The replay will be available on the company's website at www.caixaseguridade.com.br, where the presentation will also be available for download. All participants will be in listen-only mode during the presentation. We will begin the Q&A session when further instructions will be provided. We have with us today are Caixa Seguridade's Chief Executive Officer, Luiz Gustavo Silva Portela and the company's Chief Financial Officer and Investor Relations Officer, Edgar Soares. I would now like to turn the floor over to the CEO to begin the presentation.
Good morning, everyone. Thank you for joining Caixa Seguridade's earnings presentation. Today, we will present the company's results for the year 2025. On Slide 3, I would like to begin by highlighting the commercial performance of 2 business lines directly connected to Caixa's core business, housing finance.
Throughout 2025, both mortgage insurance and home insurance delivered record premium volumes, reflecting the expansion of Caixa's housing loan portfolio. Mortgage insurance, in which we continue to lead the market, posted consistent growth, driven by the product's bundling feature, which follows the evolution of the bank's housing finance portfolio. We closed the year with nearly 6 million active insurance policies, a 9% increase compared to the previous year. We ended the period with more than BRL 4 billion in written premiums, representing an increase of over 11% compared to 2024. Home insurance reached BRL 1.16 billion in written premiums in 2025, its best performance on record, representing growth of more than 25% compared to the previous year.
This performance reflects our strategy focused on customer retention and increasing policy duration, with emphasis on multi-year plans, simplified renewals, and insurance bundled with mortgage products, which reached a 31% penetration rate in 2025, ensuring more resilient, predictable, and sustainable results. I would also highlight an increase of nearly 8 percentage points in the renewal rate compared to 2024, as well as a 10-point increase in the average policyholder tenure during the year. We also made progress in expanding coverage and assistance services, improved the customer journey, and launched an insurance offering integrated with real estate credit letter awards, initiatives that strengthen the customer experience and build a solid foundation for further growth in 2026. Moving on to Slide 4 , I will present Caixa Seguridade's performance in the private pension and life insurance segments in 2025.
In the private pension segment, with net inflows of nearly BRL 4.0 billion during the year, we reached close to BRL 200 billion in assets under management, representing growth of over 15% in the last 12 months, a milestone that was organically surpassed in the first days of 2026, reinforcing the segment's relevance and strength. Throughout the year, we also continued to encourage contributions and portability with emphasis on cashback campaigns, which resulted in positive portability balances in November and December. In life insurance, we maintained a consistent pace throughout the year, reflecting our strategy of focusing on products with monthly premium payments, which enhances predictability, recurring revenues, and customer proximity. As a result, we reached BRL 2.3 billion in written premiums for the year, a 1.2% increase compared to 2024.
During this period, we expanded our portfolio with the launch of travel insurance and personal accident insurance, with income protection coverage, strengthening our portfolio and enhancing our ability to meet customers' protection needs throughout their lives. In 2025, we also reaped the benefits of our long-term, results-oriented strategy in the premium bonds and credit letter segments. Starting with premium bonds, 2025 stood out as the best year in our historical series, with collections totaling BRL 1.9 billion, representing growth of over 27% compared to the previous year. This performance reflects our strategy focused on the sale of monthly payment bonds and the stacking effect inherent to this model, which grew by nearly 42% on the same comparison basis. During the year, we expanded our portfolio with the launch of new tenors and products.
In line with Caixa's initiatives focused on digital transformation and process optimization, with an emphasis on customer centricity, we launched a new sales journey for the product on the platform used by the bank's employees. This update made the process more streamlined, agile, and intuitive, enhancing the seller experience and the operational efficiency. Turning to credit letters, the product maintained a strong performance, supported by the high interest rate environment, which makes it an attractive alternative to traditional financing. The volume of credit letters sold continued on an upward trajectory, exceeding BRL 23 billion, representing growth of more than 20% compared to 2024, and contributing to over BRL 48 billion in managed credit letters outstanding. Highlights include real estate credit letters, which grew by nearly 25% over the year.
