Banco do Brasil's insurance unit beats estimates with 1.1 bln reais net profit

lunes 8 de agosto de 2016 07:25 GYT

SAO PAULO Aug 8 (Reuters) - BB Seguridade Participações SA, the insurance unit of state-controlled Banco do Brasil SA, slightly beat second-quarter profit estimates, with high interest rates and 7 percent growth in insurance premiums.

Brasilia-based BB Seguridade earned 1.1 billion reais ($345 million) in recurring net income last quarter and had a 55.2 percent return on equity, the bank said in a securities filing. A Reuters poll of analysts had predicted recurring profit, or that excluding one-time items, of 1.036 billion reais.

The company revised down the expected growth in recurring net income this year to 4 percent to 8 percent, below the former guidance of 8 percent to 12 percent. ($1 = 3.1887 Brazilian reais) (Reporting by Tatiana Bautzer; Editing by Chizu Nomiyama)