Senate Republicans to challenge auto safety mandates in January - WSJ
Caixa Seguridade Participacoes SA reported its third-quarter 2025 earnings, revealing a slight miss on both earnings per share (EPS) and revenue forecasts. The company posted an EPS of 0.3604, just below the anticipated 0.3636, and revenue of 1.46 billion, falling short of the 1.49 billion forecast. Despite these misses, the company's stock rose by 1.85% in the wake of the earnings report, reflecting investor confidence in its strategic direction and operational performance. According to InvestingPro data, Caixa Seguridade trades at a P/E ratio of 9.76, which is low relative to its near-term earnings growth potential.
Key Takeaways
- Caixa Seguridade's EPS and revenue slightly missed forecasts.
- Stock price increased by 1.85% post-earnings announcement.
- Strong year-over-year growth in net income and operating revenue.
- Continued focus on digital transformation and product innovation.
- High dividend payout and return on equity maintained.
Company Performance
Caixa Seguridade demonstrated robust year-over-year growth despite missing quarterly forecasts. The company achieved a managerial net income of 1.14 billion BRL, marking a 13.4% increase from the previous year. Operating revenue also rose by 13.6% to 1.5 billion BRL. These results underscore the company's strong performance in the insurance and pension sectors, bolstered by innovative product offerings and a solid distribution network through Caixa bank.
Financial Highlights
- Revenue: 1.5 billion BRL (+13.6% YoY)
- Earnings per share: 0.3604 USD (slight miss on forecast of 0.3636 USD)
- Managerial net income: 1.14 billion BRL (+13.4% YoY)
- Return on Equity (ROE): 69.2% (+6.3 percentage points YoY)
Earnings vs. Forecast
Caixa Seguridade's Q3 2025 earnings fell short of expectations, with an EPS of 0.3604 against a forecast of 0.3636, and revenue of 1.46 billion compared to the anticipated 1.49 billion. The EPS surprise was -0.88%, and the revenue surprise was -2.01%. Despite these misses, the company's strong year-over-year growth and strategic initiatives appear to have mitigated negative investor reactions.
Market Reaction
Following the earnings announcement, Caixa Seguridade's stock rose by 1.85%, closing at 15.43. This increase suggests that investors remain confident in the company's long-term prospects, buoyed by its strategic focus on digital transformation and product innovation. The stock's movement is within its 52-week range, indicating steady investor confidence.
Outlook & Guidance
Looking ahead, Caixa Seguridade plans to continue its focus on digital transformation and expand strategic partnerships. The company is preparing for potential interest rate reductions in 2026 and monitoring regulatory changes. It also aims to explore new product opportunities in credit life and personal insurance, positioning itself for sustained growth.
Executive Commentary
CEO Gustavo Portela emphasized the importance of innovation and agility, stating, "We're living in an era of accelerated transformation, where innovation, agility, and purpose are essential." CFO Edgar Soares highlighted the operational results as a key driver of success, reinforcing the company's strategic focus on its core operations.
Risks and Challenges
- Regulatory changes in Social Security and insurance could impact operations.
- The high-interest rate environment poses challenges for financial strategies.
- Market competition in the insurance and pension sectors remains intense.
- Economic fluctuations could affect consumer demand and investment returns.
Q&A
During the earnings call, analysts inquired about the new CEO Gustavo Portela's vision and strategies for credit life insurance and pension products. Discussions also covered potential impacts of changing interest rates and clarification on dividend distribution policies, reflecting a keen interest in the company's strategic direction and financial health.
Full transcript - Caixa Seguridade Participacoes SA (CXSE3) Q3 2025:
Conference Operator: To listen to the audio in English, please click on the interpretation button. All participants will be in listen-only mode during the presentation. Afterwards, we'll begin the question-and-answer session when further instructions will be provided. Joining us today are Caixa Seguridade's CEO, Gustavo Portela, and the CFO and Head of Investor Relations, Edgar Soares. I would now like to turn the floor over to our CEO, who will begin the presentation. Please, Gustavo, you may proceed. Good morning, everyone, and thank you for joining us today in this Caixa Seguridade's earnings call. I'm Gustavo Portela, and it's a great honor to assume the leadership of the company at such a meaningful moment in our trajectory. I'd like to start by expressing my sincere gratitude to the Board of Directors, the Executive Board, and all employees for the trust placed in me.