More recently, at the beginning of 2026, we advanced in diversifying our credit letters offering with the launch of two new modalities focused on heavy vehicles: Agro Flex, aimed at the agribusiness segment, and Empresarial Flex, designed for the corporate segment. We now move on to the key highlights of 2025. We begin with the secondary public offering, which was completed on March 25. Following this highly successful transaction, the company met the minimum free float requirement of 20%, fully complying with all Novo Mercado listing rules of B3 and increasing the liquidity of its years. In May, we celebrated the historic milestone of Caixa Seguridade's 10th anniversary. More than a decade of existence, this date symbolizes a successful trajectory, marked by significant achievements and a meaningful contribution to the strengthening of Brazil's insurance market.
In the second half of the year, Caixa Seguridade participated in COP30 in Belém. Our presence at COP30, through the promotion of forums, debates, and pioneering studies in partnership with our affiliated companies, reinforced our commitment to sustainable development by promoting solutions that balance economic growth with environmental conservation. To conclude the highlights of this slide, I'd like to present some of the awards received by Caixa Seguridade throughout the year, which reflect the recognition of our sustainable results and our commitment to generating value for society. To conclude this 1st section, I will present the company's key figures for the year. We recorded a record managerial net income of BRL 4.3 billion for the year, representing growth of nearly 15% compared to 2024.
This performance directly impacted our main profitability indicator, the return on equity, which closed the year at above 70%, our high level on record, and nearly 3 percent points higher than the level reported at the end of December 2024. In January 2026, the board of directors approved the distribution of BRL 990 million in dividends. Combined with the interim distributions made throughout 2025, total dividends reached BRL 3.93 billion, an increase of nearly BRL 500 million compared to the amount distributed based on 2024 results, corresponding to more than 91% of net income for the year. This keeps the payout ratio above 90% and reinforces the company's commitment to consistently and sustainably generating value for shareholders. I will now turn the floor over to Edgar Soares, who will continue the presentation with further details on the company's financial and commercial performance in 2025.
Thank you. Good morning to all. I will now present further details on the company's financial, commercial, and operational performance. On Slide 9 , we present the summary of our financial performance. It's important to note that the figures shown here are on a managerial basis in accordance with IFRS 4. Starting with operating revenues, which reached BRL 5.8 billion in 2025, a growth of 13.4% compared to 2024. 57% corresponds to income from equity investments, where I would highlight the record performance of all new partnerships, which posted growth of over 25% compared to the previous year.
The remaining 43% of operating revenues relates to distribution, which increased by 5.5% compared to 2024, with highlights including home insurance revenues up 29%, mortgage insurance up 26%, as well as credit letters and premium bond segments, which posted growth of close to 40%. Managerial net income reached BRL 4.3 billion, as Gustavo mentioned, representing annual growth of nearly 15%. From an accounting perspective, net income increased by 14% compared to 2024. With this performance, the company achieved an ROE of 70.4% at the end of 2025, the highest level on record, mainly driven by improved operating and financial results.
Now, let's talk about the company's insurance vertical, starting with written premiums, which totaled BRL 9.7 billion in the year, with highlights in mortgage insurance and home insurance, both of which have shown a strong growth trajectory and renewed their historical premium records. Mortgage insurance reached BRL 4.0 billion in written premiums, increasing by more than 11% compared to the previous year, reflecting the growth of Caixa's housing loan portfolio. Home insurance grew by 25%, driven by the success of the strategies previously highlighted by Gustavo. We also highlight the assistance line, which recorded annual growth of 32%. The focus on consistent and sustainable results is a key pillar of Caixa Seguridade's strategy. In this context, in 2025, monthly payment life insurance products accounted for 70% of total issuances, with new sales growing by 81%.
Although the product's premium volume remained stable year-over-year, this dynamic tends to increase the flow of issuance over time. Credit life insurance, on the other hand, recorded a 42% decline in written premiums compared to the previous year. This performance continued to be affected by a challenging macroeconomic environment marked by high interest rates, which reduced the credit demand from both individuals and companies. There was a reduced capacity to purchase insurance linked to credit operations as borrowing costs remained high. In addition, the suspension of sales linked to payroll deductible loans from INSS beneficiaries also impacted the segment's performance in the last quarter. There was a lower volume of credit eligible for this product, leading to a decline in penetration rates during the period.
