Ladies and gentlemen, welcome to Caixa Seguridade's video conference to discuss the results for the Q1 of 2023. This video conference is being recorded and the replay can be accessed on the company's website, www.ri.caixaseguridade.com.br. The presentation is also available for download. We inform you that all participants will only be watching the video conference during the presentation, and then we will start the Q&A session when further instructions will be provided. Before proceeding, I would like to reinforce that the forward-looking statements are based on beliefs and assumptions of Caixa Seguridade's management and the current information available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur.
Investors, analysts, and journalists should be aware that events related to the macroeconomic sector, the industry, and other factors could cause results to differ materially from those expressed in the respective forward-looking statements. Present at this video conference, we have Mr. Felipe Montenegro Matos, CEO of Caixa Seguridade, and Mr. Eduardo Costa Oliveira, Director of Finance and Investor Relations of the company. I would now like to give the floor to Mr. Felipe Matos, who will start the presentation. Please, Mr. Felipe Matos, you may proceed.
Hello, good afternoon, everyone. Thank you for taking the earnings results for the Q1 of 2023, Caixa Seguridade. I'm Felipe Montenegro Matos, CEO of the company, and with me we have Eduardo Costa Oliveira, Finance Director and IR. Our task today is present results of the company over the period.
Since I took over the company on the 20th March, I have gone deeper in the details of its structure, businesses, and activities. We have a dynamic company with very well-structured process and 157 associates that are very dedicated, so that do not measure efforts so that we fulfill our purpose to protect people and fulfill dreams. I also found a collaborative and light environment recognized for a great as a great place to work, as one of the best companies to work for. Here we have a company with robust governance processes with which I had contact when I was at Caixa that are aligned with the best market practices.
We are one of the 5 largest state-owned companies with the highest grade in the indicator of governance of the Secretariat of Governance of State Companies in a total of 75 participants. On the 26th of last month, we had our general ordinary meeting of the company with participation of our minority shareholders who at the time reelected Mr. Fernando Bida for his 2nd term as representative of minority shareholders in the board of the company. Still thinking about the organizational structure, especially regarding our stakes, we seek constantly increase in profitability in each one of the business.
This quarter hit well our mortgage area, finalized the internalization of processes, and also the private pension and insurance of life and also credit achieved a higher level and 60% of IT internalization that allows better management of the funds of the company, as well capturing scale gains, reflects the stage of maturing of our operations. The strategic focus of the company is still geared to opportunities generated by the distribution network and the customer base of the Caixa Econômica Federal. In January, completed another phase of the process with the selling of the total stake of the company of CNP Capitalização and Previsul that generated to the company capital gains of about BRL 20 million discounting taxes. To complete with this screen, what point that we are devoting ourselves is very much regarding technical aspects of our action.
As one of our main goals, we want to enable greater liquidity of our shares. With this goal, in the end of March, we hired a market formulator. In early April, Caixa Seguridade started taking part the program of the autonomous market program of B3. This action, along with others, should increase the liquidity of our share, unlocking value to all shareholders. On slide 4, we have 4 highlights that are for Caixa Seguridade. The first is our greatest strength, exclusive access to distribution network, customer base, and the brand of Caixa Bank has the largest distribution in Latin America present throughout the municipalities of Brazil. We have 26,800 service points, including its branches and 26 service points.
For the service of the 151,000 customers of Caixa counts on 87 employees, of which 53,000 are active in the sales of Pension products, all this capillarity and sales force has been tapped into by Caixa Seguridade. The strategic alignment with Caixa, followed by the agility in designing new products, has allowed the company to benefit in assertive ways the opportunities and demands generated at the bank. Currently, our investments have 49 products, 39 for individuals and 10 for companies, and more products for companies that are being advanced. Those are to become partners, home products, and Hampi decks for the general credit as ESG. Another topic that is very important for the company, we should highlight that this quarter, the company adhered to the 23 cycle of the Brazilian GHG program.
We're going to be in the largest emission program in Latin America, created in 28. It is aimed at the method to the context of Brazil and by the development of calculation tools for the estimates of emissions of GHG or green. We haven't stopped there. We have other measures that will shortly be disseminated. Ending our highlights, on the 8th, the Caixa paid dividends referring to H2 of 2022, as approved in the general shareholders meeting. Added to the dividends that we paid last year, the total corresponds to almost BRL 2.6 billion, a payout of almost 92% of adjusted net income of 2022 FY. On slide 5, we have the highlights of commercial performance.
