Brazil's Caixa Seguridade posts higher Q3 earnings

Tuesday, November 14, 2017

Caixa Seguridade, the insurance arm of Brazilian state-run bank Caixa Econômica Federal, saw its net profit increasing 16.1% in the third quarter on stronger operating revenues.

The company's net income totaled 315mn reais (US$95.6mn), up from 271mn in 3Q16. In a results release, the company attributed the higher earnings to increased sales of life and private pension products.

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Third quarter operating revenues advanced 17.3% year-on-year to 375mn reais, while operating expenses picked up 28% to 22.6mn.