (35,056,398) | - | (35,056,398) | (39,705,419)
Transfer of portfolio | - | - | - | (419) | - | (419) | (419)
Balance on December 31, 2024 | 1,788,775 | 65,439 | 1,854,214 | 13,109,372 | 418,375 | 13,527,747 | 15,381,961
Schedule of contractual service margin |
Schedule of contractual service margin |  |  |  |  |  |  |  |
| R$ thousands
On December 31, 2024 | On December 31, 2023
Contracts measured at fair value on transition | Contracts evaluated by the full retrospective method | Contracts issued after transition (Other contracts) | Total | Contracts measured at fair value on transition | Contracts evaluated by the full retrospective method | Contracts issued after transition (Other contracts) | Total
Opening balance on January 1 | 11,313,064 | 8,591,633 | 4,510,063 | 24,414,760 | 11,188,719 | 10,063,799 | 909,801 | 22,162,319
Changes from the current period | (1,564,336) | (1,725,516) | (950,836) | (4,240,688) | (1,045,106) | (1,479,197) | (592,615) | (3,116,918)
- Contract service margin recognized in the period | (1,564,336) | (1,725,516) | (950,836) | (4,240,688) | (1,045,106) | (1,479,197) | (592,615) | (3,116,918)
Changes in relation to future periods | (2,586,246) | 1,126,523 | 5,108,160 | 3,648,437 | 1,129,600 | (442,767) | 3,945,719 | 4,632,552
- Contracts initially recognized | 136,643 | 53,780 | 6,530,876 | 6,721,299 | 158,165 | 54,940 | 7,975,883 | 8,188,988
- Changes in estimates that adjust the contract service margin | (2,722,889) | 1,072,743 | (1,422,716) | (3,072,862) | 971,435 | (497,707) | (4,030,164) | (3,556,436)
Total technical changes | (4,150,582) | (598,993) | 4,157,324 | (592,251) | 84,494 | (1,921,964) | 3,353,104 | 1,515,634
Financial expenses of insurance contracts | 53,225 | 422,272 | 397,109 | 872,606 | 39,851 | 449,798 | 247,158 | 736,807
Closing balance on December 31 | 7,215,705 | 8,414,912 | 9,064,496 | 24,695,113 | 11,313,064 | 8,591,633 | 4,510,063 | 24,414,760
Schedule of changes in other comprehensive income |
Schedule of changes in other comprehensive income |  |
| R$ thousands
Year ended December 31
2024 | 2023
Initial balances | 1,265,455 | 2,385,912
Changes in other comprehensive income | 2,349,169 | (1,120,457)
Income and expenses recognized in the period in Other comprehensive income | 3,916,352 | (1,871,540)
Deferred taxes | (1,567,183) | 751,083
Closing balance on December 31 | 3,614,624 | 1,265,455
Schedule of insurance income |
Schedule of insurance income |  |
| R$ thousands
Year ended December 31
2024 | 2023
Amounts related to changes in liabilities for remaining coverage (LRC) |  |
Outputs related to general model contracts | 5,296,714 | 4,806,022
- Expected claims incurred and Expenses | 5,029,705 | 4,701,972
- Recovery of Acquisition Cash Flow | 224,162 | 116,814
- Experience Adjustments | 42,847 | (12,764)
Non-financial risk adjustment change | 169,664 | 171,746
Contract service margin recognized for general model and variable rate | 4,240,688 | 1,656,674
Income related to contracts measured under premium allocation approach | 49,545,938 | 44,618,385
Insurance Revenue | 59,253,004 | 51,252,827
Schedule of insurance financial expense |
Schedule of insurance financial expense |  |
| R$ thousands
Year ended December 31
2024 | 2023
Changes in obligation to pay arising from return on investment | 8,459,749 | 11,547,973
Interest on monetary adjustment of insurance liabilities | 21,681,764 | 22,338,084
Amounts recognized in income | 30,141,513 | 33,886,057
Effect of changes in interest rates | (3,916,352) | 1,871,540
Amounts recognized in other comprehensive income | (3,916,352) | 1,871,540
Financial expenses of insurance contracts | 26,225,161 | 35,757,597
Schedule of demonstrates the reconciliation of the amounts |
Schedule of demonstrates the reconciliation of the amounts |  |  |  |  |  |  |  |  |  |
Occurrence/Payment | R$ thousands
Payment year 1 | Payment year 2 | Payment year 3 | Payment year 4 | Payment year 5 | Payment year 6 | Payment year 7 | Payment year 8 | Payment year 9 | Payment year 10
Year of occurrence 1 | 3,147,090 | 3,527,701 | 3,229,917 | 3,241,950 | 3,268,150 | 3,282,321 | 3,291,007 | 3,298,296 | 3,304,334 | 3,319,658
Year of occurrence 2 | 3,325,412 | 3,587,690 | 3,272,884 | 3,273,854 | 3,296,538 | 3,306,411 | 3,316,805 | 3,311,986 | 3,324,966 | -
Year of occurrence 3 | 3,425,283 | 3,827,487 | 3,494,627 | 3,508,782 | 3,518,145 | 3,526,704 | 3,539,966 | 3,542,393 | - | -
Year of occurrence 4 | 3,165,598 | 3,492,486 | 3,174,129 | 3,183,827 | 3,205,111 | 3,207,657 | 3,222,304 | - | - | -
Year of occurrence 5 | 3,079,842 | 3,453,209 | 3,205,311 | 3,222,927 | 3,241,856 | 3,253,344 | - | - | - | -
Year of occurrence 6 | 3,068,543 | 3,469,287 | 3,077,599 | 3,070,984 | 3,091,474 | - | - | - | - | -
Year of occurrence 7 | 4,419,675 | 4,315,384 | 4,009,581 | 4,011,871 | - | - | - | - | - | -
Year of occurrence 8 | 4,561,467 | 5,034,738 | 4,809,757 | - | - | - | - | - | - | -
Year of occurrence 9 | 4,907,587 | 5,285,128 | - | - | - | - | - | - | - | -
Year of occurrence 10 | 5,341,281 | - | - | - | - | - | - | - | - | -
Payments accumulated up to December 31, 2023 | 5,341,281 | 5,285,128 | 4,809,757 | 4,011,871 | 3,091,474 | 3,253,344 | 3,222,304 | 3,542,393 | 3,324,966 | 3,319,658
Estimate of claims on December 31, 2023 | 18,384,490 | 6,654,756 | 5,356,694 | 4,341,056 | 3,270,208 | 3,372,873 | 3,312,236 | 3,614,463 | 3,375,871 | 3,319,658
Estimated claims payable on December 31, 2023 | 13,043,209 | 1,369,628 | 546,937 | 329,185 | 178,734 | 119,529 | 89,932 | 72,070 | 50,905 | -
Schedule of liability claims |
Schedule of liability claims |  |
R$ thousands |
Estimated claims payable | 15,800,129 |
Adjustment to present value | (1,422,224) |
Adjustment for non-financial risk | 269,958 |
Other estimates | 734,098 |
Liabilities for claims incurred on December 31, 2024 | 15,381,961 |

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