I would like to extend a special thank you to the company's employees, the teams at the other groups, group companies, and Caixa itself, together with its highly committed and dedicated sales force. It's important to recognize and acknowledge that all of you are part of the solid results that we are about to present for this quarter. Thank you. On slide number three, I would like to begin by highlighting the commercial performance of two business lines that are directly connected to Caixa's core business, housing finance. Throughout the first quarter of 2026, mortgage insurance posted a record volume of written premiums. We maintained our market leadership with consistent growth driven by the product's stacking characteristic, which follows the expansion of the bank's mortgage loan portfolio. We closed the period with nearly BRL 1.1 billion in written premiums, representing 13% growth year-over-year.
It's worth highlighting that in March alone, issuance volumes of Caixa residential mortgage insurance surpassed the entire runoff portfolio, which consists of mortgage insurance policies sold through 2021 that are still active. In home insurance, we reached nearly BRL 283 million in premiums during the quarter, representing growth of 5.5% compared to the same period last year. This performance was influenced by the strategy of offering bundled home insurance linked to mortgage financing. Although this approach has some impact on short-term growth, it ensures more resilient, predictable, and sustainable long-term results. Bundled insurance represented 12.7% of total insurances during the quarter, a growth of 30% year-over-year. Still within this context, I would also highlight the nearly 7% increase in policies with terms longer than three years compared to the first quarter of 2025.
These policies now account for 41% of written premiums in the quarter. Moving on to slide number four, I will now discuss the performance of our private pension and premium bond segments in this first quarter. In private pension, initiatives focused on inflows and retention contributed to net inflows of BRL 1.3 billion during the period. This quarter, we surpassed the milestone of BRL 200 billion in reserves, representing 15% growth over the last 12 months and consolidating Caixa Seguridade among the leading private pension operations in Brazil. This performance reflects a consistent trajectory over the past few years. It's very important to note that just over four years, the company doubled the volume of reserves under management, reflecting a long-term strategy and a portfolio design to meet customers' different needs and life stages.
With nearly BRL 543 million in funds raised, we posted our best premium bonds performance for the fifth consecutive quarter, representing a growth of more than 20% year-over-year. This result reflects our strategy focused on monthly payment premium bonds. During the period, we implemented the redemption and resale functionality, making the process more agile, integrated, and strategic, generating efficiency gains both for the sales force and for the customer experience. Moving now to the quarter main highlights, I would like to begin with the milestone reached in March of BRL 50 billion credit letters portfolio. This level reinforces the product's strong performance, driven by the current high interest rate environment, which positions the product as an attractive alternative to traditional financing.
In addition, at the end of April, we celebrated the fifth anniversary of the company's IPO, with shares listed on B3 Novo Mercado segment. Throughout this period, Caixa Seguridade has built a consistent track record of growth, resilience, and continuous value creation for shareholders, distributing nearly BRL 16 billion in dividends. These results demonstrate the strength of our business model as well as our ongoing commitment to execution excellence, transparency, and high governance standards.
Finally, I would like to highlight the achievement of the ABNT, women Gold Seal in the area of fighting violence against women (Selo Ouro no Enfrentamento à Violência contra as Mulheres), a recognition that attests to the maturity and the robustness of policies, practices, and initiatives implemented to promote a safer, more inclusive organizational environment aligned with human rights principles. To conclude this first part, I will now go over the company's main indicators for the quarter.
With the highest quarterly result in our history, we posted net income of BRL 1.1 billion, representing a growth of more than 13% compared to the same period of 2025. ROE closed March at close to 66%, an increase of 7.3 percentage points compared to March 2025, highlighting the company's strong efficiency in generating results. Yesterday, the board of directors approved the distribution of BRL 1.05 billion in dividends. This amount corresponds to approximately 92% of net income recorded during the quarter, keeping our payout ratio above 90% and reinforcing the company's commitment to value creation for the shareholders. I will now turn the floor over to Edgar Soares, who will continue the presentation with more details on the company's financial and commercial performance during the first quarter. Edgar, please.
