Welcome, everyone, to Caixa Seguridade's Conference Call to announce results relative to Q2 2022. After the brief remarks on the company's executives, we'll start a Q&A session when further instructions will be provided, initially for investors and analysts. After that, we'll address questions from journalists, and then further instructions will be provided. This event is being broadcast over webcast and can be followed at the company's website at www.ri.caixaseguridade.com.br. Those participating via webcast will be able to also send their questions via the platform. Those questions will be addressed by the company's management. During this conference call, our IR team will remain available and address questions that remain outstanding at the end of the conference. Before moving on, we'd like to reinforce that forward-looking statements are based on beliefs and assumptions on the part of the company's management, as well as information currently available for Caixa Seguridade.
Those forward-looking statements may contain risks and certainties because they relate to future events and, therefore, depend on circumstances that may or may not materialize. Investors, analysts, and journalists should have in mind that events related to the macroeconomic environment, to the segment itself, and to other factors that might lead the results to be different from those expressed in these forward-looking statements. I'd like to turn the floor over now to Mr. André Nunes. Please, Mr. Nunes, you may carry on.
Good afternoon, everyone, and thank you so much for your interest and for your participation as we announce results for Q2 2022 for Caixa Seguridade. My name is André Nunes. I am the company's CEO. Today with me during this call, Mr. Eduardo Oliveira, the company's CFO and IRO, and Ágata Siqueira, Commercial Director.
Today, in this brief period that we have available, is to present the company's results in this quarter, which has just ended, making a brief backtracking of what happened in the company in the last year. At the end of last year and early this year, Caixa Seguridade performed an extensive restructuring of its operations through strategic partnerships. The company focused on operationalizing new partnerships and agreements, in addition to fostering restructurings, which were considerable in our products across the board. With that, we have added value, both with an increase in the economic share in the business and also because of a higher commissioning level via brokerage, which included the creation of our own brokerage office, in addition to improving corporate governance with new companies being managed in a shared fashion, in such a way to potentialize strengths brought about by each one of the shareholders.
Early in 2021 and throughout the year, agreements were implemented and companies became operational. Brokerage revenue is now fully captured by Caixa Corretora. That started in mid-August last year, and that, of course, leveraged the company's results, helping generate net income of BRL 681 million in the second quarter of 2022, BRL 681 million in net income. Well, in addition to that figure and net income, the most relevant result from Caixa Seguridade, which is the purpose that we have, is what we deliver back to society in terms of benefits that spells protection, safety, the ability to fulfill dreams in a calmer future. On the slide that you have on your screen, slide number three, we have a few highlights of what I'm talking about. In 2021, this first half of 2022, we're talking about 3.2 million lives insured, accounting for a coverage of more than BRL 695 million.
As for equity, about 6 million households were insured, accounting for BRL 783 billion in coverages. In the same period, significantly impacted by the volume of claims coming from the pandemic, we paid about BRL 2.7 billion in indemnifications out of over 91,000 requests. At the same time, there were 200,000 households that received our services, which come to comfort families and which shows the importance. Also important was to reach BRL 123 billion in reserves, a resource that will assure a more comfortable future to our clients. That was a very good quarter for welfare. We understand that for pension funds, we still have room to grow in this segment. To complement, the company paid out BRL 1.6 billion in dividends to shareholders in 2021, maintaining a payout of 90% and a level return to society, which we intend to maintain.
Partners, shareholders, and controllers will continue to receive that 90% payout level. We at Caixa Seguridade have realized that the insurance market is one of the most important strategies to reduce inequalities in our country. If a person of a high income status has their vehicles stolen or totaled and have no insurance, they absorb that loss and life goes on. That's just a loss, a material loss. Now, if we're talking about a person who works for an app and they lose their vehicle, they stop working. They cease to make money. In other words, insurance is a guarantee to maintain their level of income, which is just as relevant as their income decreases. This is a market that needs to grow. Seguridade has strategies in place to follow up on the growth of the Brazilian insurance market and become an agent of transformation in that market.
