SAO PAULO, Nov 6 (Reuters) - Brazilian insurer BB Seguridade Participações SA posted a 20.7 percent rise in net income in the third quarter after strong operating results at segments including pension and reinsurance, the company said in a statement on Monday.
BB Seguridade said net income totaled 1.2 billion reais ($362 million) in the period. Yet excluding the effects of an initial public offering at reinsurance arm IRB Brasil-RE, adjusted net income came it at 1 billion reais, the company said.
A fall in Brazil’s benchmark Selic rate and an easing of inflation led the financial results of the combined companies at the conglomerate to drop by 6.3 percent, BB Seguridade said, adding that this had an impact on net income over the quarter.
Total volume of insurance premiums, pension contributions and other financial products distributed by BB Seguridade reached 15.8 billion reais, nearly 3 percent higher than in the same period a year ago, the company said. ($1 = 3.3143 reais) (Reporting by Ana Mano, editing by Louise Heavens)