We start with credit life with BRL 562 million in premiums, had an increase of 36% regarding same period 2022. The replace of the concession of credit at Caixa, especially lines for legal corporations, Pronampe, also in a recurring way. The mortgage reached BRL 777 million in premium, written premiums, growth of 8.7% year-over-year, representing the best historical quarterly performance of the company. The performance is attributed to the growing balance of the portfolio at Caixa and its effect on the flow of issue of premiums, reflecting a growth curve of consistent premiums that is consistent and stable. For home insurance, we reached BRL 183 million in written premiums, historical value for the Q1 growth of 11% regarding the same period last year.
This result was favored by these commercial strategies and also by improvements in our internalization with a new quote or price tool that our partner of Caixa can make fast simulations with better use of opportunity to sell, especially in environments that need fast service. Life actually is a highlight where we had the best performance for the Q1, BRL 568 million in written premiums, a growth of 14.5% when compared to the same period 2022. This growth was driven by the highest flow of premiums in the modality of monthly payments, result of the strategy adopted by the company in the past periods that allows greater stability in the growth of this area. In credit letters, we had an increase of almost 67% in the volume of credit letters commercialized by Caixa Consórcio.
Regarding the Q1 of last year, reaching BRL 3.4 billion. Quarter, we had the highest historical volume for home, for mortgage, and that reached BRL 2 billion, 67.9% of the letters commercialized with a growth of 49.8% regarding the same period, 2022. To private pension, we had a sound performance and closed the quarter with BRL 138.3 billion in reserves, with an growing curve, with a growth of 18.5% regarding the Q1 2022. Despite the reduction in gross contributions regarding Q1 last year, this quarter shows a recovery considering last quarter, 2022. It's important to stress that we had a positive balance of net capitalization of BRL 430 million, if and in a scenario of greater competitiveness with these investment products.
In the period, we launched 8 new sal-service in the portal of entities, legal entities, and we have one for women with a profile for funds, in addition to new coverage with dental, medical, and exams, extensive to families. We closed the commercial highlights with the distribution revenues that reached a level of BRL 473.5 million, representing a growth of 45% regarding the Q1 2022. Of this total, BRL 433 million are from the new brokerage house, with a growth on the revenues of brokerage of 52% when compared to the Q1 last year, reflecting the best commercial de-performance. On the next slide, we present, in short, the financial performance of the quarter.
For operational revenues, we had a growth of 55% regarding the same quarter 2022, totaling BRL 1,000,100,000. Of that, we have investments in certain interests, 56% with a growth of 64% considering same period 2022. Commission revenue accounting for 44% of total with a growth of 45%. This robust improvement in performance is a result of the commercial performance allied to the new structure of strategic partnerships and our own brokerage house that is at full speed. In this quarter, the company achieved the highest net income recurring of its history with BRL 820 million, a growth of 47% regarding Q1 last year, as mentioned a while ago.
This result reflects the level of performance in the maturing of the new structure of strategic partnerships that have been implemented in our own brokerage house at full speed. In the accounting perspective, considering capital gain in the selling, the net income of BRL 840 million represent a growth of 51% regarding same period last year. ROE reached a level of 52.4%, exceeding 11 percent points the same period of last year, which was 41.2%. ROE of 52.6% in the dotted line, it shows the impact of dividend payments on the 8th of May.
As mentioned previously, the company held this week a payment of dividends amounting to one billion and a half BRL, approved at the general shareholders' meeting, equivalent after the obligatory results, BRL 2.6 billion of recurring BRL the Q2, added to 100% of the results of sales of our stakes. Adding this value to the one distributed November last year on the net income of the first semester, Caixa Seguridade will total a distribution of BRL 2.6 billion in dividends on the profit of 2022, equivalent to 91.8% of the 2022 adjusted net income. I'd like to invite Eduardo Oliveira to continue the presentation with the commercial and financial highlights of the Q1 2023.