On the right, we can see the earned premiums, which grew by 6% in 2025 compared to 2024, reflecting the resilience of our business, supported by long-term products. Moving on to the next slide, I will present some key operational performance indicators. The loss ratio for the year was 23.9%, representing an improvement of 5.8 BPs compared to 2024. This movement reflects a reduction in the number of claims reporting during the period, in contrast to 2024, when the loss ratio was impacted by extraordinary events affecting the mortgage, home, and credit life segments. Regarding commissions, the dynamics remained in line with historical levels, with a slight increase of 0.3 percentage points compared to 2024, reflecting the product mix.
As for the operating margin, growth for the year was 12.1%, driven by the improvement in the loss ratio between the periods. As a result, the insurance vertical accounted for 45% of total operating margin, maintaining a level very similar to that observed in 2024. We present the performance of the accumulation business vertical, comprising the private pension, premium bonds, and credit letter segments. Starting with private pension, gross contributions totaled BRL 36.3 billion, a slight decrease of 1.1%, reflecting the impacts of change in the IOF tax. Net inflows, however, remained positive, reaching BRL 3.7 billion for the year, driven by the mobilization of the sales force with incentives focused on gross inflows, portability, and retention.
We closed the year with nearly BRL 200 billion in reserves, representing growth of 15.3% over 12 months. As highlighted by Gustavo, we organically surpassed the BRL 200 billion mark in reserves at the very beginning of 2026. Moving on to premium bonds, the figures reflect our strategies of focusing on the monthly payment modality, whose share of total funds raised increased during the year. Sales in this modality grew by 41.9% year-over-year, contributing to a new record in funds raised, BRL 1.9 billioN , representing annual growth of 27.1%. Premium bonds reserves reached nearly BRL 3.4 billion , growing 41.7% in 2025.
In 2025, BRL 33.2 billion in consortium credit letters were sold, representing growth of more than 20% compared to the previous year. This performance contributed to the expansion of the credit letters portfolio, which exceeded BRL 48 billion at year-end, an increase of more than 46% compared to 2024. Still within the accumulation business, operating revenue in 2025 exceeded BRL 3.8 billion, representing growth of 13.5% compared to 2024, with increases across all segments. The main highlight was credit letters, which posted growth of 26% over the period. Regarding operating margin, we recorded an increase of 16% for the year, driven by revenue growth across all segments. The accumulation business vertical share of total operating margin increased to 28% for the year.
We talk about distribution business, which includes revenues generated from the sale of insurance and related products. In the year, revenues from these verticals grew by 5.5% compared to 2024, reflecting the product mix sold during the period. The table on the left shows detailed performance by insurers in accumulation segments, where I would highlight the revenue growth from mortgage insurance, home insurance, credit letter, and premium bonds. Regarding brokerage distribution of total revenues, 22% was allocated to incentive payments and 12% to cash service fee. The remaining 66% of commissions paid by the operating companies remained with the brokerage as net revenue. Operating margin in 2025 totaled BRL 1.83 billion, representing a decrease of 1.6% compared to the previous year, impacted to the credit life insurance.
The distribution business accounted for 27% of total operating margin, with 21% from the insurance vertical and 6% from accumulation. Now, we are presenting the indicators in a consolidated basis, considering Caixa Seguridade's economic holdings in each invested companies. For the year, the administrative expense ratio remained roughly in line with the level reported in 2024, with improvements observed in the new partnerships, reflecting efficiency gains in other operations. It's important to note that the 2.3 percentage point variation compared to the previous quarter, is mainly due to seasonality in advertising and marketing expenses. A significant portion of these expenses is related to tax incentive programs. Excluding these amounts, the adjusted annual and quarterly rates would be 10.8% and 12.1%, respectively.
The combined ratio for the year improved by 0.9 percentage points compared to the previous year, reflecting improving margins in both the accumulation and insurance business, the latter benefiting from lower loss ratios. With the improvement in financial results during the year, the expanded combined ratio increased by 2 percentage points compared to the previous years. Let's analyze the proportionate contribution for international results to net income, considering the effect of all holdings net of taxes. Annual financial results were 37.2% higher than in 2024, reflecting a higher Selic rate environment, combined with a higher average balance of financial investments, as well as a lower financial expenses during the period. Financial results accounted for 34% of Caixa Seguridade's net income for the year, an increase of 6 percentage points compared to 2024.