We're living in an era of accelerated transformation, where innovation, agility, and purpose are essential to building companies that are resilient, relevant, and prepared for the future. My mission is to strengthen these pillars, leading Caixa Seguridade on a journey of sustainable growth, positive impact, and excellence in everything we do. I've been with Caixa since 1999, building a career defined by leadership, innovation, and delivering results. I've held several strategic positions throughout the bank and the group, and in recent years, I have also served in executive roles in private companies and also as a mentor to startups and an entrepreneur. Since 2024, I have served as Head of Investment at FUNCEF, one of Brazil's largest pension funds, where I was responsible for managing strategic assets and generating sustainable value for the beneficiaries. To our shareholders, I would like to reaffirm our commitment to long-term value creation.
We'll continue to accelerate our digital transformation, expand strategic partnerships, and keep delivering consistent results with transparency, governance, and responsibility as a basis of our performance. I'm very confident and motivated about what we can build together. Now, let us review the company's results for the third quarter of 2025. We begin with Caixa's participation in the 30th United Nations Climate Change Conference, COP30, to be held in Berlin next week. This event represents a strategic milestone for the company, as it allows us to take part in one of the world's leading forums on climate change. Our presence at COP30 reinforces our commitment to sustainable development by promoting solutions that combine economic growth with environmental preservation. One of the company's main initiatives will be our role as an empowering partner, as Casa do Seguro, insurance house, as CNC calls it, insurance embassy at COP30.
The house will serve as a hub for content, business connections, and networking, highlighting the insurance role in the climate transition. Another very important initiative that we're going to see there is the active participation in the inauguration of the concept branch, VERPISO, marking an important milestone in Caixa's transformation of the banking experience. Moving to the next slide, we highlight now the commercial results in two segments, two business lines directly connected to the core business of Caixa, the housing bank. In the third quarter of 2025, both mortgage insurance and home insurance continued on a growth path following the expansion of Caixa's real estate credit portfolio. Both segments recorded, once again, their best-ever quarterly performance. Mortgage insurance posted consistent growth, driven by the stacking feature of the product itself.
We closed the quarter with slightly above BRL 1 billion in written premiums, representing an increase of more than 10% year over year and 11.5% year to date, consolidating Caixa Seguridade's leadership in the segment. Now, talking about home insurance, it exceeded BRL 300 million in written premiums, setting a new record for the sixth consecutive year. This volume represents a growth of nearly 29% compared to the same period in 2024 and 26% year to date. Performance reflects our strategy of customer loyalty and retention, focusing on multi-year plans, simplified renews, and bundled home insurance linked to mortgage, which accounted for over 10% of the quarter's written premiums, granting more predictable results. We have almost 7% renewal rates compared to 2024. Moving to slide number five, we present Caixa Seguridade's performance in the private pension and life segments throughout the third quarter of 2025.
In the pension segment, we reached approximately BRL 192 billion in reserves, representing a growth of more than 14% over the past 12 months. During this quarter, we continued to promote inbound portability, particularly through our cashback campaign, which delivered the highest quarterly volume ever recorded, BRL 624 million, a 51% increase compared to the third quarter of 2024. This performance significantly contributed to a net inflow of BRL 1.1 billion during the period. More recently, at the end of October, we launched the BREVI IOF PAC campaign, an innovative pension plan that reimburses the client the equivalent to the IOF tax paid, automatically requested as a new contribution. In the life insurance segment, we issued nearly BRL 600 million in written premiums in the quarter, a 2.6% increase compared to the same period in 2024.
During this period, we also expanded our portfolio with the launch of a personal accident product with income loss coverage for mortgage insurance clients, covering up to six installments of mortgage payments in case of involuntary unemployment or temporary physical incapacity. This product has a monthly payment model, and it contributes to the formation of a long-term recurring portfolio. In this third quarter, we also reaped the benefits of our long-term sustainable growth strategy in the credit letter and premium bond segments. Starting with credit letters, this product remained robust, driven by a high-interest scenario, which makes the credit letters an attractive alternative to initial financing. The total amount of credit letters issued continued to rise, surpassing BRL 6 billion, a growth of nearly 30% compared to the same period in 2024, and over 35% year to date.