To do so, we need to align with the controllers' strategies, our main counter of business, if I may. On the next slide, we see that in August, Caixa launched a program destined for the female public, Caixa Pra Elas, with three pillars, embracing victims of domestic violence, initiatives to foster female entrepreneurship, and also the offer of products and services geared towards women with specific benefits, including Caixa Seguridade. It's worth mentioning that even before this initiative took off, Caixa Seguridade had in its portfolio products and services developed specifically for women, such as the Seguro Vida Mulher, the Emprego Mulher, insurance programs for women. The Seguro Vida Mulher has ongoing benefits, such as indemnification in case of cancer diagnosis, breast, ovarian, and uterus, and the possibility of coverage for accidental death of the husband or partner, and funeral assistance.
The Emprego Mulher, in turn, has as an ongoing benefit only for women gynecological prevention services and pregnancy assistance. The Seguro Prestamista includes assistance exclusively for women, such as well-being, nutrition, pharmacy, and professional placement in the market. Caixa Residencial today has 23 benefits geared towards making women's lives easier in their shared journey as they juggle work and home.
The consortium segment, women entrepreneurial women, count on a discount of 10% on the administrative fee for light vehicles. In the case of Rapidex Mulher, in addition to the current benefits for automobiles, motorcycles, and homes, we are developing new benefits exclusively for the female public, such as nutritional, educational, and in fighting domestic violence. This is just one way to reiterate our commitment with its shareholders, as well as being always in line with Caixa's strategy and reap the opportunities for growth, which is something we have been doing repeatedly.
The result of this quarter is a reflection of that, is a consequence of that. On the next slide number five, we have a few highlights of the strategic implementation which we performed in Q2 2022. The first highlight is the Sales Team Program, an important tool to engage employees and sales partners in the sales of Seguridade products. In this period, we emphasized an increase in the share of the Rede Parceira program, which includes the corresponding CAIXA Aqui and are relevant in issues of housing insurance and lottery units, with a growth of 78% in the amount of partners. It's worth mentioning that the classification, the platform influences the amounts paid on sales and reaches an important arm of the Rede Caixa.
Another highlight were the training sessions for our sales force, especially for new products, benefits, and ways to sell, with more than 10,000 people having been trained, including Caixa employees and partners. During the quarter, we also performed to diversify our insurance, which is now being offered via the Caixa Tem app along with microcredit. Even though it has a lower ticket to the tune of BRL 19 , it is a product of high volume with over 1.2 million policies, which benefits a public which until then had no access to the insurance market, thus having an important social role to be played, which also reinforces the sales potential through digital channels and the offering for the self-purchase on the part of clients. Under consortium, we totally revisited a line of products by new partnerships. In July alone, we sold BRL 1.7 billion in letters of credit.
That record number was favored by the launching of the heavy vehicle credit line, which generated close to BRL 570 million in credit letters. As for the loss ratio, which sat at 22.5%, it reiterates what we have seen recently, which is the return to historical levels that we had pre-pandemic. This year, the loss ratio has not caused major impacts, and we hope to operate at that level from here on end. All of that, in an added way, the success in the strategic execution led to the highest quarterly income in the company's history, a strong growth of 60% when compared to 2021. Year to date, we have reached the level of BRL 1.2 billion, a growth of 44%. Lastly, let's look at the commercial performance highlights in the quarter.
On slide six, we see that the written premiums reach almost BRL 600 million in premiums, a growth of 9.1% when compared to the same period of last year. It's worth mentioning that that number was not affected by the PRONAMPE because issuances of credit along those lines started in late July. This way, the growth is coming from reaping the opportunities created by the origination of credits at the Caixa counter. As for residential insurance, which changed level that started last year, we have reached over BRL 178 million in issued premiums, an increase of over 15% when compared to the second quarter of 2021, proving the success of the product in its alignment with one of the main business lines of the bank, which is house financing.