Regarding the composition of the consolidated investment portfolio, as of December, of the total, BRL 15.8 billion in financial investments, 36% was allocated in floating-rate instrument, 31% to fixed-rate instruments, 17% to inflation-linked instruments, and 7% to other types of funds. The marginal change compared to the previous quarter reflects a strategy of increased exposure to inflation-linked securities adopted by Caixa Capitalização, raising the share of these instruments by 4.4 percentage points. The average yield of the fixed-rate portfolio stood at 12.6%, maintaining the same level observed in the previous quarter, reflecting the strategy adopted by the group's invested companies of extending portfolio duration and diversifying maturities across different tenors. With that, we conclude the presentation, and we are going to start with the Q&A session. Mateus? Thank you, Edgar.
We will now begin the Q&A session for investors and analysts. If you would like to ask a question, please press the Raise Hand button. If your question has been answered, you may leave the queue by clicking Lower Hand. Questions may be asked in Portuguese or English, but will be answered in Portuguese. If you would like to submit a question via Zoom, please type your name and company in the Q&A field. Well, our first question comes from Mr. Antonio Duarte from Bank of America.
Good morning, everyone. Thank you for your time. Gustavo, if you could delve deeper into topics which are the most important, I didn't understand the growth of the mortgage insurance in the short run and the medium run, how they contribute to the net income?
How do you see the growth for this real estate segment in 2026? I would like to know about technology and investments. How do you understand that this could change this, the sales and the combined ratio for the company? Thank you so much.
Our mortgage insurance is our flagship. This is clear. Gustavo, we adjust the sound. Can you hear me now? It's much better now. Wonderful. Thank you. Antonio, thank you for your question. It's important to highlight that every day, more and more, the mortgage insurance is reinforcing its the core business of Caixa Seguridade.
We are going to announce officially our results next week. The mortgage president and vice president, they have been saying that the bank must present in 2025, a new record result in terms of new premiums. That could be observed with our performance of mortgage insurance. This volume of BRL 4 billion in written premiums is 11.2% than what we had in 2024. This process is bringing to us an opportunity, an incredible opportunity. Concerning funding, we have some adjustments concerning oil royalties that will impact our FGTS portfolio. We hope that FGTS is growing more and more with expressive volumes, that's what we've been observing in the last years.
Caixa has faced challenges concerning savings account, and also the compulsory deposit must bring for 2026 and next years, opportunities for maintaining this, the space of growth. To us, this is super important because beyond mortgage insurance and this strategy that is very successful with the home insurance bundled with mortgage insurance, this experience from the client with Caixa Seguridade is such that Caixa has been investing an expressive volumes of energy and money to transform the journey of the customer. This customer will remain with us at least for 12, 15 years. The customer journey must be improved more and more, bringing their dreams to come true and surprising them, generating assistance, protection, alternatives to their investments and accumulations during this time.
When we observe this new real estate credit simulator from Caixa Seguridade, which is a little bit different from the previous model we had, now we have this new version, and the client must identify themselves. Caixa has been receiving thousands of consultations, and this is bringing to us a lot of opportunities. Maybe that client's not ready to take credit at that point, but they could be a mortgage client in the future, and we have different products that they can choose from. That allows that initially we can maintain them within our reach. Now, answering the second question, I believe that all this opportunity will also in line with our investments in technology.
The Vice President Lúcio has been interviewed in this news report at the newspaper Valor Econômico, talking about the super app platform that will be launched at the end of the second semester. Us at Caixa Seguridade, we believe very much in this new feature, this new way to relate to the client, and we are investing a lot of energy in this new way to relate with the customer. Because the experience with mortgage insurance and real estate credit, in our experience with our millions of clients, with mortgage insurance clients, our current accounts clients, our FGTS client, with our social program clients, the expectation of bringing all this audience to this single platform will provide us with opportunity to talk to this client, generating proper offerings, promotions, in the right time in their lives.
This investment with digital transformation that we've been doing, especially in the second semester of 2024 and in the year of 2025, and it's going to be even more intense in 2026, Caixa Seguridade is full on board on that. We are in the different product squads, integrating the journey since the beginning, because we believe that through performance boards and with data management, complying the rules, of course, according to the data protection law, we can have this fluid experience, and we believe that we are going to provide a lot of opportunity to the clients and to us. The expectation is that the real estate credit from the second semester will have the opportunity to be hired 100% digitally. They don't have to be at Caixa Aqui real estate credit.