Thank you, Felipe. Good morning, everyone. I'd like to present now in more detail the commercial performance of the company. I'll start with the risk or insurance business. We had a growth in all strategic areas when compared to the Q1 2022. The premiums written grew 16% considering Q1 2022, 11% regarding Q4 last year. The highlight to this recovery in the area of life with the growth 69%, reflecting the best profitable use of the recovery of credit granting in the clients, especially for legal entities. I also take the opportunity to draw your attention to the growth in terms of assistance. Even if it is only 1% of the premiums written, it's an important part within the strategy of the group that grows in a faster area, 223% when compared to the Q1 2022.
As we analyze the premiums earned on the right, we realize that in the Q1 we had a growth 12.2% and 1.7% when compared to the first and Q4 2022 respectively. The smallest growth of premium earned and regarding written premium reflects one of the main features of our companies. Well, actually gaining more in the premiums, so relevant part of the result to be captured coming from the growth of written or issuing premiums, it will happen in following periods, especially when we talk about life premiums. Here we have the operating rates.
The level of claims in 2023 remained in line with history of previous periods, 23.9% with reduction of 4.5 percent points regarding last quarter, 2.6 percent points regarding the Q1 2022. Up to now, our evaluation regarding the claims of our business is that it should remain stable, close to the level of the history, the commission that level that shows the proportion, the acquisition and premiums gained, is maintained at the level last year, reduction of half percent point regarding Q1 of 2022, increase of 0.2 percent points regarding the Q4 2022. Here we do not envisage any relevant change looking ahead once this reflects the makeup of sales of our products.
The operating margin grew 13.3% when compared to the Q4 2022, moving from BRL 1.1 billion, which corresponds to 56% of stake in the operating margin of Caixa Seguridade. The product with greater contribution to the margin corresponds to 43%, which is mortgage, and accounted 25% growth regarding Q4 2022, and 11% growth when compared to the Q1 2022. The negative variation in total participation of the insurance business in the operating margin, even with a scenario growth of 21.2% over the period, derives from the increase of representativeness of the accumulation group, as we'll see ahead. On slide 10, we see the commercial performance in the accumulation business, including private pension, premium bonds, and credit letters. On the chart on the right, we see the collection of the accumulation business.
It's growing 12.4% regarding Q4 2022, dropped 18.9% compared to the Q1 2022. This movement reflects especially the dynamics of the private pension, accounting for 90% of the funds raised. The reduction seen on private pension, considering the Q1 of 2022 at 25.9% is still the reflects of greater competition with the distribution network of the Caixa. I draw your attention to an improvement seen considering previous quarter, as Philippe mentioned, which reflect the effort to recover a level that is healthy of distribution, including availability of new services and launch of new products as it's been mentioned previously.
Moving to premium bonds, 4.3% of total funds raised highlight a positive evolution, 275% in the receivables or receiving compared to the Q1 last year, with BRL 290 billion. As to credit letters, we had this, BRL 394 billion. The growth of 235% compared to the Q1 of 2022 reflect the volume of BRL 3.4 billion in credit letters. This Q1 this year representing a growth of almost 67% regarding the same period in 2022. Moving to screen 11, we have the operating performance and accumulation business by segment in a more detailed way. As I've mentioned previously, in private pension, we had reduction in growth contributions regarding Q1 of 2022, even though there is an increase regarding the Q4.
It's important to stress that here, that the net contribution, even with a drop, remained a level, BRL 744 million, in the Q1. Obviously impacted by, also by this positive net contribution, we had growing curves reaching a volume of BRL 138.3 billion in March 2023, accounting for a growth of 18.5% regarding the same period of 2022, and 13.4% regarding the last quarter last year. Moving on to the segment of premium bonds, the funds raised in Q1 have grown 274.6% regarding same period 2022, with a growth of 289% in the modality of monthly payment at 254% in single payments.
The reserves of premium bonds grew 336% year-over-year and 32% regarding Q4 last year. The credit letters sold by Caixa Consórcio have reached BRL 13.4 billion, which corresponds to an increase of almost 67% regarding the Q1 of 2022. The highlight here, as has been mentioned, to letters, inventory, the represented or mortgaged ones that represent 66% of sold letters. Regarding the inventory of letters, the bottom right chart shows an increase of 577% regarding Q1 2022, reflects of the increase in the sales of letters reaching a total of BRL 12.1 billion.