It's important to mention that since the beginning of the year, on average, over 40% of new sales have been made through a renewed way, favoring the long-lasting relationship in the field and sustainability of this new level for the coming years. For the credit letters, the quarter saw a volume of BRL 2.8 billion in credit letters, a growth of 872% year-over-year and the best quarterly performance in the company's history. In six months, we had a volume which was above what we did before in a year. Capitalization was another highlight, presented BRL 402 million in collections with bonds, a growth of 33.7% when compared to the same period of last year. Today, 30% of sales are made on a monthly basis, whereas 70% in the single payment mode.
As for the private pension segment, we also had a solid performance, BRL 6.8 billion of revenue in the quarter contributed for us to exceed the mark of BRL 123 billion in reserves, which presented a growth of more than 22% when compared to Q2 2021. We understand that these figures will continue at this level, especially because of the high interest rates.
Our product has shown high permanence rates, good profitability as well, and also good diversification to meet different client profiles. We have closed the highlights now with brokerage revenues, which reached BRL 411 million, accounting for a growth of 91.7% when compared to the same period of 2021. That can be linked to the commercial performance and to the new remuneration structure coming from the creation of our own brokerage office. Okay, I now turn the floor back over to our IR officer, Eduardo Oliveira, who will continue with the financial highlights of the period.
Thank you, André. Good afternoon, everyone. Now, on slide number eight, we have some of the highlights of the company in the period. In the second quarter of 2022, operating revenues grew 66.8% when compared with Q1 2021. The highlight for revenue coming from brokerage, BDF and brokerage, a growth of 92% year-on-year. Year to date, operating revenues saw a growth of 53.1%. Brokerage performance in making up the revenue influenced mainly by revenue coming from insurance and by the performance of letters of credit at Caixa reinforce the importance of our new brokerage model.
The company's net income reached BRL 680 million, accounting for the best quarterly result for the third consecutive quarter of Caixa Seguridade, with a growth of 59.6% when compared to the same period of 2021. In six months, income exceeded BRL 1.2 billion, an increase of 44% when compared to the first half of 2021. Such level of growth reflects a new level of performance, which was reached after the implementation of new partnerships and of creating our own brokerage house. With this, ROE reached the level of 45.5% and exceeded by 11.6 percentage points the figure in the same period in 2021 and by 5.3 percentage points the estimated number for the first quarter of 2022.
The variation between the second quarter of 2022 and previous periods comes from an increase in the company's results in the year to date for last year, with an increase of operating revenues in addition to the distribution of dividends paid out in April. On slide nine, we saw the performance by line of products. Risk businesses, where we consider insurance and assistance services, saw a growth of 6.6% when compared to the second quarter of 2022 and the same period of 2021, an increase in the production of all strategic branches. Positive highlight for the volume of premiums issued in residential, 15.5%, and Prestamista, 9.1%. In addition to an increase in assistance, which despite still representing only 1% of the whole, has been growing fast. Important to reinforce that, as per the previous model, assistance was an expense line.
Now, it is yet another positive factor for the result, for the bottom line. In relation to the Prestamista brand, I reinforce what André said, that in the first half of 2022, we did not have any credit concession related to PRONAMPE, which just started in late July. The main factors to explain growth in this period were better use of opportunities and individual credit and better use of agricultural credit, which contributed with the issuance of BRL 62 million in premiums. In accumulation business, where we consider private pension funds, capitalization bonds, and letters of credit, we had a collection growing by 12% in the second quarter of 2022 when compared to the same period of 2021, a growth for all segments and a highlight for capitalization.
In the year to date for 2022, when compared to the first half of 2021, a growth of 11.6% is driven by meaningful increases in collection with capitalization bonds, 18.3%, and revenues coming from pension funds at 12.7%. The amount of reserves until June 2022 has exceeded the mark of BRL 123 billion, an annual growth of 22.6%. In letters of credit, we had a sharp growth of 872.3% in those letters sold at Caixa, with a highlight for heavy-duty vehicles, a new product which still reached almost BRL 570 million in letters being sold in the period.