The highlight here goes to the real estate credit letters, which grew almost 40% year over year. Talking about premium bonds, we maintained our focus on monthly payment products, which continue to perform strongly. In the quarter, we collected over BRL 485 billion, a 33% increase year over year. Monthly payment products grew by more than 36% on the same basis, accounting for more than 92% of the total collections during the period. To conclude the first section, let's move to the company key figures for the quarter. We recorded managerial net income of BRL 1.14 billion, representing a growth of more than 13% compared to the same period in 2024, and over 18% year to date. This performance directly influences our main profitability indicator, ROE, return on equity, which reached 69.2%, more than 6 percentage points higher than in September 2024.
The Board of Directors approved yesterday, aligned with our distribution policy, the distribution of above BRL 1 billion. It is a milestone, and it is corresponding to a payout of over 92%, keeping our 90% threshold again, which reinforces our commitment to delivering consistent value for shareholders. I will hand the floor over to Edgar Soares, who will continue the presentation with further details on the company's financial and commercial performance for Q3 2025. Thank you, Gustavo. Good morning, everyone. I will now present further details on the company's financial, commercial, and operational performance in the next slide. On slide number nine, I summarized the financial performance for the quarter. It is important to note that the figures presented here follow a managerial view under IFRS 4 accounting rule. In the third quarter, operating revenue grew 13.6% year over year, reaching BRL 1.5 billion.
Out of this amount, 58% come from income related to investments in equity holdings. It's worth highlighting the performance of all new partnerships, which reached the best result ever, up 20.3% year over year. The remaining 42% of operating revenue come from distribution activities, which grew 11% year over year, highlighting the segments mortgage and home insurance, as well as credit letters and premium bonds. In the third quarter, net income reached BRL 1.14 billion, representing growth of 13.4% compared to the same period of the previous year. For the first nine months of 2025, the year-over-year increase was 18.2%. From this accounting perspective, net income through September rose 23.9% compared to the same period, the same period in 2024. Wrapping up the slide on the right side, I'd like to reiterate what Gustavo had said.
Our ROE reached 69.2%, an improvement of 6.3 percentage points year over year, reflecting stronger operational and financial results. Moving to the next slide, let's discuss now the commercial performance of Caixa Seguridade's insurance businesses. Let's start talking about the written premiums that grew nearly 1% year over year and more than 6% quarter over quarter. I'd like to highlight the renewal and the growth trajectory and renewal historical premium records. The mortgage segment reached and surpassed BRL 1 billion in written premiums, a 10% increase year over year, reflecting the continued expansion of Caixa's real estate credit portfolio. The home insurance segment grew 29% on the same comparison, marking its sixth consecutive record quarter. This is fruit of the strategist's approach for the segment. We also note a strong increase in the assistance segment of 49%.
Year to date through September, mortgage grew 11.5%, home insurance 25.8%, and assistance 54.4%, all compared to the same period in 2024. Focus on long-term consistent results remains a cornerstone of Caixa Seguridade's strategy. In addition to these remarkable results, new monthly payment life insurance sales grew by 39.7% year over year, while total payments remained stable in the quarter. This dynamic will support future growth in insurance for the future. Credit life insurance, on the other hand, recorded a 36% decrease in written premiums year over year. This performance reflects the impact of a challenging macroeconomic environment marked by high interest rates, which reduce credit availability for both individuals and businesses. Since the credit cost is higher, limiting the credit life insurance penetration. We can see an increase of 15%.
In the chart on the right, you can see that the earned premiums for the third quarter grew 6% compared to the same period in 2024, reflecting the resilience of our business. On a year-to-date basis, the segment grew 6% compared with the accumulated results up to September of the previous year. Moving on to the next slide, we present some key operators' performance indicators. Compared to the previous quarter, the loss ratio improved by 1.3 percentage points, reflecting lower claim volumes in the mortgage, credit life, and life segments. Compared to Q3 2024, the increase of 3.7 percentage points is associated with some provisioning for claims and reinsurance adjustments related to the 2024 floods in the south of the country last year, which affected the mortgage and home segments. Year to date, the loss ratio stood at 24.5%, consistent with the historic average for the insurance segment.
