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Retirement plans liabilities
 12 Months Ended
Dec. 31, 2025
Disclosure of defined benefit plans [abstract]  
Retirement plans liabilities
22 Retirement plans and insurance liabilities
20252024
Retirement plans without insurance risk, under the scope of IFRS 9 (Note 22(a)(i))
84,446,34766,104,805
Retirement plans with insurance risk, under the scope of IFRS 17 (Note 22(a)(ii))8,260,312— 
Insurance liabilities, under the scope of IFRS 17 (Note 22(b))316,763119,582
Total retirement plans and insurance liabilities93,023,42266,224,387
a)    Retirement plans
As of December 31, 2025, active plans are principally accumulation of financial resources through products PGBL and VGBL structured in the form of variable contribution, for the purpose of granting participants with returns based on the accumulated capital in the form of monthly withdraws for a certain term or temporary monthly withdraws.
In this respect, such financial products represent investment contracts that have the legal form of private pension plans, but which do not transfer insurance risk to the Group. Therefore, contributions received from participants are accounted for as liabilities and the balance consists of the participant’s balance in the linked Specially Constituted Investment Fund (“FIE”) on the reporting date (Note 7(a) (i)).
(i) Retirement plans without insurance risk, under the scope of IFRS 9
20252024
As of January, 166,104,805 56,371,063 
Contributions received3,994,319 4,998,049 
Transfer with third party plans9,368,313 3,830,602 
Withdraws(4,966,973)(3,964,150)
Other provisions (Constitution/Reversion)23,464 69,569 
Monetary correction and interest income9,922,419 4,799,672 
As of December, 3184,446,347 66,104,805 
(ii) Retirement plans with insurance risk, under the scope of IFRS 17
2025
Liability for Remaining Coverage ("LRC")Liability for Incurred Claims ("LIC")
As of January, 1— — 
Cash flows8,310,960 (440,760)
Acquisition cash flows paid(1,834)— 
Premiums received8,312,794 — 
Claims and other directly attributable expenses paid, including investment component— (440,760)
Financial result397,089 — 
Investment components(439,365)439,365 
Statement of income(8,372)1,395 
As of December, 318,260,312 — 
Below is the statement of financial position for insurance contracts:
2025
Assets8,267,289 
Securities - Investment funds (Note 7a)8,267,289 
Liabilities8,260,312 
Retirement plans liabilities8,260,312 
Equity6,977 
P&L6,977 
The table below shows the reconciliations, from the opening to the closing balances, for the estimates of the present value of the future cash flows, the risk adjustment for non-financial risk and the contractual service margin (“CSM”):
2025
Present value of future cash flowsRisk adjustmentContractual service marginTotal
Opening balance— — — — 
Changes that relate to current service687 — 6,291 6,978 
CSM recognised for the services provided— — 6,291 6,291 
Experience adjustments687 — — 687 
Changes that relate to future service(272,885)(6)(124,199)(397,090)
Changes in estimates reflected in the contractual service margin(948,085)— 550,995 (397,090)
Contracts initially recognised in the period675,200 (6)(675,194)— 
Current period cash flows(7,870,200)— — (7,870,200)
Total(8,142,398)(6)(117,908)(8,260,312)
The table below shows the effect on the Group’s statement of financial position for insurance contracts issued that are initially recognized in the period:
Contractual service margin(675,194)
Estimates of the present value of future cash inflows9,069,709 
Estimates of the present value of future cash outflows(8,394,509)
Claims and other insurance service expenses(8,311,722)
Insurance acquisition cash flows(82,787)
Risk adjustment for non-financial risk(6)
Total— 
The table below shows the expected recognition of the contractual service margin (“CSM”) remaining as of December 31, 2025, in profit or loss, for insurance:
Insurance contracts
2025
0-1 year6,544 
1-2 years7,240 
2-3 years6,149 
3-4 years4,939 
4-5 years5,215 
Over 5 years87,821 
Total117,908 