The client, which is the focus of our existence, will be there, and they are going to remain there for a while. The technology investments that we are doing must bring great opportunities for us.
This is clear. Thank you.
Thank you, Antonio. Our next question comes from Mr. Ricardo Buchpiguel from BTG Pactual. Please, Ricardo, ask your question.
Good morning. Thank you for this opportunity. I have two questions. First, about the credit life insurance. I would like to know if you've been discussing with INSS a return to this channel, and making it clear what was the specific impact of INSS in this drop of credit life insurance, and also in the macro effects that pressured the results. Concerning a private pension, we saw a recovery in Q3. Now we saw that wasn't so strong.
I understand that we have this new IOF tax rule that is pressuring this segment, but maybe could we believe that Q4 is now normalized with this new rule? What could we expect in terms of growth in this segment?
Thank you for your question. Let's talk about credit life insurance first. We suspended the operations at INSS at Q4 last year. We felt the impact. We had been reporting that the impact would be around BRL 24 billion-25 billion per month concerning written premiums. We had a greater impact as well, because within this model, assurance, we have different segments, and we must provide different types of attention to each one of them, and the bank was focusing on that in the last quarter. This is a natural movement. We understand it like that.
That drop was greater than what we expected concerning INSS. We have a trajectory here, and we can increase the credit life insurance, and we've been doing that over time with Caixa. Last year, we launched the worker credit with the credit life insurance. That was bringing value to the client in this relationship, and yesterday, we were able to implement that in the digital journey of the worker credit. That means that more than 80% of the worker credit in Caixa were coming through the digital via. Now we have a greater audience that is going to encompass more clients, and now we have the possibility to work with this product, because we are also developing and evaluating our portfolio to be able to offer it in other journeys for other credit products.
Edgar, concerning the work credit, worker credit, an important point is that, of course, that in Caixa's strategy to launch this credit protection, which is a concept that we've been working with, that we could have this opportunity to protect the credit. The worker credit was born protected. We had an adaptation time, given the technology investments, the expectation is that we would launch this credit with the digital credit, with the super app, at the end of the semester. We were positively surprised with this anticipation. It's still very recent, it happened yesterday. We noticed that the clients understood the journey. The volumes are similar, this is a super important point. It's a way to enhance our clients, client base.
We are able to compensate this loss, maybe not with the same proportion of INSS, because it was a product that was consolidated in the market for years. We see this expansion this year, and we are going to have other perspective to work with this credit life insurance. We observed a semester that was lower than we projected, but we've been doing countercyclical movements to face that so that we can increase the pace of the credit life insurance as we should. Concerning the macroeconomic scenario, we are trying to bring the client capacity in terms of credit, and with higher interest rates, the affordability. It's more difficult. They have less credit, they are not willing to take more credit, so this will also reduce the volume.
We hope that this adjustment in interest rates, that must be around 1% in the year in average, as we've been reading, that should bring some recovery to credit life insurance for 2027. Concerning private pension now, last year, until the consolidation of projections in complementary private pension entities in Brazil, we weren't able to have a consensus of the behavior this year. It's a very different behavior concerning demand, especially when we consider the IOF tax. Last year we had positive results. The implementation of IOF tax in the last semester, and we had a window of opportunity, and then it, the industry suffered because it went back to normality. We had been developing some strategies that we understood as proper for us to translate that for the client as an opportunity to generate, value accumulation.
In the last quarter, we noticed this drop from 2023 - 2024 and 2025. Observing the macro scenario and the market as a whole, our performance was extraordinary. We must recognize the work done. We had the positive portability in November and December. We are centenary bank, a very solid bank, so we are able to capture value, and in November and December, we were able to bring more clients to Caixa, and the balance. Concerning 2026 projections, there's no consensus for us to work with this possible figure. Internally, we work with a scenario that we are going to try to repeat our performance in 2026, and we are going to adopt the measures according to the environment.
Concerning private pension, an important point concerning funding is that, in fact, the fact of SBPE is well addressed this year will bring opportunities to us with less competition among products. Private pension must occupy an important space. Unless we have a structural change, we won't have aggressive campaigns in LCI and LCA, and the focus on products that we usually work.