Thank you, Portela. Thank you, Matheus. Thank you, everyone. I will now present more details regarding the company's financial, commercial, and operational performance. On the next screen, we present the summary of our financial performance. It's important to note that the figures shown here are presented on a managerial basis in accordance with IFRS 4. I'll start with operating revenues, which reached BRL 1.5 billion Q1 2026, representing a growth of 10.3% year-over-year. Out of this amount, 59% corresponded to revenues from equity investments with performance 18% higher than the previous year. The remaining 41% of operating revenue came from distribution business, which grew 1% between periods, with highlights from premium bonds segment up 30%, as well as mortgage insurance that went up 14%, and home insurance growing by 8%.
As Gustavo said, managerial net income reached BRL 1.1 billion in this first quarter, representing growth of more than 13% compared to the first quarter last year. Under an accounting view, net income increased 9.5% between periods. With that, the company achieved an ROE of 65.9%, representing a growth of 7.3 basis points compared to Q1 2025. This increase was mainly driven by stronger operating financial results for the company. Moving on to the next slide, let's discuss the commercial performance of the company's insurance business vertical. We begin with written premiums, which totaled BRL 2.5 billion during the quarter, highlighting mortgage and home insurance, both of which continue to show solid growth trajectory.
Mortgage insurance reached BRL 1.1 billion in written premiums, representing growth of 13% compared to the first quarter last year, reflecting the expansion of Caixa's real estate loan portfolio. Home insurance, in turn, posted a growth of 6% between periods, reflecting the success of the strategies Gustavo discussed earlier. I would like to highlight the increase of 104% in auto insurance sold through Youse. Our focus on consistent and sustainable results remain one of the pillars of Caixa Seguridade's strategy. In this regard, in Q1 2026, the monthly payment and modality in life insurance accounted for 74% of total insurances. Although premium volume for the product remained stable between premiums, the dynamics tend to increase the pool of insurances over time and is reflected in the 4% growth in earned premiums.
It's also important to note that the number of customers with the product has continued to grow consistently over a year. Credit life insurance posted growth of 19% compared to the previous quarter, reflecting the increase in eligible credit originated at Caixa. This recovery also benefited from the beginning of the pilot offering launched at the end of February with Caixa's internet bank's digital journey, with the offering of unemployment protection insurance at the time payroll-deductible loans are contracted. During the quarter, this model generated BRL 15.6 million in written premiums. Expansion of channels such as this one allows us to broaden the base of credit eligible for the product, which continues to be impacted by high interest rate levels that reduce customers' purchasing capacity.
As a result, on a year-over-year basis, premium volume declined at 21%, reflecting not only lower volumes in rural credit and corporate credit operations, but also the suspension of offerings linked to the Social Security payroll-deductible loans at the end of 2025, which remained this year. In the chart on the right, we can see earned premiums, which grew 6% in Q1 2026 compared to Q1 2025, reflecting the resilience of our business supported by long-term products. Moving on to the next screen, I will now present some operational performance indicators. Loss ratio for the quarter came in at 22.5%, improving 2.1 basis points compared to the same period of 2025. This movement reflects improved indicators across all insurance lines, driven by lower claims volumes in credit life insurance and lower assistance service expenses in the home insurance segment.
As for the commissioning ratio, the dynamic remained within historical levels with an increase of 0.7 percentage points year-over-year, really reflecting the product mix. Regarding operating margin, growth during the quarter reached 13%. The performance reflects higher earned premiums in addition to improved loss ratio indicators. As a result, the insurance business vertical accounted for 47% of total operating margin, maintaining a level similar to that one observed in Q1 2025. On the next slide, we present the performance of the business within the accumulation business vertical. Starting with private pension, gross contributions totaled BRL 6.7 billion during the quarter, a decrease of 5%.
This variation was influenced by the IOF tax applied this year to PGBL contributions above BRL 600,000. It's worth highlighting that the next inflow remained positive, totaling BRL 1.3 billion during the period, driven by mobilization of the sales force, increased incentives focused on inflows and portability. As a result, we closed Q1 with BRL 206 billion in reserves, representing a growth of 15.6% compared to Q1 2025. Moving on to premium bonds, this quarter we once again renewed a record for bonds raised, totaling BRL 542.1 million. This result represents growth of 28% year-over-year. Premium bond reserves reached BRL 3.6 billion, representing 37% growth over the last 12 months. Finally, during this first quarter, BRL 5.4 billion in credit letters were sold.
