Porto Seguro S A : Dados Econômico-Financeiros

December 31, 2022

Porto Seguro S.A. and Subsidiaries

Financial statements

INDEX

Consolidated Financial Statements

Comments on Performance	1
Balance sheet - Assets	23
Balance sheet - Liabilities	23
Statements of Income	24
Statements of Comprehensive Income	25
Statements of Cash Flows	26
Statements of changes in Equity
				Statements of Changes in Equity - 01/01/2022 to 12/31/2022	27
				Statements of Changes in Equity - 01/01/2021 to 12/31/2022	27
Statements of Value Added	28
Notes to the Financial Statements	29
Reports and Declaration
Independent auditor´s Report	118
Fiscal Committee Report	125
Audit Committee Report	126
Declaration of Directors on the Financial Statements	127
Declaration of Directors on the Report of the Independent Auditor	128

Management

Version: 1

report - 2022

Dear Shareholders and other stakeholders,

We are pleased to submit to you the Management Report of Porto Seguro S.A. and its subsidiaries and the related Financial statements, including the Independent Auditor's Report, for the year ended December 31, 2022.

Message from Management

In 2022, Porto Seguro recorded the highest annual revenue growth in over 10 years, reaching R$ 27.9 billion (+29.4% vs. 2021), driven by the double-digit expansion in all business verticals. Furthermore, the Company maintained its ROAE at double digits in 2022, following the example of the return on equity achieved in every year since the IPO in 2004, supported by the soundness and quality of its businesses.

In the Porto Seguro vertical, after a more challenging beginning of the year, mainly due to the sharp rise in vehicle prices that started in 2021, with impacts on the Auto insurance loss ratio, the vertical achieved a gradual margin recovery and returned to levels close to the adjusted historical average in the last months of the year, as a result of risk pricing and underwriting. In this context, Porto Seguro proved to be resilient, with a drop of only 1.7% in the insured fleet, despite the price adjustments made. The vertical's total revenue increased 26.5% (vs. 2021), driven by the Auto insurance, while the Porto Seguro's Combined Ratio was 3.9 p.p. higher than in 2021, reaching 95.7%, driven by the increase in the loss ratio. It is worth highlighting that the adjustments in risk pricing and underwriting gradually reflect on results, due to the deferred recognition of earned premiums. In the consolidation of Property and Transport insurance, growth reached 16.6%, driven mostly by Corporate insurance, which achieved a significant increase of 31.0% in premiums, benefiting from the increase in economic activity and the sales performance in the period, thus reinforcing Porto Seguro's leadership in this segment. In Life insurance, the growth of premiums reached 23.8%, with emphasis on the growth of Group Life and Credit Insurance (+11.8% and +140.0% vs. 2021 respectively).

The Porto Saúde vertical increased its annual revenue by 35.1%, mainly through the growth of 64,000 lives in Health insurance compared to the same period of the previous year, reaching 413,000 lives. In the vertical consolidation, the total number of lives reached 1.2 million (+6.6% vs. 2021). The observed performance is the result of continued work to activate brokers, investments in technology, maintenance of renewal rates, in addition to greater brand exposure. In turn, the Health Insurance loss ratio increased 1.2 p.p. (vs. 2021), impacted by the higher frequency of use.

At Porto Bank, revenues from the core businesses increased consistently, resulting in a consolidated growth of 21.1% (vs. 2021). We highlight the 31.3% increase in Loan Operations and the 7.1% growth in the number of transactions, driven by Credit Cards, Consortium and Rental Surety Insurance. Delinquency over 90 days increased 1.5 p.p. compared to the end of 2021, but showed signs of stabilization in the last months of the year. Despite a challenging scenario in the credit market, the Consortium segment recorded a robust growth and results in 2022, through the 32.5% increase in the loan portfolio increase and the expansion of its contribution to the Company's profitability.

In the Services vertical, the Company recorded a substantial increase of 40.1% in annual revenues, with emphasis on Subscription Car, which grew 72.4% (vs. 2021), reaching 13,000 active contracts in the end of 2022. At Porto Faz and Reppara!, there was an increase of 35.4% (vs. 2021). The spin-off of

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assistance services from the insurance operation to "Porto Assistência" was also completed. Such initiative has already contributed to the arrival of a new client (fleet of approximately 180,000 vehicles and 90,000 homes), generating opportunities to continue expanding the offer, in addition to obtaining gains in scale and operational efficiency.