In distribution business, where we consider BDF revenues and brokerage revenues, total commission received in the second quarter in 2022 was BRL 410.8 million, an increase of 91.7% when compared to the same period of last year, an increase related to a better commercial performance and this new remuneration structure coming mainly from our own brokerage house now. In the comparative view between the first half of 2022 and the first half of 2021, commission revenues saw an increase of 80.3%, and the revenue from brokerage grew 134% between periods. The performance of commission revenues was influenced mainly by letters of credit and insurance, as it was said, with respective growth of 45.2% and 2.2000%. On the next slide, we talk about the operational performance. We'll be talking first about risk business.
In the second half of 2021, operating revenues saw an increase of 10.9% when compared to 2021, totaling over BRL 1.9 billion. Year to date, revenue exceeded BRL 3.9 billion, a growth of 9.2% when compared to the same period of last year. Loss ratio saw an improvement in the second quarter, a drop of 12.2 percentage points when compared to the same period of 2021, and staying within historical levels. That change is related to a drop in claims related to pandemic, which saw in 2021, second quarter, the peak of its historical curve for housing and life. When compared with the ex-COVID view and extracting claims related to the pandemic, we see that curves of loss ratio come together with a residual difference of 1.1 percentage point in the second quarter of 2022.
The commissioning index, which calculates the proportion between acquisition costs and premiums gained, saw an increase of 1.4 percentage points in the relationship between the second quarter of 2022 and the same period of 2021 due to a product mix and to the new levels of commissioning, especially for housing and residential. As for the first quarter of 2022, there was a drop of 0.6 percentage points in that indicator, which is coming from the costs of acquisition of the life segment. Operational margin for insurance, both when compared to Q2 2022 and Q2 2021, and also in the comparison with year-to-date this year and last year, saw a growth, respectively, of 29.2% and 20.6%. That performance is driven by the appropriation of premiums in addition to a drop in loss ratio, especially in the volumes observed for housing and Prestamista.
As for representativeness of the operating margin at Caixa, it also takes into account amounts coming from accumulation distribution, and the margin from risk business, even though they grew, saw a slight reduction in 2022, accounting for 58% of the operating margin of the Caixa Seguridade's businesses. Now, moving on to slide 11, we have the operating performance for accumulation business. Across segments, pension fund is the main contributor for the operating margin, accounting for 66% of accumulation businesses in the first half of 2022. The amount of reserves until June, as I said, has exceeded BRL 123 billion, an annual growth of 22.6%, whereas redemptions made in the second quarter of 2022 accounted for 3.42% of the reserves at the end of the quarter, a variation of 0.05 percentage points lower than the same period for 2021.
Revenue coming from administration fees received in the second quarter of 2022 saw a growth of 19.9% when compared to the same period of last year and an increase of 4.5% when compared to the previous quarter, which reflects an increase in the volume of reserves. The average administration fee as measured for the second quarter of 2022 was 1.17%, a drop of 0.2% when compared to the same quarter of 2021, 0.1 percentage point when compared to the previous quarter, due to allocation towards less sophisticated funds, namely fixed income, with a lower administration fee. As for capitalization, reserves saw in Q2 2022 an increase of 1% when compared to the same quarter of 2021 and a growth of 2.3% when compared to the first quarter of 2022.
The average rate, which measures the relationship between net debt and total collection with capitalization bonds, saw an increase of 7.2 percentage points when compared to Q2 2021 and a growth of 2.5 percentage points when compared to Q1 2022. Within this context, operating margin for the segment of capitalization saw a growth of 115.5% when compared with Q2 2021 and the same quarter of 2021, a growth of 89.2% when you compare the first half of this year and the first half of last year. That is driven by an increase in collection and to a higher level of the scale.
