When you made your follow-on – Subsequent offer of shares – In March, Caixa Seguridade () wanted to adapt to the rules to be part of the new market in B3. But it was going beyond: the insurer is trying to increase the interest of foreign investors in its role, which has yielded a “sole spent” to CEO Felipe Mattos’ shoes.
To the Infoomoney InterviewMattos said he is reinforcing conversations with this investor profile to explain a business that he considers “too good to be true.” “In spite of being a young company, we are very profitable, efficient. A very large return of value to the shareholder. We have conservative and predictable business,” he said in a recording at XP Brazil CEO Conference 2025.
Part of the challenge to attract more from foreign investors to the company also underwent a lack of liquidity of stocks on the stock exchange. When Caixa Seguridade made its initial public offering (IPO), its free float – amount of free shares for negotiation – was only 17.25%, which limited the entry of international contributions.
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“It was no use just disclosing, needed to have liquidity,” says Mattos, for whom the difficulty in attracting this investor profile was a “pain” on her arrival in 2023. After, when the controller Caixa sold 82.38 million of her common shares to move about $ 1.2 billion, the free flow of stock jumped to 20%.
After a first semester of 2025 weaker in the real estate market – responsible for a significant portion of Caixa Segurity results – compared to the second half of 2024, the expectation for the final six months of the year is good.
“We have had a 12%housing growth. I don’t see any guidance Distinguished both from last year and what we found in the first half of this year, ”says the CEO.
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Read the following interview.
Infomoney: You are spending shoe sole in these two years as CEO of Caixa Seguridade to make the company become better known among investors, especially institutional, as among individuals, the company is already one of the darling of the scholarship. Why is this important?
Felipe Mattos: When you know cash security, if you invest in cash security. In spite of being a young company, we are very profitable, efficient. A very large return of value to the shareholder. We have conservative and predictable business. When studying, analyzing our data and seeing our branches, it is easy to understand the business.
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IM: In a recent interview you said you need to have four meetings with the institutional investor until he convinces herself to invest. Is this statistics the basis of your experience?
FM: In fact, especially when it comes to foreign investor, because our business is too good to be true. When you see predictability, delivery, the return of value to the shareholder, it is a business that pants a lot in our very strong, firm operating result. That’s why we have to spend shoe sole. Not explaining one or two, but several times even people understand our various lines of business, why it is so predictable and being able to make a model adapted to our reality, and also our focus on operational results. Our case It is very interesting.
IM: Caixa Seguridade managed to make a follow-on Billionaire in the first half when few companies have accessed the market due to macroeconomic conditions. What does this operation say about Caixa Segurity and how did the company’s own action move?
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FM: What took us was respect for the shareholder. The action is always a decision to sell, maintain or buy the controlling shareholder – in this case, Caixa and, ultimately, the Union. At this point, the President [da Caixa] Carlos [Vieira]has always entered the idea and took with the Ministry of Finance the need for us, Caixa Seguridade, to stay in the new B3 market.
We are a case Governance in the cash conglomerate, because we are the only company listed. And if we are listed, we have to be at the height of governance, where there is more transparency and more information to our investors. B3 has two indicators to reach the new market: free float20% – and when IPO was done, we reached 17.25% due to market conditions.
We did not meet this requirement, but we would meet an alternative, which would be ADTV, that volume of daily action negotiation. When these conversations started, we were on the threshold to serve you, but with some risk. And for us it wasn’t worth meeting just one of the two possible requirements because we know that the higher the shareholders’ basis, the greater liquidity, the tendency is that more people enter the action. THE follow-on was made to meet the requirement of 20% free float.
A pain I had at the beginning, when I arrived, was from several investors, especially foreigners, saying that they could not enter Caixa Segurity due to the absence of liquidity. It is a job that we do a lot. We did this because we needed to disclose our company more, but it was no use only disclosing, needed to have liquidity.
IM: In a country with high interest rates, as is the case with Brazil, it is expected that the financial result of an insurer will be eventually even predominant. But in the case of Caixa Seguridade, it has a balance that hits even more to the operational than the financial. What is a specific case for the company?
FM: The truth is that we are very efficient in the operational. Today our proportion of operational result is close to 32%. A little higher, because Selic has been increasing. Still, the 68% of the operational are very relevant. We operate in brokerage, in long -term insurance and with constant prize issuance, the housing, helpful, the residential itself coupled to that housing, but we are not just on these lines.
We also have complementary social security, when we speak of accumulation, capitalization, consortium. We chose to create a specific assistance company, which is not only coupled with insurance, a main product, but where it is the nature of existing to treat these assistance products. For example, when you call a winch to your auto insurance, you are not actually triggering insurance, you are triggering assistance linked to that insurance.
IM: So, do you attribute to this diversification of activities the fact that the operational is preponderant about the financial?
FM: Yes, no doubt. Let us also remember that the business has low risk exposure when we compare with other insurers. For example, housing is much more conservative than auto or rural insurance when you compare your claim itself.
IM: A significant portion of Caixa Seguridade’s outcome depends on the progress of the real estate market, which had a first semester weaker than the second half of 2024. What is your expectation for the second half of 2025, considering that interest should remain high for some time?
FM: We are coupled with Caixa’s own strategy and form of work, well known as the housing bank. We also have as a great focus on being the insurer that meets this need for the population, the housing. Caixa has been demonstrating since last year that you want to keep the housing wallet at a growth rate as it had been having so far.
For us at Caixa Seguridade, and we have already brought now the first semester numbers, the expectation is very good and we have had a 12%housing growth. I don’t see any guidance distinct from both last year and what we found in the first half of this year.
IM: In the provision insurance, there was a small retreat in this last quarter. What were the most important points for this movement?
FM: We had a third trimester of last year very strong in Prestamista and there we began to warn that we waited for the next quarter a landing. We already saw a higher Selic level. With Selic at a level as we see today, the income of the population compresses more and it is harder to meet the needs.
We have the centrality of the client in treatment, so if the customer actually needs a prestigation, but does not hold their income, we try to offer a mixed solution. This is the first point.
There were some other facts, such as the suspension period of the INSS payroll agreement. Also the issue of exposure of the sectors that lend to Agro. Let’s say the wallet did not have the progression it had in recent periods.
I can’t talk about the bank, I say from what we can understand: we are resuming a production. THE gap Existing in the first half will not be completely closed. It is not about reaching the end of the year and saying that the first semester was terrible but the second will compensate the first. But I can say that we converge by the end of the year to a strategy in which we resume this field, but it will not be easy.
And it’s no use having a sale that doesn’t represent a need for the customer or on a return to that customer. The idea of Caixa with the centrality of the customer is also to be his main bank. As a cash security we are convinced that our strategy has to be increasingly adhering to Caixa’s strategy to keep this client from the ecosystem.
