SAO PAULO, Feb 13 (Reuters) - BB Seguridade Participações SA, the insurance business of state-controlled Banco do Brasil SA, met fourth-quarter profit estimates as robust distribution and reinsurance underwriting revenues helped to offset the impact of declining interest rates.
Brasilia-based BB Seguridade earned 1.074 billion reais ($345 million) in recurring net income last quarter, compared with 988 million reais in the prior three months, according to a securities filing on Monday. Analysts expected recurring profit, which excludes one-time items, of 1.077 billion reais for the quarter
The company expects growth in recurring net income of 1 percent to 5 percent this year, compared with about 4.1 percent last year.
$1 = 3.1145 reais Reporting by Guillermo Parra-Bernal. Editing by Jane Merriman