The amounts for credit letters sold in the second quarter of 2022 saw an increase of 140% when compared to the same period of 2021, the best performance in the company's history, as I've said before, with a growth of 263.4% in real estate and 116.2% in vehicles. When we consider the scenario including Caixa counter, letters of credit saw a growth of 872.3% when compared to the second quarter of 2021, driven by the new Caixa consortium segment and the reformulation of products and commercial actions along with the network and providing a new experience to our clients. On slide 12, we saw the operating performance for distribution businesses.
Total commission received in the second quarter of 2022 was BRL 410.8 million, which accounts for a growth of 91.7% when compared to the same period of 2021, an increase related to a commercial performance and to the new remuneration structure coming from the creation of our own brokerage house. In comparison with the first quarter of 2022, a growth was of 25.6%, and it has to do with revenue coming from brokerage and insurance and from letters of credit. The year to date, commission revenues saw an increase of 80.3% in 2022. The makeup of the commission revenue and business for distribution in the first half of 2022, 70% is related to distribution revenues, 60% to the fee to award employees, and 14% for service fee.
It's worth mentioning that this calculation takes into account costs of distribution for life, Prestamista, and pension fund, which are paid directly by Caixa insurance. For the other branches, costs are paid by the brokerage house. Operating margin for the second quarter of 2022 saw an increase of 76.9% when compared to what was filed last year in 2021 and a growth of 21.5% when compared to Q1 2022. Year to date, the growth was of 61%. As for distribution business, the total operating margin, we see a growth of 4 percentage points when we move from the first half of 2022 from the first half of 2021. Now, on slide 13, we approach a few important indicators for the company in the second quarter of 2022.
The SG&A index, which measures representativeness in percentage points of administrative expenses and tax expenses in comparison with premiums and revenues coming from capitalization, that saw in the second half of 2022 a reduction of 0.2 percentage points when compared to the same period of last year. The indicator remained flat when compared to the first half of 2020, first quarter of 2022, still reflecting the internalization process of some partnerships the processes were already ongoing in a shared way with partners and to a large extent will now be done independently, generating a temporary increase in costs. The increase identified in the runoff group reflects costs as we streamlined the company's structure, considering its new operating level.
The combined index, which calculates representativeness of operating costs as per premiums and capitalization premiums and the broad combined index, which also takes into account financial results, saw a drop in the second quarter of 2022 when compared to the second quarter of 2021, driven mainly by the drop in the loss ratio level and of the growth and the result of premiums. Having said that, I close the presentation of our numbers for Q2 2022, and you can now move on to the Q&A session. Thank you.
Thank you. The conference is now open for questions, initially only for analysts and investors. At the end of this phase, we'll open the floor for questions coming from journalists. If analysts or investors have a question, now is the time to pose them. Press star one.
If at any moment your answer, your question has been answered, you can remove yourself from the queue by pressing star two. I'd like to ask you to, as you post your question, speak close to the microphone so that everybody can listen or hear your question. Please stand by as we pull for questions. Our first question comes from William Barranjard from Itaú BBA. Please, you have the floor, sir.
Good afternoon, everyone. Thank you for taking my question. I'd like to understand how you see the prolonged impact on premiums in the second half of the year and for next year as well. Still on that front, if you expect any positive impact because of the consigned Auxílio Brasil resource.
A second question about earnout and LPC, it would be nice if you could remind us how that works, the LPC, and also how we should see those effects going forward in the next quarters.
Good afternoon, William. It's a pleasure to talk to you once again. I'll start by answering your questions, and then my colleagues here can jump in at any moment if they want to complement. As for PRONAMPE, I think it's important to reinforce that this year we have a PRONAMPE, which is quite different. The fact that it has become a different program, which provides higher stability. As a reference, Caixa started that in late June. We have already made available over BRL 5 billion in credit within PRONAMPE, which will surely positively impact insurance when we compare with previous years, and that helps when we answer your question.