The average rate administration fee of letters in the Q1 of 2023 has been 1.5 percentage points below percent measured by the same quarter 2022, reflects of greater maturity of the portfolio from its start and operation of new Caixa Consórcio in 2021. Moving to slide 12, we show that the operating revenue grew 54.5% Q1 this year compared to the same period of 2022, and has reached BRL 663.8 million. A variation that is positive of 8.4% regarding Q4 last year. For pension, private pension, we have 66% and reflects management risk, premium bonds, and revenue contribution of VGBL with a growth of 16% regarding the Q1 last year.
this Q1, the operating margin of the business reached a level of BRL 508.7 million, a growth of 95% regarding same period last year. The variation was impacted by increase in the volume of the margin all segments. in the comparison with the last quarter of 2022, the operating margin of this vertical has grown 3.1%. The representativeness of the total operating margin evolved 7.4 percentage points in the comparison of same quarter 2022, reaching 25% of the total. The performance of the group is related to the increase of results deriving from the new partnerships for Consorcio and also credit letters in 2023. slide 13, we see the performance of distribution made up mostly by actually brokerage.
Well, the total revenue of BRL 473.6 million accounted an increase of 13.7% regarding last quarter, a growth deriving especially from brokerage in the area of premium bonds and also mortgage. The operating and life margin had a positive performance with a gross 37.6% regarding Q1 2022, and 18.9% regarding the last quarter of last year. The margin performance for 2023 reflects the results of insurance and dynamics, of course, related to what we have in terms of premium bonds for single payment. In the representativeness of the total operating margin that has been, as you can notice here, distribution business maintained the participation between the Q1 2023, same period 2022. Finalizing on slide 14, we bring important indicators for the company.
The level of administrative expenses has a reduction of 0.8%, 8 percent points regarding 2022, with a highlight for the improvement on indicator of new partnerships and the holding and brokerage, with a reduction of 1.1 percent points and 1.2 percent points respectively. The improvement of these indicate with a new partnership reflects especially the internalization of outsourced products in the invested companies, as Philippe mentioned in the highlights of the quarter. The combined index has had an improve of 6.4 percent points compared the Q1 2023 and 2022, reflects of the increase in efficiency of partnerships and reducing also losses. Here we have the indicator Q1 with an improve of 2.1 percent points regarding Q4 2022.
The expanded index had an improve of 7.7% points regarding Q1 2022, and the same period of 2022 reflecting the result of the better performance, financial performance and the operating. Right. With that, I close the presentation of the performance, and we'll start the Q&A session. Thank you very much.
We are now going to start the Q&A session for investors and analysts. If you wish to ask a question, please click on raise your hand. If your question is answered, you can leave the queue clicking on lower hand. If you wish to ask a question via Zoom in writing, please enter your name and company in the Q&A field. Our first question comes from Mr. Antonio Ruiz from Bank of America. Your microphone is open.
Good morning, everyone. Thank you for your presentation. Congratulations on your results. I have 2 questions related here on my side. First, I'd like you to talk a bit more about the strategies of incentives to sell insurance. I've noticed on your release that you mentioned sales programs, that you've sold some incentives. If you could explore this a bit, program a bit, as Conquiste and also regarding the area of credit life, you mentioned Pronampe, especially for corporate credit. I'd like you to explore a bit how dependent today the origination of credit life depends on Pronampe, and how sustainable is this volume of Pronampe from now onwards. Thank you.
Good afternoon, Antonio. It's always a pleasure to get your questions at our video conferences, earning video conferences. I'd like to answer your first question regarding the incentive strategies. Actually, what happens is that the large dimensions of incentive that are used here at Caixa Seguridade, along with Caixa, had no changes, major changes. The great elements are the Go program, which is Conquiste.CAIXA, where Caixa Seguridade has an important participation or interest, about 20%.
The second great leverage is a sales team, which is a program set up and managed by Caixa Seguridade to engage and award the selling of the company's products in the distribution network of Caixa, which is the basis for calculation for the 3rd dimension, which is the awards, so, or cash prizes. When employees reach what is expected in the current award program, they get some cash prizes regarding the sales of such products. Overall, this system has not been changed in the Q1.
What happens, Antonio, is that our commercial team evaluates whether the levels of such programs, especially for the sales team, are appropriate if they are generating the necessary engagement that we need to attain the sales goals for the insurance products in the Q1. We revised scoring to increase the quality of sales and have more customer retention. In so short, we have improved the metrics and prioritized products for monthly payment and retaining customer base. The effect of such adjustments have been a reduction in the number of enabled employees from 27 to 24,000. That should be changed as the sales force absorbs and adapts to the new rules of the program.