The rates used to discount cash flows from retirement plans contracts are shown below:
Reporting dateIndex1351020
As of December 31, 2024Fixed15.37 %15.94 %15.56 %14.84 %13.93 %
As of December 31, 2025Fixed13.76 %13.30 %13.69 %13.69 %12.16 %
b)    Insurance liabilities
20252024
Liability for Remaining Coverage ("LRC")Liability for Incurred Claims ("LIC")Liability for Remaining Coverage ("LRC")Liability for Incurred Claims ("LIC")
As of January, 1114,992 4,590 36,790 315 
Cash flows193,063 (14,909)122,349 (4,461)
Acquisition cash flows paid(24,050)— (13,418)— 
Claims and other expenses paid— (14,909)— (4,461)
Premiums received217,113 — 135,767 — 
Statement of comprehensive income12,954 — — — 
Statement of income(14,024)20,097 (44,147)8,736 
As of December, 31306,985 9,778 114,992 4,590 
Below is the statement of financial position for insurance and reinsurance contracts:
20252024
Assets328,216 154,229 
Securities - Brazilian sovereign bonds (Note 7A)321,448 152,058 
Other assets6,768 2,171 
Liabilities316,763 119,582 
Insurance liabilities316,763 119,582 
Equity11,453 34,647 
OCI(8,188)30,255 
P&L19,641 4,392 
The table below shows the reconciliations, from the opening to the closing balances, for the estimates of the present value of the future cash flows, the risk adjustment for non-financial risk and the contractual service margin (“CSM”):
2025
Present value of future cash flowsRisk adjustmentContractual service marginTotal
Opening balance214,157 (2,027)(331,712)(119,582)
Changes that relate to current service(81,177)(1,965)36,055 (47,087)
CSM recognised for the services provided— — 36,055 36,055 
Experience adjustments(81,177)— — (81,177)
Risk adjustment recognised for the risk expired— (1,965)— (1,965)
Changes that relate to future service161,939 (1,198)(160,741)— 
Changes in estimates reflected in the contractual service margin(60,301)236 60,065 — 
Contracts initially recognised in the period222,240 (1,434)(220,806)— 
Changes that relate to past service84,370 2,183 — 86,553 
Adjustments to LIC84,370 2,183 — 86,553 
Current period cash flows(177,241)— — (177,241)
Insurance finance expenses(20,583)(592)(38,231)(59,406)
Total181,465 (3,599)(494,629)(316,763)
2024
Present value of future cash flowsRisk adjustmentContractual service marginTotal
Opening balance123,917 (1,737)(159,285)(37,105)
Changes that relate to current service(10,939)(159)6,799 (4,299)
CSM recognised for the services provided— — 6,799 6,799 
Experience adjustments(10,939)— — (10,939)
Risk adjustment recognised for the risk expired— (159)— (159)
Changes that relate to future service162,138 (883)(161,255)— 
Changes in estimates reflected in the contractual service margin(171,114)2,393 168,721 — 
Contracts initially recognised in the period333,252 (3,276)(329,976)— 
Changes that relate to past service14,215 237 — 14,452 
Adjustments to LIC14,215 237 — 14,452 
Current period cash flows(118,743)— — (118,743)
Insurance finance expenses43,569 515 (17,971)26,113 
Total214,157 (2,027)(331,712)(119,582)
The table below shows the effect on the Group’s statement of financial position for insurance contracts issued and reinsurance contracts held that are initially recognized in the period:
Contractual service margin(220,806)
Estimates of the present value of future cash inflows504,260 
Estimates of the present value of future cash outflows(282,020)
Claims and other insurance service expenses(238,735)
Insurance acquisition cash flows(43,285)
Insurance premiums— 
Risk adjustment for non-financial risk(1,434)
Total— 
The table below shows the expected recognition of the contractual service margin (“CSM”) remaining as of December 31, 2025 and 2024, in profit or loss, for insurance contracts:
Insurance contracts
20252024
0-1 year50,949 8,223 
1-2 years45,984 7,877 
2-3 years41,113 7,615 
3-4 years35,647 7,019 
4-5 years30,324 6,150 
Over 5 years290,613 294,830 
Total494,630 331,714 
The rates used to discount cash flows from insurance contracts are shown below:
Reporting dateIndex1351020
As of December 31, 2024IPCA8.53 %9.69 %9.59 %9.37 %9.27 %
As of December 31, 2025IPCA10.06 %8.85 %8.64 %8.20 %7.89 %