In 2020, Caixa granted BRL 15.6 billion in credits with approximately BRL 450 million in insurance. We see a penetration of 2.9%. In 2021, Caixa had BRL 6.8 billion in credit, and we produced approximately BRL 275 million in insurance, a better penetration at 13.8%. For this year, our expectation is to advantage cross-selling opportunities as we did before, following the same pace of credit granting. We saw the impact of PRONAMPE in a very positive light in the period, and this will be a relevant factor going forward in the second half of the year and for the next years as well, because we need to take into account this new characteristic of the program. In other words, it is now recurring. You have also asked about Auxílio Brasil, the emergency aid.
We expect to reap that opportunity as well for insurance, just as we did in the first half with microcredit. In this period, we had over 1.2 million microinsurance policies linked to microcredit, and we also see the Auxílio Brasil as an opportunity to do that, to have more insurance coming in. Of course, it's important to reinforce. We're talking about a lower ticket credit item, so the effect is more marginal, right? It's not something that will be defining for the company's bottom line in the line of insurance in the second half of the year. As for your second question about the earnout and LPC, I think it's first, it's important to explain where that is coming from.
The subgranting contract between Caixa Seguridade, Caixa, CNP, and Caixa Vida e Previdência contemplates an earnout mechanism, which is an incentive pegged to performance and to profitability to be paid by Caixa Vida e Previdência, by the insurance company, of course, paid to Caixa. The LPC, which is Launch Performance Commission, it is analogous to earnout but paid by the insurance company to Caixa Seguridade. It does have a role to offset earnout effects for Caixa Seguridade. At the end of the day, the two mechanisms offset each other. It does not affect the result, neither positively nor negatively.
In practice, what should we expect to see in the next years, if I may?
We should expect to see the value which was provisioned at the insurance level because of payment expectations and an adjustment in the equity pickup for Caixa Seguridade once that payment will be made also for Caixa Seguridade. What does that mean? In practice, those effects offset each other. Okay, William. The adjustment we saw in the second quarter is sort of a recognition of a potential expense for Caixa Vida e Previdência, which is then offset by a potential revenue coming from Caixa Seguridade. Okay?
Okay. Thank you.
Our next question comes from Antonio Bank of America. You may carry on.
Good afternoon, everyone. Thank you for taking my questions. Two questions. Number one, in terms of financial results, I'd like to understand your prefixed bonds.
What is their contribution and how long will it take to be able to reprice those bonds to be closer to the selling rate? The second question, in your subsidiary and investments. What do you have in your pipeline in terms of investments? What's closer to materializing and what do you forecast based on market projections? Thank you.
Good afternoon, Antonio. Starting with the question on the financial results. As a reminder, this is an added value view, accumulated view. This is a view from all companies presenting their numbers. As you said, based on the characteristics of our insurance companies, of our risk profile, our actuarial liability that we took on, they end up having a relevant portion of their portfolio being prefixed. When we look at a compounded way, 75% of the portfolios here under Caixa Seguridade, they are prefixed.
Out of those portfolios, about 80% will mature until the first half of next year. What would be the speed or the velocity, if you will, to migrate those prefixed bonds to new bonds with more favorable characteristics and rates? Give or take first half of next year. As for the average rate for those portfolios, you can identify that in our material, in our website. It's all there. Because they are long term, they have been put together some time ago, they have a rate today which is slightly lower than SELIC. What does that mean in practice? As those bonds mature, we will replace them by bonds with similar characteristics but with higher interest rates, which will improve the expectation of financial results in the future.
As for your question about the investment pipeline, since last year, since our last board meeting decided to focus on the bancassurance, we have been looking for opportunities to divest from those assets which were not considered strategic. As we have not identified a favorable window so far to do that, we thought it better that the best or most positive exits for us, the ones that would generate more value for the company, would be towards the private market. We're now discussing to find interested parties in those non-strategic stakes, right? Because this is not the moment for public offers. We'll wait until the end of the year to have some positive return on that front. But for obvious reasons, I cannot anticipate more than that at this point. Okay? Hope you understand.
Okay. Thank you, Edu. Thank you and congratulations on your numbers.
Our next question comes from Kaio Prato from UBS. You have the floor, sir.