As an effect, we had, for example, as a result of such adjustment, we had an increase in the volume of net intake of the Q1. You mentioned credit life and the weight of Pronamp, dependence of Pronamp regarding, you know, credit life insurance. From the last version of the Pronamp program, it's changed its features. It's no longer fixed budget, it's a recurring program. What we notice here is that over time, the premium of credit life written linked to credit originated by Pronamp, that will be recurrent. I wouldn't say that the issue of premium for credit life is dependent on Pronamp. The corporate customers of Caixa, they will always seek the best credit option available by the bank. If they are eligible for Pronamp, that will be the credit product that they will potentially use.
On this line, we obviously will take to customers the sales arguments that are related to credit life insurance. As a reference here, in the Q1 of this year, Caixa granted BRL 13 billion in credit corporate, and we issued BRL 99.1 million in premium. Of these 99.1 premiums in corporate, 70% were related to Pronamp. In other words, it's not such an significant share of the total.
Yes, very clear. Thank you for the answer, Edu.
Our next question is in writing by Mr. André Sant'Anna . I would like to know if with the change in the management, there has been a change in the perception on the continuity of disinvestment as Bancorretora and Wiz.
Sorry, I didn't get the name of the person asking the question.
Andre Santana.
Cool. Okay.
With regards to divestiture and what Caixa has done, the first management, and it's important to clarify, we have no new guidance regarding what was done previously. The guidance we have is we have a company that is sound, that has sustainable growth, and obviously we have to analyze the scenario constantly at every new period, every new need. Regarding divestiture, we're still analyzing to see what can be done, what cannot. The company has developed and has given some signals to the market previously. What I may say is that starting in the company now, everything is being analyzed so that we can make a decision in a more grounded way. It's important to clarify there is no myth on this topic. Any decision that is made, it will be made quietly, smoothly, in a very well-based and supported way.
Our next question is from Mr. Aldemar Ferreira.
I would like to know if there is any forecast of changes in the frequency of payments of dividends for quarterly recurrence in this FY.
Good afternoon, Aldemar. We know that the topic of the frequency of dividend is a very dear topic to our shareholders, and it is something that is very dear to us, to the senior management of Caixa Seguridade, Aldemar. As we had mentioned or signaled last year, Caixa Seguridade does have the intent of turning dividend payment quarterly, but in a safe and long-lasting way, actually. We don't want to make a change of frequency and then move back. To do that, we have to consider the dynamics of the cash flow of the company, right, Aldemar? We have carried out several studies and scenario analysis aiming at identifying the necessary conditions to implement the payment of quarterly dividends.
As a result, we've identified the minimum requirements. First of all, we need to stabilize the brokerage revenue, and secondly, mature the new companies that still pay dividends with a re-regularity that is below what is necessary. Those 2 items together will enable the cash entry of the holding, will enable our quarterly distribution of dividends. Having said that, from the studies carried out today, we have an understanding that As of the Q1 of 2024, last year, no, next year, we should have attained the minimum conditions that are necessary to adjust our dividend policy. Of course, it will depend on the decision of our Board of Administration.
Our next question is on audio from Kaio Prato from UBS. Your microphone is open.
Good afternoon, everyone. Thanks for allowing me to ask a question. I have 2 on my side. The first is more short-term regarding, well, pension, private pension is business. We see that the premiums is lower. What should you expect for the forthcoming quarters? What is your strategy? Second, thinking more broadly, I'd like to understand from Felipe, please, what have been the first conversation with the management of Caixa Seguridade and Caixa itself? What is the main strategy of the company thinking about this month, this year and next year if we should see products that will be more strongly focused? Could you give it, us some flavor on the strategy of the company for us coming years? Kaio.
Kaio is always present at our video conferences. Very good to answer your questions, Kaio. I'll answer the first question regarding private pension.
