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