This performance contributed to the expansion of the portfolio, which surpassed BRL 50.9 billion, representing a growth of more than 39% compared to Q1 2025. Still discussing accumulation business. Operating revenue totaled BRL 969 million during the quarter, representing growth of 7.5% compared to Q1 2025, increases across all segments. Operating margin increased 12% year-over-year, driven by revenue growth. The accumulation business vertical accounted for 27% of total operating margin during the period. Now we're going to talk a little about distribution. We provide now additional details regarding distribution business, which includes revenues related to access to the Caixa distribution network and the use of the Caixa brand, as well as brokerage and intermediation revenues from insurance products, which are presented together under brokerage revenues.
During the quarter, revenues from this vertical grew 1%, reflecting the mix of products sold during the period. In the table on the left, we can see the detailed performance of this vertical, where I would highlight revenue growth from premium bonds up 30%, mortgage insurance up 14%, and home insurance growing 8%. Regarding the allocation of brokerage revenues, 22% of total revenue were directed toward incentive payments to Caixa employees and compensation for partnership channels. The remaining 67% of commissions paid by the operating companies remained with the brokerage operation as net revenue. In line with revenue performance, operating margin for the quarter reached BRL 467 million, representing a growth of 1% compared to the same period last year.
Overall, distribution business accounted for 26% of operating margin, with 21% related to the insurance business vertical and 6% associated with accumulation business. On the next slide, operational indicators are presented on a consolidated basis considering Caixa Seguridade's economic ownership percentages in each investee company. During the quarter, the administrative expense ratio remained at levels similar to the same quarter last year, while improving 2.3 basis points compared to Q4 2025, reflecting the seasonal nature of the expenses in the investee companies. Excluding the amounts allocated to tax incentives during the period, the adjusted ratio for the quarter would have been 10.4%. Meanwhile, the combined ratio improved 3.1 basis points year-over-year, reflecting better loss ratio performance across the insurance lines between periods.
The expanded combined ratio improved by 3.3 basis points year-over-year, also reflecting stronger financial performance, supported by higher average balances in financial investments and by a higher accumulated Selic interest base rate during this first quarter compared to the same period of 2024. Moving to slide 15, we can analyze the contribution of operating and financial results into net income, considering the effect of all equity interests net of taxes and proportionately attributed to the company. Financial result during the quarter grew 18% compared to the first quarter of 2025, reflecting, as I mentioned earlier, the Selic rate variation observed during the period, combined with higher average balances in financial investments. As a result, financial results accounted for 32% of Caixa Seguridade's net income in Q1 2026, representing an increase of 1 basis point year-over-year.
Compared to the last quarter last year, the reduction in consolidated financial results reflects lower interest rates during Q1 2026, in addition to the dynamics of average investment balances impacted by dividends payment. It's worth noting that earnings growth compared to Q4 2025 was leveraged by stronger operating results. Regarding the composition of the consolidated investment portfolio as of December, out of a total of BRL 15.7 billion in financial investments, 42% were allocated to floating rate securities, 34% to fixed rate securities, 17% to inflation-linked instruments, and 7% to other fund categories.
The marginal change in the portfolio profile compared to the previous quarter reflects a strategy adopted by Caixa Vida e Previdência and CNP to increase exposure to fixed rate securities, raising their participation by 2.9 basis points. The average yield of the fixed rate portfolio stood at 12.7%, showing slight growth compared to the previous quarter, reflecting the strategy adopted by the group investee companies to extend portfolio duration and diversify maturities across the points of the curve. With that, we conclude the presentation of our Q1 2026 results, and I'll begin the Q&A session. I thank every one of you.
Thank you, Edgar. We'll now begin the Q&A session for investors and analysts. If you'd like to ask a question, please press the Raise Hand button. If your question has already been answered, you may leave the line by clicking Lower Hand. Questions may be asked in either Portuguese. They will be asked only in Portuguese, I mean, and they will be answered in Portuguese. If you'd like to submit a question through Zoom, please type your name and company in the Q&A. Our first question comes from Tiago. Please, Tiago, your audio is open.
Good morning, Gustavo, Edgar, Matheus. My first question, I'd like to understand a little more about the penetration of this, the stacking products that come strong. Looking forward, is there any room to improve the spaces, to increase the spaces? In credit letters, you increase the basis, but in security funds, Social Security funds, private pension funds, I mean, it maintains stagnant. What do you think about that? How do you think about penetration in the basis? Talking about Social Security, as we discussed last quarter, if you could update us regarding the evolution, regarding the suspension, and if you went back to the original product.