Regarding commissions, the dynamics also remained within the historical range. The 1.1 percentage point variation in the indicator compared with the previous quarter is related to the product mix. Regarding operating margin, it grew 17.1% year to date versus 2024, driven by a lower claim volume. On a quarterly basis comparison, you can see a growth of 5%, reflecting the increase in earned premiums. As a result, the total operating margin reached the same level as in 2024, totaling 40% in Q3 2025. On the next slide, we show performance in the accumulation vertical, which includes segments such as private pension, premium bonds, and credit letters. Starting with pension, total contributions reached BRL 7.1 billion, up 5.4% year over year and 24.6% quarter over quarter.
Net inflow reached a positive BRL 1.1 billion, reflecting commercial mobilization focused on both acquisition and retention, which contributed to a milestone of nearly BRL 192 billion in reserves, up 14.4% over 12 months. Moving on to premium bonds, we can observe the effect of our strategy focused on a monthly payment model. The share in total collections increased during the quarter. Monthly payment sales grew 36.2% year over year, contributing to a new record in total funds raised, up 33.3% compared with Q3 2024. The reserves of premium bonds exceeded BRL 3.1 billion, growing 43.7% over the year. Finally, in the quarter, credit letter sales totaled BRL 6.3 billion, representing a growth of 28.8% year over year. This performance contributed to the expansion of the credit letter inventory, which reached BRL 44 billion, an increase of 56.5% compared to the previous year.
Still talking about accumulation businesses, operating revenue in the Q3 grew 13.2% year over year, increases across all segments. The main highlight was the credit letter segment, which grew 25%. The operating margin of the accumulation vertical increased 11.7% year over year, driven by revenue growth across all businesses. As a result, accumulation businesses accounted for 28% of total operating margin in Q3 2025. On the next slide, we present further details on the distribution businesses. It's important to note that the distribution businesses include revenues related to access to Caixa's distribution network and brand usage, as well as brokerage or intermediation revenues from insurance-related products, which are grouped here under the label brokerage revenues. In Q3 2025, brokerage revenues grew 10.8% compared to the same quarter of 2024, reflecting the product mix showed during the period.
On the table at the left, you can see the breakdowns by business lines showing strong performance from mortgage insurance that grew by 26%, home by 29%, and credit letters that grew by 40%. Regarding the distribution of brokerage revenues, out of the total amount, 22% was allocated to the payment of incentive fees to Caixa employees and partners, and 12% to Caixa's service fee. The remaining 66% of the commission paid by the operation companies stayed within the brokerage firm this quarter. Thus, the operating margin increased 6.1% year over year, driven mainly by the performance of mortgage and home insurance results. In total, the distribution business accounted for 27% of the operating margin, with 22% representing the insurance vertical and five the accumulation vertical. The next slide represents the operational indicators in an aggregated view, considering Caixa Seguridade's economic interest in each invested company.
Our IDA, an administrative expense index, remained at the same level as in the previous periods, with an improvement observed in the indicator in new partnerships, reflecting greater efficiency. The combined ratio IC improved by 0.8 percentage points, actually, compared to the previous quarter, reflecting stronger margins in accumulation and insurance business, particularly due to lower loss ratios. Compared to the same period in 2024, the 0.9 percentage point increase reflects adjustments in claims and reinsurance provisions related to the floods that occurred in Rio Grande do Sul in the south of the country in 2024. The expanded combined ratio ICA also improved compared to prior periods, reflecting the performance of the consolidated financial results.
Moving on to the slide number 16, we can now analyze the operating and financial results and their share of net income, considering the effect of all equity holdings, net of taxes, and in proportion to Caixa Seguridade's participation. The financial result for the Q3 was higher than observed in 2024, growing by 46.1%, driven by a higher select rate, a larger average balance of financial investment, and a positive impact of about BRL 30 million from the IGPM-like effects on the revaluation of pension-related funds and liabilities. Thus, the financial result accounted for 36.3% of Caixa Seguridade's net income in the quarter, representing a 4 percentage point increase compared to the previous quarter.
