August 6, 2018 / 12:32 PM / 3 months ago

Brazil's BB Seguridade misses Q2 profit estimates, cuts outlook

BRASILIA, Aug 6 (Reuters) - Brazilian insurance holding company BB Seguridade Participacoes SA missed second-quarter profit estimates as interest rates in Brazil hit an all-time low, leading the firm to cut its forecast for net income this year.

The company on Monday reported recurring net income of 910 million reais in the quarter, missing the Thomson Reuters consensus analyst estimate of 922 million reais, and down 5 percent from a year earlier.

BB Seguridade estimated that recurring net income will decline by 4 percent to 6 percent in 2018, revising a previous forecast that it would end the year between 2 percent lower and 2 percent higher. (Reporting by Bruno Federowski; Editing by Bernadette Baum)

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