First question regarding investment products, stacking products. Actually, first, credit letters, they are gaining space. It's an operation that grow year-over-year in the whole industry, and it's not different at Caixa. We talked a little about that because while sometimes we talked about it as a substitute of housing financing, but it actually complements the portfolio. When the client is planning to buy a house or apartment, it does it with us because of our responsibility and trust. This operation is growing at Caixa. This year, in this first quarter, we observed a growth that we expect to have an acceleration in this growth next quarter, next semester, because we are focusing on our client intake. We are preparing some features, Caixa credit letters. I'm not going to go that now.
Regarding private pension, Caixa today has a very concentrated model at the physical branch, especially when we talk about relationship with investors. We expanded our digital channels, up to this moment, we depend on the sales force that has a fantastic upsell and has many opportunities for new clients, especially those coming from housing. If you import their resources and bring their reservations. Here we have our cashback incentives, portability to bring their private pensions to Caixa Seguridade. We believe that we have much room for new increase. Make clients understand that they need a private pension with us. The key point of success is the expansion of the digital channel, this pivoting moment on how to approach a client and the creation of the Super App.
We're going to be able to translate this big volume of clients into a relationship door, very wide digital modern door for bringing new clients. Talking about the Social Security need that you mentioned, we had a suspension of operation last year. We've been reporting that to you. Debates are ongoing, like between Caixa and INSS. We've been monitoring this evolution, but up to this moment it has not been concluded. As soon as we have any news, we'll keep you posted with new information, like complete and transparent information as we've always been doing in our IR sector. It's important to say that the product as a whole has a perception that adjusts in the timeline.
At a given time, it was seen as an increment of the results for the new loans booked because they require insurance, and sometimes the client didn't know about that. You have insurance for giving credit, but it works differently. Our IPO five years ago, we've been doing that. We have the product penetration in the eligible credit lines very similar to what we have on that digital channel. The client, when it's buying from the digital channel, they have a very similar level of engagement as we see in the physical channel. The difference is that you have the sales force at the branch to sell that to the client. Last year, we changed the journey to have a third layer of confirmation. Client confirm just to be sure that the client is buying the product in a conscious way.
In the credit instrument, you have the insurance, and there's a specific instrument for hiring the services, plus the token that arrives at the client's cell phone. The credit life insurance is very important. Its nature is brilliant. We are very aware of that, and we've been working about that. Talking about INSS specifically, since it's a vulnerable audience, some issues that were observed, complaints were a very high % of selling to this product. We've been clarifying that time, but as soon as we get updated, we post it. I talked a lot, but I hope I addressed all aspects of your question. Let the board tell us, please compliment.
Thank you for your question, Tiago. Talked about INSS. I got anything to say to compliment. We are very close to them, close to Caixa. We're doing this qualification of our sales force in spite of all the efforts that have been implemented, have three layers of confirmation. We are very conscious about our sales methods. We are very safe that the procedures adopted were very nice. Regarding presentation, of course, we've been the first for our intake, our liquid intake is a little different in terms of speed compared to same quarter last year. We've been following that. We have like cashbacks, we have many incentives. I think it's important to highlight two different aspects.
We started at beginning of Q2, a very nice campaign looking at our client incentive campaign for portability, for like bringing money. Gosh, it's a campaign, the sales campaign aimed at the clients we already have. A second point, I believe it's very important to highlight that the structure of capital, the funding structure regarding house, loan, credit is very competitive. When a manager manages the clients, since our structure is well-rounded, we believe that our competition with LCI gives room to our growth. In spite of all the challenges presented by the market, we are very solid and we trust that we're going to grow this year. It's very clear.
Can I have a follow-up? What about this new framework for the deductible loan, the payroll deductible loan that now it's up to 30%?
Yes, there's an impact. We have a change in cap of interest rate of the deductible loan. Regarding those payroll deductible in general, Caixa had a challenge in maintaining its mix of products. We could use the cards, we had a focus on this structure of the client. We are following that. Every action that allows us to help the client manage their monthly income. We've been monitoring that closely because the product is in evolution. We believe that we're going to have a deliverables package for the second quarter that's very nice. Very confident, we're not worried about that right now. Regarding the interest rate, credit to worker from Caixa represents a lower interest rate average in market.
