Caixa Seguridade (CXSE3) has a 29% rise in profit in the 1st quarter of 2022, to R$ 557 million

Caixa Seguridade (CXSE3) recorded recurring net income of R$557 million in the first quarter of 2022 (1Q22), 29% higher than reported in the same quarter of 2021.

“The result of the 1st quarter of the first quarter of 2022 is a reflection of the increase in the operating and financial results obtained in the period”, says the insurer.

Operating revenue totaled BRL 727 million between January and March this year, up 39% compared to the same period in 2021.

The net financial result was positive by R$14 million in the first quarter of 2022, reversing financial losses of R$200 thousand in the same stage of 2021.

In the insurance segment, the highlights were the growth in life (7.8%), residential (6.0%) and housing (4.9%) written premiums, compared to the same period in 2021, the best first quarter of the history of these branches.

Costs of services rendered totaled R$46.7 million in 1Q22, an increase of 2,521% compared to 1Q21.

The Return on Recurring Equity (ROE), which calculates the ratio of the profit of the last twelve months to the adjusted Equity, measured for the first quarter of 2022, in the amount of 41.2%, exceeded by 5.07 pp the recorded in the same period of 2021 (36.2%).

General and administrative expenses totaled BRL 253.8 million in 1Q22, a 31% growth compared to the same period in 2021.

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