That's clear. Thank you.
Thank you, Ricardo.
Our next question comes from Ms. Maria Luisa Guedes from Safra.
I wanted to talk a little bit more about the credit life insurance. We saw the impact from INSS, we also saw this loss ratio that was very good since the second quarter, even with this premium dropping.
I wanted to listen from you concerning this improvement, if it was concentrated in a specific product or if individual audience or corporate clients. We wanted to understand a little bit more since the scenario for premiums in 2026 is still challenging.
Thank you, Maria, for your questions. Concerning the comparative basis, this is very important for us to analyze the credit life over, year-over-year, because we had an atypical situation in 2024 that brought this rate up, and now this is coming back to normal, and we hope to keep this rate close to 20%. Of course, we have the issue of commercialization. We have some recurring revisions concerning price, so that we can face that, but our projection here is to work close to this level, Maria. Perfect. The sustainable level is around 20%, according to the Q4, right?
Perfect. Just to complement, Maria, the fact that we had in 2024, just for you to understand. Was an increase in the second quarter of the year, because we had an impact of the claims that were not, that were not made. We had this adjustment that made this increase. We had that lowering over the year. Q3 and Q4, which were much lower than normality. Our normal level is around 20%. This comparison must shed light on what happened this year.
That was clear. Thank you.
Now, the next question comes from Mr. Arnon Shirazi from Citi, Citibank.
Good morning, everyone. It's a pleasure to talk to you again. My question is in the same lines. I wanted to know more about credit life insurance. When we observed SUSEP data, we saw it was a very weak month. We didn't have the release for January, but could you give us an expectation in terms of improvement? You told us that the real improvement must come in 2027, but we wanted to understand what is the trend this year. Thank you.
Thank you, Arnon. December is a month when we close the figures in the bank. We have a lot happening at the same time. We had the INSS impact that brought difficulties for the employees to reach their individual goals, and that was reflected in December figures. That was a weaker month.
If I observe a month-over-month, in January, we are going to have a growth compared to December. The audience has changed, and the features of this audience also changed. Last year, in January, we didn't have the Worker's Credit . It's a new modality, and now we have this possibility of having credit life in the digital media. Comparing January with last January, we'll see a drop comparing January and January, but we notice that the penetration within the credit operation, or operations, according to the credit life, were very similar to the beginning of 2025. That's why we are developing this work, to increase the number of clients that could take this kind of insurance. Now, we are in digital media.
In December, 86% of the concessions for the workers were happening through digital media. It's a great opportunity. We talked about that with you. Our historical penetration in credit life insurance in digital media is around 30%. 3 in 10 clients are entering in this journey of credit hiring through digital media. They also hire credit life, and this is very important to us. Because we are bringing value to the client. We don't even have to offer this product to them, they come to us. We've been enhancing the portfolio. We've been studying that. We've observed how the peers are offering this product and how we should offer the product. We have this work group working on that.
We disclosed the release. Now the retail executive is also a board member, to reinforce this commitment of workforce that we have, so that we can bring the results. This is a very important point. In our board, we have a statutory from retail, from mortgage. They are board members, so we try to bring this ecosystem together. In practice, this is the idea of credit life insurance. This year we have the digital media, but we don't have INSS, so we must increase this journey, and after the implementation of the super app, capture all this audience to increase the client volumes.
Thank you so much.
Thank you, Arnon.
Our next question comes from Mr. William Barrancos from Itaú Unibanco.
Good morning, everyone. Thank you for the presentation. Two quick questions. Back to credit life insurance, I wanted to understand if with this change, we can see a sales rerouting. You're not selling credit life, but maybe you're selling other segments. The second question concerning is concerning vehicle premiums, which is increasing a lot. Do you understand that this is a segment that we could see increasing this year or maybe in next years?
Thank you for the question, William. Let's talk about this rerouting of the credit life that you commented. There's this offering because the client wants that protection, and we protect that with life insurance, but it's not happening the same way as it happened with credit life insurance. Why is that? Because the credit life insurance is...