Good afternoon, André, Eduardo. Thank you for the chance. I have a question about strategy. We recently saw this change in CEO that you had, and Camila went to retail. That seemed to be positive for Seguridade as well, given her knowledge of the business. After that, we saw other changes taking place at Caixa. I'd like to have an update from you. Where does the company's strategy sit right now? Is there any specific focus on a product? We see that letter of credit is doing well, other segments not growing that fast. We now have PRONAMPE coming back, which can potentialize other areas. I'd like to know from you, where is the focus of the company now, and how do you see next year in terms of growth?
What kind of growth can you expect for next year, double digit perhaps, provided we'll have a much better comparison basis next year? Now with your own brokerage office, so combining all that, what kind of growth can we expect for next year?
Hi, Kaio. This is André. Kaio. Camila leaving was a consequence of the new circumstances. She reassessed the whole scenario of the network of Caixa, and she brought a name on board, which is unanimity for Caixa, for the network. We have a very good relationship with Júlio Volpi as well. We have meetings with them every week to talk about strategy.
Even though Camila played a very important role, especially in a very specific and important phase of Caixa Seguridade, and she was a big help, I think now Júlio also knows the company, and we won't have any discontinuity, if I may, as we move forward. It'll be a very seamless process going forward as well. As for our strategy, in addition to focusing on some products, I think the continuity of partnerships has been very good, especially in training for each new product. The success we've enjoyed in the letters of credit is coming from that, coming basically from this hard work done on top of partnerships, combining the JV and our local arms, talking about the product, teaching about the product. I think this training of people is what will provide us with permanence for all our products. Of course, for some products, we will have priorities.
Now PRONAMPE is back, and it becomes a very important portion of our focus. Pension funds also came into focus given the current interest rate situation. We have four main partners, I say, and the company will continue to prioritize those partners so that we can develop all products that we have across all the different counters. That's the focus of our commercial team. Again, training, counter, and focusing on the possibilities that we have to leverage sales. Our sales team also comes into focus. It's merely a continuity of something which has been done. We'll now perhaps deep dive in that with our new commercial partners. Would you like to add anything?
Ágata is s peaking a bit about our proximity with the network. We have an increasingly stronger partnership across training and other areas.
The network acknowledges the value in that, and that reflects in a long-lasting existence, right? Also along with clients. The focus of our decisions always, of course, ends up on the clients, right? We look at what clients need, and of course, it also becomes a focus. Also very clear to us is the journey and the experience of our sales network, after sales, and everything that touches upon our strengths. Kaio, as a complement, your final question, because of all those elements that Ágata and André mentioned, we understand that even without the benefit that we are now having this year coming from the new structure, for next year, we still have lots of growth levers, which will allow us to continue to grow in double digit next year also. Our expectation is not to slow down next year.
Of course, the bulk of the benefits coming from the new structure will be perceived this year, but we expect to continue growing double digits next year as well. Thank you.
Our next question comes from webcast, from Evandro Anziliero. Will dividends be paid out twice a year or will they be paid quarterly? Thank you.
Good afternoon, Evandro. Thank you for your question. We know that at Caixa Seguridade, we are a company which is characterized by high dividend payout, and we know all those issues around dividend payout bring about questions and doubts. I take the opportunity to explain that and try to make that clear to the market. Currently, Evandro, our policy allows us to pay dividends twice a year, every semester. Last April, we paid BRL 887 million in dividends relative to the second half of 2021, which accounts for a payout of 90%.
We expect to maintain that historical level of dividend payout. As for a quarterly payout, it's not only a possibility, but it is the company's intention to do that. This will happen as we mature the new companies. A quarterly payout will depend on recurring receipt of payouts by the holding company. Those companies have been gaining maturity. As this happens, as those companies start paying dividends back to the holding, this will allow the company to pay out dividends also in a quarterly fashion. For now, we expect to maintain payments twice a year, first half, second half, until we, as I said, mature those companies.
Thank you. Next question comes from the webcast, Alberto Sandoval. Does Caixa intend to pay interim dividends in the first half when?