Regarding the composition of the investments portfolio in the quarter, out of a total of BRL 15.5 billion in financial investments, 49% were allocated to floating-rate securities, 32% to fixed-rate securities, 13% to inflation-indexed securities, and 6% to other types. The average yield of the fixed-rate portfolio stood at 12.6%, a 10 percentage points increase compared to June 2025, reflecting the strategy of extending portfolio duration and diversifying maturities across different time horizons adopted by the company's invested companies. With this, we conclude the presentation of companies of the company's results for Q3 2025, and we now begin with the Q&A session. Thank you all very much. Thank you, Edgar. Thank you, Gustavo. We'll now begin the Q&A session. For investors and analysts, if you'd like to ask a question, please click the raise hand button. Once your question has been answered, you may leave the line by clicking lower hand.
Questions may be asked in Portuguese or English, but will be answered only in Portuguese. If you prefer to submit your question via Zoom, please type your name and company in the Q&A field. Our first question comes from Ricardo from BTG Pactual. Please, Ricardo, you have the audio. Hi, guys. I have two questions from my side. I have seen a great acceleration in growth from mortgage to home insurance and the accumulated business. I'd like to understand if you had a change in attitude with this appetite for growth and incentive. If there's any short-term effect in the housing premiums, but understanding that this model can simulate the emission of LCIs from some banks, which could bring some more competition to this private pension. I'd like to understand if you what's your position in this scenario. Thank you for your question.
Regarding the capitation of resources, the most important part here is that we've been perfecting our portfolio and improving our sales strategy. We have new products over the counter in the bank that can be offered by the bank for a line or another, depending on the situation. We have seen that before. Now we have a counter-cycle situation, and we've been working a lot regarding private pensioners to be able to work in inbound portability and increase retention and work with the resources that are within the industry. We have, of course, a perspective to keep our focus in private pension together with this financial institution. Of course, we're going to feel the impact of IOF throughout next year, and we have to observe very cautiously how can we keep growing. The fact is that we've been trying this counter-cycle movement.
We have different campaigns, and we've been positioning our product in the market first to be able to keep our product relevant inside the portfolio of products and collections of the bank. Regarding the new model of mortgage financing, we have here, as we mentioned before, there is a great opportunity here to put our insurances, the mortgage insurance, aligned with the housing policy and with the real estate credit associated from the bank. The other products come together. We've talked a lot about our bundled mortgage and home insurance that represents up to 10% of the volume of earned premiums for the period. Of course, we have a good way to work here with this new mode of real estate credit, mortgage credit that has been happening. Our perspective regarding collections, and maybe along the way, we know that the funding composition faced that.
Of course, we are in a good position every night to follow this path with the bank, with Caixa. It was clear. Thank you. Thank you, Ricardo. Our next question comes from Antonio Riet, Bank of America. Please, Antonio, you may proceed with your question. Hi, everyone. Thank you for your time. I have only two questions from my side. First, Gustavo, if you could put some color on your term. I know that it's only in the company for only a week, but if you could tell more about your ideas and what we found, you found at the company. And my second question is, if you could put some color in from the financial perspective, what are the impacts in the P&L for a decreasing interest rate in 2026? What do you expect in operating terms? Which segments will be more impacted?
What are you expecting from this scenario? Thank you, Antonio, for this opportunity. I am very excited with this new professional opportunity. I have been working with Caixa since 1989. I have worked in practically every level of tactical and strategic levels. After I went to the group, the holding, I understand our culture, our systems, and our challenges. I know our strengths, our brand, our client portfolio, the capillarity of the company, and of course, the talent we have here. There are over 80,000 employees all over the country. Everybody is very engaged, aligned with the mission of the bank. In Caixa Seguridade, I have met a highly technical and committed team. Looking forward, our challenge is to keep up with the good work and, of course, try to capture value in our potential.
We've been facing the biggest digital transformation of Caixa's history, and we will work together with them. We will keep looking for portfolio efficiency, promoting synergy among our JVs and other companies. In the portfolio, I have a lot of energy to contribute for keeping this history of growth that has been written. Thank you. Following the question, I'd like to register that I'm honored to work with Gustavo. He knows everything about the institution. It's a pleasure to work alongside him. Regarding the financial results, with the higher interest rates, we had a higher representativity in our results in this quarter. We observed 36% of share. Our sensitivity is the same. We have talked about that before, about BRL 40 million every 100 basis points in reduction of rate. What can we capture of value in this scenario of a decreased interest rate?