Focusing on the client, those are actions that are very relevant. Our payroll deductible loans was launched as a pilot. We're going to monitor to see if there's any change. Maybe the offer will stabilize. We used to sell that in the physical agencies. We're very confident that all those actions amid a very challenging scenario, we're aiming at like taking care of the affordability of the client, and we're focusing on that, and we hope it's positive for the client to be longer keep relationship with us. When the structure is very stressed, it tends to be negative over time. We believe that our positive actions will generate value for the company in time.
Thank you, Tiago. Our next question comes from Arnon Shirazi from Citigroup. Please, Arnon.
Good morning, everyone. My second question is regarding housing insurance, home insurance, because last year had a big growth, but this quarter the growth was lower. What's behind that?
Thank you, Arnon. Pleasure to have you here again. First topic regarding the life credit. Our breakdown regarding the issued premiums was like 69% coming from the individual credit. It's part of paid the deductible loan. This mix we're mentioning shows the importance of this payroll-deductible loan inside our credit life operation. Of course, we've been following the credit concessions from the bank to be able to show the product to offer value because it's related directly to the credit concession of the bank. There are other fronts that we've been working on. It's an expansion of portfolio that you observed last year when we had lost income at the credit life. We expanded the journeys. We've been working our portfolio in a way that it makes it flexible to increase credit for the product.
Of course, we've been checking the best way to work with the credit that was offered before, just to offer some safety and security for the clients. Regarding home insurance, we had a very important significant ramp-up last year. From a strategy that we designed together with Caixa. Since Caixa is a leader in housing, have this ability to win, to work that within our reach. We've been putting these products in a fantastic way, bundle with home insurance to offer more protection for the client that's buying real estate unit.
You can pay via credit card. It's very convenient for the client. The client knows that the real estate unit will be insured over time. It brings peace of mind. Let me remind you, the expansion and the evolution we had in our portfolio, which was fantastic. We've been working on communicating and retention of clients in this operation. That's why we have a very strong perspective on product this year. First quarter, we had a comparison base that brought a very important growth. Now a sustainable growth trajectory.
Arnon, just to talk about the home insurance and just complementing what Edgar said. There's a very important topic that we've been talking calls is that we've been looking a lot at our bundled home insurance. Sometimes the effect is not too big at T -Zero. We're talking about annual payment, changing the monthly payment. Sometimes the perception said, "It's not growing," essentially. If you think that this client will be with us, this is stacking over time. It's part of our strategy, and we believe that it generates value. It's a cheaper product instead of buying annual product, the client sees better value over time. Our surveys after purchasing brings like positive feedbacks from the clients.
We have like 40% of surveys answered with a great feedback about the product. It makes us very happy because the client is happy and it makes us grow. In the accumulated period, it shows a very strong stacking. Just complemented what Edgar says. In this first quarter when we compare to last year, we had Q1 2025 a lot very strong in agricultural agribusiness. It was not like that this year, we invested in this quarter in some branches specialized in serving small businesses. I think we'll probably aggregate more a bigger client base. Caixa will talk about that next week, and we're very, very well-aligned focusing on the clients. We didn't capture all the value that we can, so there's room for more intaking.
Thank you, Arnon. Our next question comes from Antonio Ruette, Bank of America. Please, Antonio, your audio is now open.
Morning, everyone. Thank you very much. Thank you for the results. First, talking about the commercial area, you talked a lot about some opportunities between Seguridade and the bank, between Caixa Seguridade and the bank. I'd like to complement the question. Is there any gap in commercial, commercially wise between Seguridade and the bank that has not been explored up to this moment beyond those products that we've been talking like home insurance, credit life?
Is there any gap that you can close? The other question is about loss ratio for the whole sector is slower than expected, probably 'cause El Niño was not that strong. When you look at some lines as credit life, the loss ratio is like lower than average, lower than the regular. How do you see that? Like, what explains such a lower loss ratio in some lines that are not connected to any extreme events?
Thank you, Antonio. Let me start, then I give the floor to Edgar to talk about loss ratio. We don't have gaps. We have opportunities that we can capture better. The bank has been investing in technology. If we compare the beginning of this cycle with President Carlos, looking at the perspective of investment, we doubled the technology investment. It brings very nice options to us. We talked about that before.