Actually, the volume of contributions of private pension has been negatively impacted late last year because of the competition with other products that we had in the bank. LCI, for example. Caixa had an understanding that it was necessary to increase the liquidity of the bank in the last quarter, 2022, ended up encouraging other products other than private pension. We said that we've had a recovery of almost 10% the 1st quarter, we are aware that they are below same period 2022, this has brought to us a need to revise the strategy here that has resulted in prioritizing customer retention. Even in a scenario which gross contribution is a bit more complex, we are able to maintain net intake at a level that reaches our macro goals.
We had a positive impact this quarter, as being mentioned sometimes during our presentation, and with net income of BRL 774 million this quarter. It's important to reinstate before talking about expectations for the year that private pension is a fee-based segment, and the results are generated based on reserves that has had constant growth. Right, Caio? The Q1, for example, we had a growth of over 18% compared to the same period last year.
Regarding the forthcoming quarters, our expectation is that this year should continue to be challenging for private pension, but aligned to this retention strategy that I've mentioned, we are analyzing and putting it up and running along with the bank, some commercial campaigns with the goal of increasing the engagement in the selling of such products, always aligned, obviously, to the strategy of the bank and matched with the goal systems that are in effect at Caixa Econômica. Kaio, regarding the question you've asked me directly, first, thank you very much. It's, I'm very happy to be here available to all of you to be able to answer the questions in the best way possible. I received in a very happy way and honored the invitation to be here at Caixa Seguridade.
First of all, of course, every strategy of Caixa Seguridade is linked to an interest to a guidance of the controlling bank. This is a fact. We cannot put it differently, even regarding the answer I gave to the previous answer. In this guidance, in this interest that I say is common, I haven't received any specific guideline regarding Caixa Seguridade so that I could or should make a decision in this way or that, A or B. Much on the contrary, what I received was care for the company and not analyzing the company the way it is, and special care to it regarding the future so that its growth can be sustainable continuously and long-lasting because Caixa Seguridade is one of the most important assets for Caixa Econômica Federal.
The first point is that I received the invitation that was quite nice of the president, and what I've was asked was to be careful. What I got from the management of the Caixa was of great collaboration, of readiness, so that the company can actually follow its pathway that is quite successful, and the structuring of the company is quite recent. I can affirm with great confidence that it's a success case. As I arrived here, I saw a very positive scenario in terms of executives and all the professionals at Management and more every professional. We have a streamlined company aware of its goals and be sure that we are on the right track so that we can deliver even more in addition to what we have been delivering in a short period of time.
Okay, Felipe, thank you very much.
Thank you, Eduardo.
Our next question in writing from Mr. Igor Moraes. Good afternoon.
Congratulations on your results. How do you see dynamics of management fees of accumulation products, especially private pension? The rate dropped had a drop in the margin because of the change in the mix of funds or by the rate of the new funding or new contributions?
Good afternoon, Igor. Actually, as to rates of private pension, that's complicated. It's natural over time to funds with lower administration fees, especially according as customers become more familiar with the product and realize the value proposal of each one of the private pension products offered by Caixa Seguridade. In a scenario in which the interest rate is higher, as the situation we are facing today, the trend is that customers should seek fixed income products whose administration rate is naturally lower.
In this scenario, as you put it quite well, our average management fee for the Q1 was 1.18% a year, 0.01 percentage points below last quarter last year. This reflects basically our macroeconomic scenario. The demand for private pension products that are more complex with a value proposal that is more differentiated as a consequence bring a higher administration fee is lower. I think the point here within our strategy is to provide to our customers a vast array of private pension products so that regardless of the scenario, they have the best option regarding what they seek. To answer your question directly, it's a mix. Basically, it is a reflex of the sales of new products that obviously are more concentrated on fixed income at the moment.
Our next question is by Mr. Daniel Vaz from Credit Suisse. Mr. Vaz, your microphone is open.
Hi, everyone. Can you hear me? Yes, we can. We heard your question, but we could not hear you after that. If you could repeat. Sure. Sorry. I think you can hear me all right now. You can hear me well? Yes. Cool. First of all, congratulations on your results, Felipe and Eduardo. I think I'd like to hear a bit from you on investment of invested companies that's perhaps non-core, non-strategic. We've seen you're trying to move away from the learn off with CT Capitalização, Credit Suisse. I would like to know if you have any updates on the partnership you have today with PAN. That is not the controlling, control of the majority would be detained by BTG and by the shareholders' agreement, you would have some diligence that could start selling that somehow at some point.