We have an opportunity here to strengthen the relation of the clients with the bank because, of course, some clients come looking for credit here to renew their operations, to contract new operations. This decision comes with the credit and insurance. The rate goes down. The client that was afraid to take credit goes there. Now, this client will have this opportunity to take some credit with some insurance to strengthen their relationship with the bank because all the lines, they are intertwined in this credit line concession or strengthen. Our operational result is our main driver of results, and it will be like that. We are an operational company. We are looking for results together with the operation of the bank.
Since the banking activities will heat up, we'll go after that, talking about credit life insurance, life insurance, home insurance, and all the other doors that open regarding the relationship with the client and the bank. Thank you, Antonio. Thank you so much for your time. And Gustavo, good luck, Edgar. Thank you so much. Thank you, Antonio. Our next question comes from Pedro Leduc, Itaú BBA. Please, Leduc, you can move on. Thank you, everyone. Congratulations on the results, and I wish you success in this new cycle. If you could go a little back to the credit life insurance, because there was a hard comparison with last year, but we saw some answers. If you guys could help me understand the evolution of the products inside this segment, and if we can be sure that this inflection is now behind, at least talking about premiums.
Thank you, Leduc. It's a very important question. It's our business line that we've been talking a lot internally because it's important to improve its performance with this higher interest rate that lowers the capacity of the clients to contract insurance. The credit life insurance works very close with credit. We try to diversify the portfolio. We launched this product to give credit to the workers, trying to tackle the demand that existed and that could aggregate value for the client, and we did it. We still have room to work with the bank in different channels. It has been commercialized in the branches, and we'd like to move it to the digital scenario. We're sure that it's going to take a more prominent role in our mixed credit life insurance.
Besides that, we have some other products that we've been studying and developing inside this area to work not as a replacement of the product that we have today, but as a complementary product with some credit opportunities that are not encompassed by the product, trying to expand our portfolio and the product to be able to work with all the credit lines of the bank and all the clients that we can capture ahead. Regarding the projection, we are monitoring the movement regarding the Social Security, INSS. Due to a time frame, we see that sometimes INSS starts a debate regarding the operational flux and insurances and stuff. We've been waiting. We're not offering the credit life insurance with the Social Security because we'd like to double-check the operational factors and would like to work with them.
We have been waiting to take the steps, and we have a goal of 20 million a month of credit life from INSS, and we are going to feel the impact the last quarter of the year, but we are going to monitor that. Once we go over this stage, we will see the credit life insurance running normally. Thank you. Thank you, Leduc. Following, the next question comes from Maria Gedes, Safra Bank. Please, Maria, you can ask your question. We saw the product becoming representative. We have an inventory of BRL 44 billion in the credit letter inventories to benefit from this stacking feature. What is your expectation and what can this product represent in the margin?
I'd like to see your reading because in the industry, a lot of people talk since the product has been very strong, and everybody has been talking about the commercial performance of this product, but we cannot read the delinquency rates. Can you have a good reading in this? What's the advantage and what the delinquency rates here are compared to the other products? It would be very good for us. Thank you. Thank you, Maria, for your question. Regarding credit letters, the product has been showing a consistent growth over time. This product comes to complement the portfolio of the bank. We have a big representativeness in the real estate credit letters. From the bank, we can see that's a growing tendency and the managerial fees we've been has some relevance in our composition of results. We have a good scenario regarding the credit letters.
Our indicators are really well controlled. When you talk about delinquency rates, our operation is the clients from the bank. It is a very conscious purchase. Our delinquency rates are really well managed within the expectation for the industry. We have the positioning of the product is amazing. We are changing the product, improving it so it will be held in the timeline because this trade-off will happen since when you have the administration fees at the beginning is a little higher, you will balance that later reducing the fee. The clients will just two questions from my side. I understand that the IGPM lag that you mentioned of BRL 22 billion does not account for the difference between IPCA and IGPM. Is that right? I understood that well.