The bank has a very relevant initiative and this is an opportunity. We have over 150 million clients spread in different apps that are not necessarily working in synergy. We started a beta test with some collaborators in June. Medium July, we're going to launch what we call Super App. We want to converge all this audience to 1 front of relationship with the client, and we believe that we have a very big opportunity, whether through AI, CRM with clients, especially from this convergence from audience to connection to digital channels and new ways to build relationship with the client. It will build opportunities. We talked about credit life to workers, but we've been preparing for throughout the second semester to have a 100% digital journey in all credit. We have like housing credit stimulations every day.
Not necessarily everybody stimulating the credit will take the credit. Sometimes the client is just looking for new possibilities, and when it's all connected for the client, it brings more opportunities to us. This bundle insurance for holder is very nice because when the client looks at that, and when the client is putting everything in the basket, they start to think, "Well, what's good for me?" I believe that this value notion and the board of Caixa has been like that in mind on talking about that focus on the client, putting the client in the center. Credit, insurance, everything is paramount to talk about that. We're very well-aligned with the bank, and there are many opportunities. We don't have gaps. I would not name them gaps, but we have many opportunities, especially because of the new digital channels, specialized relationship channels.
Today, we have some specialized segments. How can we capture this value? I told you at first time I participated, we have a very strong agenda for integration and technology. We've been following very close to Caixa's definitions to make it happen better and to capture those opportunities. I don't see gaps as opportunities. We have 150 billion opportunities to build a more profitable relationship with the client and helping them in their lives really well.
Regarding the loss ratio, this year's scenario doesn't bring any like extreme event, nothing out of ordinary. Loss ratio rate was lower, and we have two main factors here, and what's the whole industry has been talking about. Volume of loss ratio notices was lower, and second aspect is a procedural change. When opening the loss, it changes a little. We have minimal document requirements. We need to submit the range of information, it brings a curve reduction. The trend is to go back to the normal levels. We didn't change the projection for the year. Keeping calm waters last year was like relatively smooth year. This year so far the same, this reduction was caused especially by those two factors that I mentioned here.
Thank you Antonio . Our next question comes from Rafael Rehder from Safra. Please, Rafael, go ahead.
Thank you, everybody, for the opportunity, congratulations on the results. My question is regarding credit life and this new unemployment protection as a payroll-deductible loan. What's run rate from the penetration of this product, what's the perspective on how much it will bring in terms of premium increase? It would be very nice for us to understand it better.
Thank you, Rafael, for your question. Product is going really, really well. In March, we had a beta test. It represents 15% of the acquired credit in the bank, and 80% of that is from the digital channels. We're satisfied. The penetration at the first moment in the beta test, we have to improve the journeys, but it's up to 30%. For a digital offer under testing phase without much guidance, we believe that it will keep at that level, and we're thinking about BRL 20 million-BRL 30 million for this new product. This is what we're planning and expecting. When the product is well-rounded and aligned, good purchase journey for the client, I think that's the behavior we can expect. Thank you.
Thank you, Rafael. The next question comes from Marcelo from Banco Bradesco BBI. Please, Marcelo, you may go ahead.
Hi, guys. I see strong results regarding life insurance. I'd like to understand the change in the strategy of the product. They've adjusted really well. We could see, like along those two last semesters, an increase. How do you see that maybe the premiums issued will be a little harder? I think that for next year, the comparison dynamics will facilitate growth. How do you see, like the penetration of this monthly payment with this more diluted ticket for the client? Do you still see space for penetration? Do you have any like figure or planned amount for penetration for this monthly ticket compared to the annual payment ticket?
Thank you, Marcelo, for your question. It's a very nice question. Life insurance, that is a long-term relationship product with the client. This is a product that we've been monitoring closely, and this change have been focusing on the client. It's not that I'd say all products before was not good, but was good. We believe that this product is a long-term product, and we hope that the client keeps with us up to the end of his relationship with the bank. This change brought products that had a lower average ticket, but it concentrated in this respect, but with new options and new possibilities for the time. Today, within our scope of products, we don't have products that have been We've been working on that to launch that this year. I cannot like the whole life universal because we're still waiting for the regulation to be published.
Those redeemable life insurance has been really well accepted through technology. In spite of the legacy of the previous company, we've been investing in technology a lot. In this year we'll have this redeemable life insurance that will complement our strategy and coverage for the client. We still believe in this strategy. We think that there is room for improvement in the relationship with our client to improve. We've been investing a lot in CRM to follow the clients that is, like, client cannot pay, and we're, like thinking about how we can help the client to pay and keep with us, be with us, so we're going to improve retention. I think it's fundamental to focus on the client, and we believe that a stacking strategy seems to aggregate a little here or there, but it brings persistence in our portfolio.