It has, as one of the components, the coverage of the debt or part of the debt, and is traded within the journey of credit concession. It has its own peculiarity, peculiarities concerning the calculations and so on. On the one hand, is making the process easier for the client, but on the other hand, when it's not there, it's harder for the client to understand that they have the possibility to hire that insurance. We offered that, but there's no one-to-one conversion. This is natural. Yes, we are working with the offer of life insurance in this journey. Just to add to what Edgar had said, this is in lines with this repositioning from the bank with customer centrality. Caixa has this sales process that is very qualified when we observe other peers.
Our penetration in credit life insurance has always been around 30%. The client buys because they understand the product. When you change the sales scope, the sales pitch will change, but the moment of the offering is there. This is important for the client. When the credit life insurance has a component of protection for the family, which is very clear, and also income loss, this is also very clear. This magical moment for this credit offering is something that we must explore, of course. We must show them that this life insurance could have this similar process of coverage and so on. There's something in these lines. Concerning vehicles, yes, in fact, we've been observing the automobile operations in the last five years and the distribution in automobile.
We don't have a joint venture focusing on that, and we don't have a factory in our structure, but our revenues in the last years hasn't had materiality in the results. Within these lines, it's part of our challenge today to study opportunities that could not only bring this revenue to us, but also adding value concerning customer centrality. The auto insurance, it's an insurance that the client looks for in their own banks. We are evaluating how we can capture and diversify our way to distribute, so that we can evolve in these lines. This is addressing our needs, the need of our clients, and other opportunities that could happen when we see all the insurance market offering this purse protection insurance or Pix protection or cell phone protection.
These opportunities are being studied by the company, but we don't have a strategic decision made in this line, so we don't want to convey expectations. It's clear that it's in our radar. We know the size of the market and the importance of all of that, especially for the client, which is who is the reason for us to exist.
I'd like to add to your contribution, Gustavo. When we bring the earnings presentation to us, we are bringing some insurance lines and accumulation products, but we are not disregarding opportunities from different segments. We have many studies. We've been trying to capture value in the distribution network in our business so that we can achieve new results, not only in the portfolio that we are bringing to you in terms of results, but also adding value.
Today, we have the offering of products in Caixa, but with this bias to cater the need of the client, then bringing differently from bringing value to us. We've been working to understand what is the best way to capture value to the shareholders and the company.
Thank you.
Thank you so much. Now we have a question that came via chat box. It's a private individual who asked us about the impact of the interest rates. They wanted you to explore, Edgar, if you're able to measure the possible impact, especially concerning financial results. You talked a lot about the portfolio composition, but they want to understand how we are going to be positioned in the future.
The most important, Caixa Seguridade is reporting more results from its operating side than from the financial side. In terms of the financial side, we have BRL 40 billion results in each percentage point, each 100 basis points. We are expecting 100 basis points to drop, but we are expecting greater sales. We must have a type of stability concerning the financial results observed in the year 2026 compared to 2025. Concerning the operating part, we will have several possibilities that we can work with over the year with this scenario of interest rates dropping.
With this drop, you have more clients coming to the financial institution, a greater flow of offerings and conversions, so that we can overcome our results in distribution revenues.
Thank you, Gustavo Portela. The Q&A session is now closed. I'd like to give the floor to the CEO so that he can give us his final remarks. Thank you so much.
Thank you for your attention. I wanted to thank our clients, our shareholders, our investors, who trust the execution of our strategy by the executive board. I'd like to thank our employees. We have a team which is the strength of Caixa, our brand, our capillarity, the culture of our collaborators. The strategic alignment of our team is very strong, and I'm extremely optimistic now with the perspectives that we had.
We had many challenges last year, and we had a record result. At the end of the year, we had a lot of strategic inspiration, and we are going to work hard this year. We are focusing on execution. This is our main drive at the executive board. We have weekly monitoring. We hope that we are going to evolve a lot, improving the portfolio with this fine adjustment in terms of technology. When I came to the company, one of the fears I had, it was to evaluate the fact, the different partners that we have, but they're able to capture value in this diverse culture with different ways of thinking, different mindsets. This is key to our company.
I would like to thank your trust, our shareholders, our institutional investors, our shareholder, Caixa, who has been supporting us in execution, and our team. I'd like to thank you especially for that, for the achievements in the year, and the energy that you're using for this intense agenda that we have in terms of challenges in 2026. I'm very excited. Thank you for the opportunity and your time. Thank you. Our earnings video conference is now over. Have a nice day!