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