The implementation of portfolio and investment in our managers and our sales force, we've been qualifying our coworkers for them to look at life insurance as a great product for planning safety. We believe that this strategy by high-income clients and for the low-income clients, we can capture them with like micro-insurance, monthly offering monthly payment products. This is our focus, and we believe the results will come. Especially in this monthly payment model, they will work out really well and accumulate in our portfolio really well.
Our next question comes from Henrique Navarro of Santander. Please, Navarro, you can go ahead.
You've been publishing stable results, predictable results, and as investors, we love that. In Brazil, some sectors and in the macro scenarios happen and you still deliver stable results. This is very positive. Looking forward, I don't want a guidance, I want you to think with me. Looking in the long term, this predictability indicates we don't have much room for change in the long term. My question is, under C-level optics, is there any possibility of change, a good surprise to change the long-term earnings? Any project for like cost reduction or any product you have been developing, or maybe a segment that can return in a stronger way or some M&A that change the status quo and bring different numbers for the future?
Thank you, Navarro. Starting from the idea of the business model of Caixa Seguridade. We have a distribution vertical. We have the insurance industry at home that provides products. You have this predictability. Just to reinforce that, when we publish the financial results of the ST is we have a very high payout. I don't think we're delivering aspects, but talking about that, we have a stable ability. Some big markets that are inside are reporting great results, and we've been talking a lot in M&A with a very nice audience. We've been working together with Caixa to expand, and Portela will talk about that. What's the most important point here?
Our results come mainly from our operating result. We are an operating company. In fact, our distribution revenue is very important. The origination of new operations is our focus for generating revenue, not the funding. This portfolio with eight main products that are those that we bring here in our earnings presentations, those are the main flagships for our target audience. The bank has a relationship with their clients offer. Let me give the floor to Portela.
Navarro, thank you for the opportunity of course. I can only disclose a little bit in direct. We have within our business model, our penetration has too much room for growth. Our target audience of over 150 million people. They're distributed in different tabs, in different fronts. When we use our companies to offer products, our distribution channels, we have many opportunities at home. Our perspective, it's very big room for improvement. Each client in this device with suitability for like micro-insurance, insurance in like high income products would have 10 branches. Singular client with high income clients. Just as over 100 branches focused on small businesses, small companies.
We have a lot of opportunities for growth with what we have at home that have not been offered products to. When we look our business as usual, we have a very big opportunity with this incredible model that is to improve. We don't have to invent anything because we have a predictable revenue model. Very close assistance like an old company with a big brand, like big penetration in the territory. When I use that with technology, I have a scale that is very important. Of course, looking here, so far we haven't accessed some markets that we can access. The management of the company is focused looking at that.
We need to build experiences connected to Caixa and the clients who we offer products at from the right channels, and we can access over 150 million clients from Caixa. It has been assessed opportunities for M&A. Exploring better our product portfolio. Insurance market, we've been monitoring that. Regarding M&A and acquisitions as well, but I'm talking about opportunities. It's a regulated market. We have a distribution structure, a broker. You see.
We can look at the structure, and we've been assessing that on how we can micro-tune that and adjust that better. Our wholesale is underserved. We have much room to attack niches and segments for our clients. We don't have to look at open market, maybe one product or the other. Our business is huge at home. Caixa is an ocean. Lots of opportunities, and we have to activate that better. Because of that, Navarro, I see lots of opportunities here. Okay?
Thank you.
Thank you, Navarro. Well, thank you, Portela. Thank you, Edgar. We have a few questions that we received chat, and we'll answer them by email due to the time limit. Cannot answer all of them in this Q&A session, but we are committed to address them by email. Portela, final considerations.
I'd like to thank you for attending. We have some shareholders, some market advisors, and people trust our work. I'd like to thank our clients, our shareholders, our partners. We are like very important to us, this cultural diversity reviews the company. I thank the clients for trusting in our products. I'd like to thank especially our governance body that has bringing a lot of support and specifically our employees, our teams at Caixa Seguridade and Caixa Bank. Everybody's working a lot. I'm very excited. We have a very big window of opportunities ahead, and we have a really good path ahead. Thank you for your energy, your time, and your attendance here. Thank you so much.
Thank you so much. Have a great day.