The financial result was R$ 604.3 million in 2022, which accounts for a return on financial investments (excluding Pension Plans) equivalent to 68% of the Interbank Deposit Certificate (CDI). The return below the benchmark was due to the performance of investments in inflation-indexed securities and, to a lesser extent, allocations to variable income.

The combination of operating and financial income (loss) aforementioned resulted in a net income of R$ 1,134.8 million in 2022 (-26.5% over 2021), reaching a Return on Equity of 11.4% in the period, 5.5 p.p. lower than that recorded in 2020.

Porto continued to be active in M&A operations in 2022, with emphasis on the investment agreement between Porto Seguro and CDF Assistência e Suporte Digital, for the formation of a leading company in the provision of automotive and residential assistance services, premium technological support, installation services, among others, in line with the Company's strategy of generating value through expanding the offer of services to new audiences and segments. Moreover, an agreement was signed with Oncoclínicas for the creation of a joint venture, aiming at providing comprehensive solutions for long-term cancer treatment and seeking medical quality, assertiveness and cost-effectiveness. Porto also acquired Nido Tecnologia, a technology solutions company (software) in the real estate industry, to strengthen the Olho Mágico tool ecosystem, acquired equity interest in Tech4Humans Tecnologia da Informação S.A., a Brazilian startup focused on the development of HyperAutomation solutions and technologies for financial institutions and insurance companies and acquired an interest in Plugify, a Brazilian HaaS (Hardware as a Service) startup, which simplifies IT access and management for companies of all sizes.

Far beyond an insurance company, Porto has always been a true ecosystem of solutions that make everyday life easier and accompany people in every moment of their lives. To further facilitate consumer understanding and allow the focus that each business deserves, in 2022 the Company restructured its brand architecture and consolidated the creation of three independent business verticals, focused on different market segments: Insurance, Financial Services and Health. Within this scenario, the Company adopted only "Porto" as its corporate brand, and the management of the products and services offered started to be carried out by the new business brands: Porto Seguro, Porto Saúde, and Porto Bank

Throughout 2022, Porto brands were present at events of great repercussion. Porto Bank was the founding partner of the São Paulo F1 Grand Prix, with several actions in its exclusive stands. The main differential for those who followed the race at this point of the track was Vila Porto, which combined leisure and comfort in the same space, receiving more than 7,000 people during the three days of the event. Porto Saúde was an official supporter of Rock in Rio, the largest music and entertainment festival in the world, with seven medical outpatient clinics and over 8,000 people assisted during the event. Azul Seguros sponsored one of the last Head of Household competitions on TV Globo's Big Brother Brasil 22. The action was part of the company's new communication strategy, with the aim of

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reaching part of the Brazilian fleet that still does not have automotive insurance, presenting itself to the market as a more cost-effective solution.

One of Porto's main achievements in 2022 was being considered the "Third Best Company to Work For" in the Giants category - companies with more than 10,000 employees - according to GPTW - Great Place to Work. This award stresses the Company's mission to continue making Porto a place where people are proud to work and is the result of daily efforts to increasingly be a Safe Haven for people and their dreams.

Furthermore, to reinforce the Company's ESG commitment, Porto became a signatory of the UN Global Compact. This means that the Company is publicly committed to the 10 universally accepted principles in the areas of human rights, labor, the environment and the fight against corruption, in addition to the 17 Sustainable Development Goals (SDGs) with targets up to 2030.

Another important result was the achievement of the first place in the Corporate Reputation ranking in the Insurance category and the 17th position in the general ranking; and 1st place in the 2021 ESG Responsibility ranking in the Insurance category, and 26th place in the general ranking among 100 companies according to Merco (Monitor Empresarial de Reputação Corporativa or Corporate Reputation Business Monitor).

Initiatives in the ESG field in 2022 included projects in the environmental field such as the Conscious Consumption Station program, Sustainability Platform, Socio-Environmental Agents Project, among others, and around 120 social fundraising campaigns, resulting in the donation of approximately 200,000 items for over 70 institutions throughout Brazil, generating 270,000 attendances.

Finally, Porto Seguro would like to thank its employees, brokers, service providers, suppliers, clients and other stakeholders for their trust and dedication in the Company throughout 2022, remaining firm in its purpose of offering transformative experiences and thus become increasingly a Safe Harbor (translation of Porto Seguro) for everyone and their dreams.

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