Good afternoon, Alberto. Your question is a continuation, a follow-up to the last question, correct? As I said, we intend to pay dividends relative to the first half of the year, probably between October and November, possibly in late October, Alberto. Late October, that's what we expect to do. As I say, dividend payout for us, it depends on the cash flow of the holding company, depends on the monies coming in from the companies to the holding. It depends on our stakes in the insurance company. In the case of the insurance companies, it depends on negotiation with partners, and that takes some time. That's why we have not yet paid dividends right after the earnings announcement. As for the first half of the year results, we expect to pay those dividends in late October, okay?
Thank you. Next question from Webcast, John Smith. You mentioned early in the presentation partnerships which were put together. My question is, have all the partnerships formed performing according to plan? Are those companies all performing according to plan?
Good afternoon, John. The answer is yes. The companies are performing according to plan. Of course, they are in different maturity stages. Some of them began operating on January 2nd last year, so they are at a more advanced maturity phase. Others started as a pilot project. The case of Caixa Residencial started later in February last year. We have the ones which are even more recent, letters of credit and capitalization, which started operating at full speed in late third quarter of last year. They're all operational now, all within the expected timelines, but they are at different maturity stages.
As an additional element, if we look at companies which are at a more advanced stage, which is the case of Residencial, for example, they are already taking efficiency measures, going beyond their expected operation levels. They're now increasing their efficiencies. They're assessing processes which may be internalized, trying to generate even more value. Things are happening, and it is within what we expected. It is according to plan. As they reach maturity, they'll contribute at a higher level to the compounded value for the company.
Thank you. Our next question comes from the webcast, from Anderson Hiden. Residential insurance, what would be the justification for the growth in issued premiums year to date from January to June 2022 when compared to the same period of the previous year?
Well, Anderson, good afternoon. Thank you for your question.
As per our analysis, it is quite linked to an improvement in reaping the opportunities, especially those opportunities associated to real estate credit, also linked to an improvement in quality of our network. The more our network gets to know the product, the better positioned they are to sell it, to take on the opportunities. Also relevant to mention, our commercial initiatives and our commercial campaigns which were launched throughout this last quarter, very, very important moves that help explain that, right, and help us exceed the sales level, especially in June when we exceeded the BRL 70 million landmark in premiums for housing insurance. Thank you.
Thank you. Next question from André Eduardo. Congratulations on the results. I'd like to understand the dynamic of the loss ratio for residential. When I look at the data, we realize that there is a difference between the loss ratio for Caixa Seguradora and for XS3. Why is that? Does it have to do with the age of the contracts? Should we see the total loss ratio converging towards which number? Question from Igor. Thank you.
Good afternoon, André. Actually, those are products which have the same characteristics, but they are at different maturity stages for the different portfolios. So when we compare the loss ratio for those different portfolios for Caixa Seguridade and XS3, what we see is that for Caixa Seguridade, we're talking about a mature, older portfolio, which has been a year since no contracts have been brought on. Whereas for XS3, it is under construction, if I may, it's growing. The loss ratio is an index that relates claims with the premiums.
In other words, as we grow premiums for a residential segment, this will impact the loss ratio more directly. What we expect to see is that the loss ratio for those two portfolios, we expect those loss ratios to converge to a level close to 20%, a historical level of loss ratio, 20% for housing portfolios at Caixa Seguridade. It shouldn't be any different for the Caixa Residencial, provided we're talking about similar products here.
Thank you. Ladies and gentlemen, please wait as we poll for questions. Excuse me. This concludes our Q&A session. I'd like to turn the conference back over to Mr. Nunes for his final remarks. Please, Mr. Nunes, you have the floor.
I'd like to thank you all for participating and showing interest in this conversation with our team for Caixa Seguridade. We remain available for future questions or comments that you may have, that you may want to share. We are always available to service you. I would also like to wish that our second half of the year proves to be just as successful as the first half so that we can come here next time to give you as good.