Wiz Soluções e Corretagem de Seguros S A : 3Q20 Results Presentation
November 05, 2020 at 09:57 pm
Share
3rd Quarter 2020 Earnings Results
Conference Call - 11/06/2020
Heverton Peixoto
CEO and IRO
Guilherme Aguiar
Market Relations and M&A Officer
DISCLAIMERS
This presentation contains references and statements about outlooks, planned synergies, estimates, projections and future strategies about Wiz, its colligates and controlled entities and its commercial partners.
The statements mentioned on this presentation reflect the management's understanding regarding the company, that are subject to market risks and uncertainties.
The information herein presented, follow the IFRS accounting principles, except when mentioned during the presentation. Wiz is not accountable for updating estimates in this presentation.
In the charts and tables the sums and growth rates reflect the decimal numbers of the values that are displayed as rounded in this presentation.
2
Events and Highlights of the quarter
CLOSING OF THE ACQUISITION OF CMG CORRETORA
GPTW BRASIL AWARS - 2020
On November 3, 2020, we announced the closing of the acquisition of a 40% share on the capital of CMG Corretora, after the fulfillment of all conditions precedent for the closing - among them the approval of the transaction by CADE. With the closing of the transaction, we paid the first installment as agreed in the acquisition terms, in the amount of R$22.4 million, which will be reflected in the Company's results starting from the fourth quarter of 2020. The Company will exercise control over CMG Corretora and, from November 2020, it will consolidate CMG's results.
For the 3rd consecutive time, we placed amongst the 150 Best Companies to Work for in Brazil, an award organized by the global consulting firm Great Place to Work (GPTW). This achievement is a reflection of the investments made by the Company to establish integrated, diverse, inclusive and original corporate cultural practices, with a focus on providing the best experience and development for our main asset, our people.
Earnings Presentation - 3rd quarter 2020 3
Events and Highlights of the quarter
PARTNERSHIP RENEWAL - INTER SEGUROS AND LIBERTY
NON-RECURRING EFFECTS
In this quarter, the invested company of Wiz, Inter Seguros, established new terms to its Operating Agreement with the insurance company Liberty Seguros to operate exclusively at Banco Inter's branch. The new contract will run for 15 years and in return for exclusivity, Liberty will pay Inter Seguros approximately R$368 million. We believe that the partnership will provide Inter Seguros with the possibility of even better results than those achieved last year, when, after a partnership between Wiz and Banco Inter, the broker achieved solid sales growth, constant pace of new product launches and improvement of already existing products.
In this quarter, the Company's result was impacted by the following non-recurring effects: (i) write-offson fixed and intangible assets, related to discontinued projects and infrastructure of properties returned by the Company and (ii) reviews carried out by the Company, in accordance with IAS 8, in its accounting assumptions for recognizing contract termination expenses of c-level executives and former c-level executives.
Earnings Presentation - 3rd quarter 2020 4
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
Original document
Permalink
Disclaimer
Wiz Soluções e Corretagem de Seguros SA published this content on 05 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2020 21:56:05 UTC
Wiz Solucoes e Corretagem de Seguros SA, formerly FPC Par Corretora de Seguros SA, is a Brazil-based company engaged in the insurance brokerage activities. The Companyâs product portfolio is divided into two areas: products for individuals and corporate products. Within the personal insurance area, it primarily provides life, dental, car and property insurance, among others. The corporate area includes health, dental, life, fleet and equipment, as well as property and casualty insurance, among others. The Company provides also insurance-related consulting services. Furthermore, it cooperates with a number of entities, such as Caixa bank, Caixa Seguros group and Federacao Nacional das Associacoes do Pessoal da Caixa Economica Federal (Fenae).