I'd like to understand how you look at this partnership with PAN that you have, if it's a non-core investment, if you have any advance of conversations to, for divestiture here, a bit about PAN and some adjustments that you would open up and disclose at the moment. Thank you.
Thank you, Daniel. Actually, Felipe has answered a bit of this question when he answered the question from Andre on Wiz. The Too Seguros and PAN Corretora, well, the functioning is quite similar, Daniel. We are evaluating the best way of matching these stakes to our strategy. Today, the last definition of our board was that they are not strategic to us. We are here analyzing which would be the best way and the best path regarding such companies. At the moment, we have no new information regarding such assets.
Regarding what we've mentioned previously at other video conferences, it's important to make it quite clear, all our stakes and the scenario of the company of Caixa Seguridade is being analyzed at the moment. As soon as we have a more updated vision, in my view, more complete regarding everything, we can be sure that we will disclose it very clearly. What is certain is that all the stakes of Caixa Seguridade have to be analyzed under the synergy viewpoint and importance for the growth of the company itself. For the time being, we have no news to share.
Very good. Thank you very much.
Our next question is in writing from Mr. Gildo Araujo de Moraes. "This payout, the company understand that is sustainable at those levels in the long term?"
Good afternoon. Well, actually, the payout. Well, we actually always need to recap the profile of Caixa Seguridade. It's a company of interest in insurance companies and brokerage. These investments of ours have a capital structure that has been conceived and actually acquired that allows sustainable growth over time. What does it mean? Unless we have a growth that is much above what we expect, that can actually happen. It happened late last year with our JV of credit letters that was growing, fortunately, above what we imagined, so we had to make an additional investment in that company. Our expectation is that should not happen.
The growth should happen in line with our planning. If this happens, there wouldn't be a demand for capital. Therefore, every cash that is generating to the holding, to Caixa Seguridade, should be distributed as dividend. In this scenario, our expectation is to keep high payout of 90% of our adjusted net income because we understand that unless something positive happens or some other adverse scenario that is not on our radar, we should direct all the funds and cash flow of the holding for payment of dividends. To us, it is sustainable over time to have this higher payout of 90%.
The next question, also in writing, is from Mr. Luan Pereira Calimério: "Hi, everyone. Thanks. Congratulations for your results. This quarter, we noticed a difference in the profile of the financial investment portfolio of the company. How should this behave in the forthcoming quarters? Thank you.
Good afternoon, Luan. Well, actually, we have been changing a bit the profile of our portfolios, especially having an aggregate view when we see our, the companies we invest in. As we've been saying, we have historically, we have a profile in the consolidated that is very much prefixed in terms of our positions. This prefixed profile, well, this prefixed portfolio had a term that was very close. The relevant part of this prefixed portfolio was maturing in the Q1 this year, great part at the end of Q2, 2023, and this will lead us to have the profile of our portfolios to change slightly. In the Q1, we have reached the end of Q1 with about 60% of the portfolio invested in prefixed bonds.
That used to be over 80%. Of the 60%, now they're 60 of 60 of the prefixed bonds have a maturity equal or below or less than a year, right, Luan. In this scenario we are experiencing today of higher interest rates, this allows those companies, the companies we invest in, to rebalance the portfolio according to the macroeconomic scenario, high the relevance of DI with prefixed rates, with higher rates than we had in the past. The financial results of Caixa Seguridade, you're right, it has been improving over the past quarters. The Q1, we had a significant growth, this should continue to happen in the next quarters, right, Luan.
Our expectation is that we close the year with a profitability of our portfolios close to 100% of DI that is higher than what we had in the past when we were more prefixed. We remind you that to ask questions, just click on Raise Your Hand. If your question is in writing, please write your name and company in the Q&A field. Wait while we collect questions. The Q&A session is closed. We would like to give the floor to Mr. Felipe Montenegro Matos to make the company's final remarks. Thank you very much. Today's been a pleasure to share with all of you the news which has been the positive results, once again, of Caixa Seguridade.
I thank you all for the time and regarding the company to devote some of your time, especially now for those of you who have tried, either have a quick lunch or those that are still going to have lunch. We are here all available with the intent, I'm sure, of making a more sound company and every day more value generated to society and shareholders. Thank you very much indeed for the opportunity. The Caixa Seguridade video conference is now closed. We thank you all for your participation and wish you all a very nice day.