If so, what was the gain for the private in this quarter, discounting the assets versus liabilities? My second question is regarding the credit life. We have a follow-up in Leduc's question. I'd like to understand two things. First, can you remind us the requirements of eligibility? Because the loss ratio is below the margin. Maybe you could expand the capacity of collection of the product. That would help the performance of the product. I'd like to confirm with you that. What about the INSS-related stoppage? In the previous quarter, there was an unstable impact. Now there's a positive impact of 28%, mainly because you had a negative variability. Of course, what you said, it's a fact. It's a picture for the third quarter. As I told you, it had an impact in the previous quarter.
Now it came with a positive impact, and this impacts the financial result of the company in this quarter. Related to the credit life insurance, we did not have any stoppage in the INSS for the third quarter. We kept selling that. No change. It was a very recent situation. Regarding the lines, we have for the coverage for the credit life, we had the individual's credit, and we have the agriculture credit, and we have the credit life insurance for some corporate operations too. Of course, we could offer the second most representative portfolio of the bank, which is the consignment credit that we also have. There are space in other lines, especially for workers' credit. As I like to say, it is an improvement of a personal credit that happened before with no guarantees.
Now clients have the opportunities to have lower rates, and we are expanding the offer in this product. As I said, during the slides, we are waiting for an evolution representativeness for the credit life insurance related to the worker. All the products are under studies with Caixa, and we're going to disclose as long as they are getting mature in the timeline. As we've been talking to you, we show you and monitor the tendencies, the trends of the market, and we improve the portfolio for our clients to have access to the best insurance products in the market. Thank you. Just a quick follow-up. What's the individual age limit for the credit life insurance? It is linked to the bank policy, right? I think it's 79 years, 11 months for individual credit. Our insurance follows this age cap for our insurances. Okay. Thank you.
Now I have two individual analysts asking about the dividends policies. Is there any perspective for extraordinary distribution since the taxation on dividends is being discussed for next year? We keep our rhythm of generation and distribution of value to our shareholders. Our payout is always over 90% historically. We had this change for the quarterly parameters. Our practice in quarterly dividend distribution and this change, of course, we've been monitoring that to see what's the best form for all interested parties. Of course, when we have more information, we're going to disclose to the market. Okay. With one more compliance question, there's one more question talking about this new product called Loss Income for the Renda for the mortgage insurance. What's the ticket for this insurance? What's the potential for this project that you've been working a lot recently?
This product comes to complete the protection for the real estate credit law and taker because it had the protection of the real estate. It had the assets protection. If something happened with the individual like death or permanent incapacity for the mortgage, now we added the physical damage to the mortgage insurance along with the home insurance that we had. We had to protect the client from this personal accident with the loss of their income. We came with this very innovative product for the third quarter. It's a great product to bring this security to our client. It has an average ticket of approximately BRL 50. The commissioning policy is very interesting. It's been commercialized in our branches and in the digital channels. It's a monthly payment product.
We have not seen the figures in the big figures of the company because you have such big numbers. This has just been, this product has just been launched. It has been very, very interesting to see. You have over 6,000 policyholders, and there is a premium over some hundreds of thousands of BRL. Since this portfolio has shown some growth, we are going to keep offering this product, and its share in our mix will be even more representative. Following this line, Edgar, talking about new products and campaigns, there is a question. Could you tell me more about the IOF Bank? Is it an opportunity to capture value in this moment of legislation change? What is the expectation of performance we have? This campaign, IOF Bank, came to bring some comfort to the client that already had their investments in private pension.
Now with this new tax getting in, we're going to return the tax to the client. There is no loss for the client when the client invests in the GBL at this moment. This campaign is very interesting. It is not a permanent product. It is a temporary campaign. We have been experimenting with this campaign this period. We have an expectation that with that, we are going to not to be one more private pension player in the market for the end that the client would distribute its investments among institutions. The client that came to Caixa to invest his money in over BRL 300,000 that got worried about IOF and then looked for another institution to invest, now the client can bring its full investment at Caixa because we are going to return the IOF as a new contribution for its investments. All questions were answered.
I'd like to thank you for participation, and I would like to turn the floor over to Gustavo Portela. We'll hear his closing remarks. I'd like to thank the opportunity. I'd like to thank the RI and financial team and everyone that helped us to release this presentation to our shareholders and partners and analysts. Thank you so much. I hope we can come back later with great news. Thank you.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.